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Somanetics Reports Financial Results for the First Quarter of Fiscal 2008
Date:3/18/2008

TROY, Mich., March 18 /PRNewswire-FirstCall/ -- Somanetics Corporation (Nasdaq: SMTS) reported net revenues of $8.7 million for the first quarter ended February 29, 2008, an 8 percent increase from $8.0 million in the same period of 2007.

U.S. net revenues increased 12 percent to $7.4 million from $6.6 million in the same period last year. International net revenues were $1.3 million compared to $1.4 million last year.

First quarter income before income taxes was $1.8 million compared to $2.6 million for the first quarter of 2007. During the first quarter of fiscal 2008, Somanetics recognized income tax expense at an estimated effective tax rate of 42 percent on its statement of operations, as a result of certain additional state tax expenses recorded in the quarter. Somanetics expects the effective tax rate for fiscal 2008 to approximate 36 percent. Net income was $1.0 million, or $0.07 per diluted share, compared with net income of $1.7 million, or $0.12 per diluted share, in the first quarter of 2007.

Gross margin was 88 percent in the first quarter, the same as in the first quarter of 2007. As of February 29, 2008, Somanetics' cash, marketable securities and long-term investments balance was $89.0 million, with no borrowings.

"Our U.S. SomaSensor revenue increased by 28 percent, in line with our expectations," said Bruce J. Barrett, Somanetics' president and chief executive officer. "International sales also were in line with our expectations, but U.S. INVOS System monitor sales were significantly lower than expected."

Pediatric and Neonatal ICU Market Update

During the first quarter Somanetics began commercial shipments of its new sensors for cerebral and somatic monitoring. These sensors are
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SOURCE Somanetics Corporation
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