Mentor Corp. a developer and manufacturer of medical products for the aesthetic market reported on Thursday its quarterly profit fell on rising costs.
Mentor's net profit in the fiscal fourth quarter ended March 31, was of $19.8 million or 53 cents a share compared with a profit of $25.9 million or 54 cents a share the previous year.
According to the report, the company's diluted earnings per share from continuing operations were 30 cents per share compared to 35 cents a share in the same period of 2007.
Sales in the period rose 24 percent or $99.4 million, the increase in net sales in the U.S. was primarily the result of the conversion from saline breast implants to MemoryGel silicone breast implants and growth in sales of reconstructive products, the company said in a statement.
The company said it was pleased with its results this quarter. With a backdrop of the uncertainty of the U.S. economy, our global breast aesthetics franchise showed resiliency during the quarter, commented Joshua H. Levine, President and Chief Executive Officer.
Mentor sales of breast products rose 26 percent to $87.5 million during the quarter.
Shares of Mentor closed 4.5 percent up at $30.17 on Thursday composite trading in the New York Stock Exchange. Shares were trading at $31.50 in after hours electronic trading.