UPDATE 2-CML HealthCare Q3 profit falls

Wed Nov 11, 2009 3:43pm GMT
 
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* Q3 earnings per basic unit C$0.27 vs C$0.29 last year

* Revenue rises 9 pct (Adds analyst comments, details, share movement)

By Isheeta Sanghi

BANGALORE, Nov 11 (Reuters) - CML HealthCare Income Fund (CLC_u.TO) posted a lower quarterly profit, hurt by an increase in operational expenses as the fund acquired additional property and equipment.

"Looking ahead, we will maintain our focus on margin improvement in our U.S. operations, while continuing to invest in growth opportunities," Chief Executive Paul Bristow said in a statement.

Canaccord Adams analyst Neil Maruoka said the company may focus on acquiring individual or groups of imaging clinics in the United States.

In its medical imaging business, the company provides medical imaging services including MRI, CT, nuclear medicine, ultrasound, x-ray through a network of non-hospital based clinics in Canada.

CML acquired two medical imaging operations in the Northeastern United States in October, comprising of six centers. In February last year, the company bought Baltimore, Maryland-based American Radiology Services Inc.

Maruoka said the buyouts provide a stable base for the company to continue its acquisitive growth.  Continued...

 

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