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IntriCon Corporation (NASDAQ: IIN) reported Q2 2020 financial results with revenues of $23.6 million, down from $29.3 million year-over-year. Revenue for the company's largest medical customer fell 24.7%, while other medical revenue surged by 56.3% due to the Emerald Medical Services acquisition. Gross margin remained steady at 28%. The net loss was $2.3 million ($0.26 per diluted share) compared to a loss of $5.0 million in Q2 2019. The company did not provide 2020 guidance amid ongoing COVID-19 uncertainties but remains optimistic about future growth.
IntriCon Corporation (NASDAQ: IIN) announced the release of its Q2 2020 financial results on August 10, 2020, after market close. A conference call will follow at 4:00 p.m. CT/5:00 p.m. ET, accessible via phone at 866-795-7248 (domestic) or 470-495-9160 (international) with conference ID: 3544449. The event will also be available as a live and archived webcast. IntriCon specializes in designing and manufacturing miniature medical devices, addressing the growing need for compact, intelligent devices.
IntriCon Corporation announced on June 25, 2020, that Scott Longval will succeed Mark Gorder as President and CEO effective October 1, 2020. Longval, who has been with the company since 2006, will also join the board of directors. Gorder, who has served in the role since 2001, will transition to an advisory position until the end of 2020. The board expressed confidence in Longval's leadership capabilities and strategic vision, emphasizing the importance of a smooth transition for shareholders.
IntriCon Corporation (NASDAQ: IIN) reported its first-quarter financial results, revealing a revenue drop to $21.5 million, down from $29.6 million year-over-year. The company faced a net loss of $2.0 million or $0.22 per diluted share, compared to a profit of $775,000 in the prior year. Key operational changes included the acquisition of Emerald Medical Services, workforce reductions, and restructuring efforts in the hearing health market. The COVID-19 pandemic significantly impacted revenue, leading the company to withdraw its 2020 guidance due to ongoing uncertainties.
IntriCon Corporation (NASDAQ: IIN) has completed the acquisition of Emerald Medical Services (EMS) for approximately $7.1 million, alongside 80,000 shares of common stock and potential cash earnouts based on sales milestones. This strategic acquisition enhances IntriCon's manufacturing capabilities in surgical navigation and facilitates entry into high-growth medical markets, particularly with complex interventional catheters. The deal is expected to be accretive to revenue and earnings in 2020, thus diversifying IntriCon's customer base and expanding its market potential.
IntriCon Corporation (NASDAQ: IIN) will release its Q1 2020 financial results on May 19, 2020, at market close. Management will host a conference call at 4:00 p.m. CT for investors to discuss the results. Callers can join by dialing 866-795-7248 domestically or 470-495-9160 internationally, using conference ID: 6561768. A webcast will be accessible on IntriCon's website. The company specializes in miniature interventional, implantable, and body-worn medical devices, serving the growing demand for compact, connected technologies.
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