Gish Biomedical Inc., a Santa Ana-based supplier of surgical and critical-care medical equipment, reported net income of $16,782 for its third fiscal quarter ended March 31, down 22% from $21,545 in the same quarter last year. Third-quarter revenue was $1.9 million, up 30% from $1.47 million.
Jack Brown, Gish's chairman and president, said a 37% increase in research and development costs combined with start-up marketing and production engineering costs for the company's new ophthalmic laser to depress the third quarter profits.
He said that although the Food and Drug Administration approved the new laser in the middle of the quarter, first production shipments didn't begin until late March.
Gish also announced it has received FDA approval of its "VasPort" long-term catheter, which--unlike most conventional catheters--is implanted in the patient's vein. Production of the device will begin within about three weeks, said Brown, who estimates the potential market for the device to be worth about $6 million a year.