Tag - Syno

During a midday conference call, Synovis Life Technologies, Inc. (Nasdaq: SYNO) executives said the company will continue its rapid growth through the market acceptance of new surgical products.

The medical device company is adding 10 to 12 “seasoned professional” sales representatives to expand its territorial reach, CEO Rich Kramp said. He said the company should see an effect from the representatives in three to six months.

Kramp said the company is also moving forward in developing additional applications for Veritas, its flagship complex ventral hernia repair product. He said Veritas appears to aid in the healing of the puncture wound from a dialysis needle.

Before the start of trading, Synovis announced that third-quarter revenue rose 39% to $18.2 million, above Wall Street expectations of $16.75 million and above the $13.1 million in the year-ago period. The company’s consolidated gross margin during the quarter ended July 31 was 46%, compared with 39% in the third quarter of 2006. Synovis’ net income was $1.23 million, or $0.10 a share, double the $0.05 that analysts were expecting, compared with a loss of $0.52 million, or $0.04 a share, in the year-ago period.

Newly developed products for the gynecology and neurology fields helped propel record sales, CFO Brett Reynolds said.