I-FLOW CORPORATION (NASDAQ:IFLO) announced today that total revenue for the third quarter ended September 30, 2009 increased 14% to $36.7 million compared to total revenue of $32.2 million for the third quarter of 2008.
Regional Anesthesia (RA) sales of the Company's flagship ON-Q® product lines increased 11% for this year's third quarter to $27.5 million compared to $24.8 million for the third quarter of 2008. AcryMed revenues were $0.8 million for this year's third quarter compared to $1.5 million for the third quarter of 2008. The prior year quarter included $0.7 million of sales for temporary pilot production prior to the planned transfer of manufacturing responsibility to a customer. IV Infusion Therapy revenue for the third quarter of 2009 increased 41% to $8.4 million compared to $5.9 million for the third quarter of 2008.
Net income for the third quarter of 2009 increased to $0.7 million, or $0.03 per basic and diluted share. This compares to a net loss of $14.1 million, or $0.57 per basic and diluted share, for the third quarter of 2008. Transaction costs of approximately $0.8 million were incurred during the third quarter of 2009 in connection with the sale process resulting in the recently announced definitive merger agreement with Kimberly-Clark Corporation (Kimberly-Clark) providing for the acquisition of I-Flow by Kimberly-Clark for $12.65 per share in cash. The net loss for the third quarter of 2008 included a purchase accounting write-off of $11.6 million of in-process research and development charges acquired in connection with the acquisition in February 2008 of AcryMed and a $4.6 million non-cash impairment loss on the common shares of InfuSystem Holdings, Inc., formerly HAPC, Inc., owned by I-Flow.