Medical products company Repro Med Systems Inc dba RMS Medical Products (OTCQX:REPR) reported on Monday that its net income was USD475,723, or 10.6% of net sales, for the second quarter ended 30 June 2018.

This is a record improvement when compared with net income of USD148,472 reported during the second quarter of 2017.

According to the company, the higher net sales combined with improved gross profit on relatively flat operating expenses and a favorable tax rate change were principally responsible for the increase in profitability.

Net sales grew for the fifth consecutive quarter to USD4.5m for the second quarter ended 30 June 2018, up 17.6% over net sales of USD3.8m the second quarter of 2017.

The increase in 2018 net sales was driven by higher needle set sales, which were bolstered by the US FDA clearance on 31 August 2017, for the RMS "Integrated Catch-Up Freedom Syringe Driver Infusion System". Net sales included USD0.3m of revenue related to one-time sales to support the clinical activities of pharmaceutical companies.

Gross profit of USD2.7m was recorded for the second quarter ended 30 June 2018, a rise of 19.3% over USD2.3m in the second quarter of 2017 due to higher net sales.