Luther Shares Soar

Luther Medical Products Inc.’s stock moved up 31.5% Thursday after the Tustin company reported that it narrowed its losses and increased its revenue for the year.

Luther’s shares rose 63 cents to $2.63. Earlier in the month, the stock had traded at a 52-week low of $1.31.

The company, which manufactures catheter systems, said it lost $118,412, or 4 cents a share, for the fourth quarter, ended June 30, compared with a net loss of $131,856, or 4 cents a share, for the fourth quarter of the prior fiscal year. Revenue declined slightly to $1.54 million from $1.56 million.

For the year, the net loss totaled $500,335, or 15 cents a share, which included $370,000 of reorganization costs. The net loss for the previous year was $730,026, or 23 cents a share. Revenue increased 4% to $5.7 million from $5.5 million.