Medical device company ev3 narrows loss in 3rd qtr

PLYMOUTH, Minn. - Medical device company ev3 said Friday that it narrowed its loss in the third quarter as its sales grew 65 percent.

The company reported a net loss of $7.3 million, or 7 cents a share, compared with a net loss of $36.5 million, or 60 cents per share, in the year-earlier quarter. The 2007 results included a $20.2 million charge.

Adjusted for special items, the company swung to a profit of $3.9 million, or 4 cents a share from a loss of $30.1 million, or 50 cents per share, the year earlier.

Analysts polled by Thomson Reuters expected the company to lose 10 cents per share for the quarter, on average. Analyst estimates typically do not include items.

Ev3's sales grew to $107.0 million for the quarter, primarily due to the acquisition of FoxHollow. Third-quarter revenue included $100 million in net product sales and $7 million in research collaboration revenue.

Shares of the company fell 1 cent to close at $6.47 Friday.

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