Oxford Immunotec posts 34% revenue gain
Oxford Immunotec posted a 34-percent gain in revenue for the second quarter and has adjusted up its guidance for the full year to up to $84.5 million in revenue.
The global diagnostics company with its U.S. headquarters in Marlborough reported strong sales performance throughout the U.S., China and Japan with a 41 percent year-over-year increase in products sold by the company in Asia. Much of this growth was in Asia, where revenue grew 47 percent, according to a release from the company. Service revenue, that was up 29 percent, was primarily due to growth in the U.S. market.
Gross profit for the second quarter of 2016 was $10.5 million, an increase of $2.8 million over gross profit of $7.8 million in the same period of 2015. Net profit per share was 29 cents.
This strong performance prompted the company to raise its revenue projections to between $82.5 and $84.5 million compared to prior guidance of between $79.5 and $82.5 million.
Since the earnings report was announced Tuesday, the company’s stock shot up 22 percent in trading to just over $10 a share. The stock has since settled down slightly to just under $10 a share.
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