Telecoms and medical equipment firm BATM saw its share price drop after saying that revenues in the third quarter rose just 5% compared to the same period of 2010.

At 10.45am BATM's stock price was down 0.25p or 1.37% despite the year to date figures showing growth of 12.7% over 2010.

Total revenues in the third quarter were $30.4m, while for the nine months to the end of September the total hit $95m.

During the third quarter of the year the sales mix was 65% from the Telecoms division and 35% from the Medical division.

Today's management statement warned that the firm's partnership with Nokia Siemens Networks is "expected to further decline in the coming quarter and this will impact the profitability of the Telecom division."

On the plus side BATM has announced a new "OEM" (original equipment manufacturing) agreement with what it describes as "the world's largest tier 1 telecom vendor".

In its guidance, the company says it believes fourth quarter revenues will be roughly the same as the third quarter, giving full year revenues of $130m with operating profict at around $7m.

BS

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