Health Management Associates, a Naples, Fla.-based hospital chain, reported a 23% increase in profits for the third quarter ended June 30. The company reported net income of $18.5 million, or 39 cents per share, compared with $15.1 million, or 32 cents per share, in the year-ago quarter. Revenues grew 22% to $137 million. For the nine months, the company reported a 38% increase in net income to $48.5 million, or $1.01 per share, from $35.2 million, or 75 cents per share, in the year-ago period. Revenues grew 20% to $397.2 million. The company operates 22 hospitals in 10 states and has deals pending to acquire two other hospitals.
U.S. Surgical Corp. has acquired patents, trademarks and other assets related to a specialty surgical instrument made by Device Labs. In addition, the surgical supplier gained the right of first refusal for all of Device Labs' new products in the next five years. Device Labs is a privately held company based in Medway, Mass. Terms of the agreement weren't disclosed. U.S. Surgical said it doesn't expect Device Labs' line of infusion ports to significantly increase its revenues this year. However, sales should grow in the future, the company said. Infusion ports are implanted in patients who require frequent or continuous drug treatment, such as chemotherapy or nutritional support. Norwalk, Conn.-based U.S. Surgical is the world's largest maker of surgical staplers. The company posted $919 million in revenues in 1994.