Analogic Corporation (NASDAQ:ALOG) posted financial report for its second quarter closed January 31, 2018. Revenue for Q2 2018 came at $129.2 million, a drop of 2% versus revenue of $131.5 million in Q2 2017. GAAP net income for Q2 2018 came at $6.5 million versus net income of $7.5 million, in Q2 2017. Included in diluted EPS and GAAP net income for Q2 2018 is a provisional income tax expense of $6.5 million. Diluted EPS and GAAP net income for Q2 2017 also included one-time net charges of $0.11 per diluted share, pertaining to company’s Oncura veterinary business.
Fred Parks, the CEO and President of Analogic, expressed that they continue to pursue their previously reported strategic sale process. Considering the status of that process, they are not commenting on their fiscal year projection or other progressive performance measures. Medical Imaging segment revenue came at $63.4 million for Q2 2018, a decline of 12% from revenue of $72.4 million recorded in Q2 2017. This decline in revenue can be primarily attributed to lower sales in CT related with previously announced customer sourcing decisions together with lower sales in MR partly offset by positive performance in Motion Controls.
Ultrasound segment revenue stood at $43.5 million for Q2 2018, up 8% from Q2 2017 revenue of $40.3 million. This increase in revenue can be attributed to the strong sales growth in Europe and North America. Revenue was partly offset by the proportional lower revenue from stopped Oncura veterinary system sales.
Analogic reported that Security and Detection unit revenue came at $22.3 million for Q2 2018 compared to revenue of $18.8 million in the comparable period of fiscal 2017 primarily led by higher revenue in Rapid DNA and strong demand for global high-speed threat detection systems. Earlier in the month, Analogic’s Board announced a cash dividend of $0.10 for each common share for fiscal Q2 2018.