* Q4 results beat market estimates
* Q4 results up on high sales of INVOS systems
* Sees ‘09 rev below Street view
Jan 21 (Reuters) - Medical device maker Somanetics Corp SMTS.O posted better-than-expected quarterly results, helped by higher adoption for its patient monitoring device in the quarter.
Somanetics shares rose as much as 13 percent before trading down $1.68 at $13.15 Wednesday morning on Nasdaq.
For the fourth quarter, the company earned a net profit of $3.3 million, or 25 cents a share. Analysts expected a profit of 22 cents a share, before items, on revenue of $13.56, according to Reuters Estimates. Revenue grew 21 percent to $13.7 million.
The entry into neonatal intensive care unit and the label expansion INVOS system — a device that monitors blood oxygen levels — nearly doubles the market size for the device, the company said in a statement.
The device received approval from the U.S. Food and Drug Administration to monitor any tissue under the sensor, and not just brain and skeletal muscle tissue, in the second quarter.
Somanetics also said its revenue in the United States rose 16 percent to $11.0 million, while its international revenue grew 51 percent to $2.7 percent in the quarter.
For 2009, the company forecast revenue of about $54.6 million, below analysts estimates of $57.4 million, assuming that the economic downturn continues through 2009.
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For the company press release, please double-click [ID:nPnCLW011a] (Reporting by Vidya L Nathan in Bangalore; Editing by Jarshad Kakkrakandy)