Luther Medical Shows a Profit

Luther Medical Products Inc., which manufactures catheter systems, reported net income of nearly $3 million, or 97 cents a share, for its fiscal third quarter ended March 31.

That contrasts with a net loss of $286,664, or 10 cents a share, for the like period last year.

Revenue totaled $5.4 million, which included $4.7 million from the previously reported sale of five patents to Johnson & Johnson Medical Inc. for $4.7 million.

Revenue for the year-earlier period was $472,330.

For the first three quarters of the fiscal year, profit reached $2.6 million, or 87 cents a share, contrasted with a net loss of $565,562, or 20 cents a share, for the comparable nine months last year.

Revenue rose for that period to $6.8 million from $1.6 million.