PolyMedica Corporation (NASDAQ: PLMD) today reported revenue growth of 22% to $190.6 million in the first fiscal quarter of 2008 compared with $155.9 million for the same period last year. Net income for the quarter was $11.4 million, or $0.49 per diluted share, compared with $5.9 million, or $0.25 per diluted share, in the first quarter of fiscal 2007. In accordance with Statement of Financial Accounting Standards (SFAS) No. 123R, “Share-Based Payment,” the Company recognized $3.1 million of pre-tax stock-based compensation expense ($1.9 million after taxes, or $0.08 per diluted share) during the first quarter of fiscal 2008. Excluding the impact of stock-based compensation expense in both periods, earnings per share for the first quarter of fiscal 2008 were $0.57 compared with $0.33 in the prior year period.
