Medtox 2Q profit rises on drug testing revenue

ST. PAUL, Minn. (AP) -- Medical test service company Medtox Scientific Inc. said Thursday its profit grew in the second quarter as demand for drug testing increasedThe company said its net income reached $1.4 million, or 16 cents per share, compared to $1 million, or 11 cents per share, a year earlier. Revenue rose 11 percent, to $27.9 million from $25.2 million.Medtox said its revenue from testing for drugs of abuse rose 6 percent, to $10.8 million from $10.1 million. Clinical and laboratory service revenue grew to $9.1 million from $7.6 million, while clinical trial service revenue rose to $2.3 million from $2 million. Its product sales edged up to $5.7 million from $5.4 million.In morning trading, shares of the company slipped 26 cents to $17.20.