Medstone Weighs Options in Wake of FDA Setback
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Medstone International Inc. said Wednesday that it is considering a number of strategic moves, from potential acquisitions to selling all or part of its business, after suffering a setback in August when the Food and Drug Administration refused to extend its approval of a device that uses high-energy impulses to break up gallstones.
The Aliso Viejo-based company said it has hired J.P. Morgan Securities Inc. to advise the company on its options.
The company also posted a fourth-quarter profit of $917,609, or 18 cents a share, down slightly from $931,098, or 17 cents a share, a year ago on more shares outstanding. Revenue edged down, to $5.44 million from $5.45 million.
For the year, the company earned $4.3 million, or 82 cents a share, up 7.5% from $4 million, or 72 cents a share, in 1997. Revenue increased 10%, to $23.8 million from $21.7 million.
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