Med-Design Corp. in Ventura, which designs safety needle products for medical use, reported net income of $1.3 million or 12 cents per share for the second quarter, compared with a loss a year earlier of $853,000 or 11 cents per share.
For the quarter that ended June 30, the company reported revenues of $2.5 million, all of which came from a licensing payment. Med-Design did not report any revenue in the second quarter of 1999.
James Donegan, chairman and chief executive, said the company hopes to make more money this year from licensing or optioning products and from royalty payments.
The company said operating expenses increased to $1.1 million in the second quarter, compared with $846,000 a year earlier. Most of the operating expenses supported increased product development in anticipation of additional licensing agreements, officials said.
Med-Design holds numerous U. S. and international patents on safety needle devices that are designed to enable medical workers to perform medical procedures at a greatly reduced risk of exposure to accidental needle sticks.