Branford medical technology manufacturer CAS Medical Systems, Inc. said Thursday its profits rose in the third quarter, a jump it attributes to the July sale of its blood pressure monitoring business.
For the period ended Sept. 30, the company, also known as CASMED, reported net income of $2.7 million, or 10 cents a share, compared to a net loss of $1.7 million, or 6 cents a share, in the same period a year ago.
The increased income included $4.4 million from the sale of the company’s non-invasive blood pressure monitoring product line in July to North Carolina’s SunTech Medical, the company said.
CASMED said its gross profit margin rose to 58.4 percent in third quarter, from 53.5 percent in a year ago.
With the sale of its blood pressure business complete, the company said it was focusing on its FORE-SIGHT cerebral oximeter product line, a non-invasive technology to detect low levels of oxygen in the brain.
“We are tightly managing our expenses, and with proceeds from the sale of the [blood pressure] product line, we have a significantly strengthened balance sheet to support future growth,” President and CEO Thomas M. Patton said in a statement.
In 1974, the company introduced the first blood pressure cuff designed to meet the challenges of neonatal monitoring. It has been headquartered in Branford since 1984.
Natalie Missakian can be reached at news@newhavenbiz.com
