The best part of having an MRI for a bulging disk in my back was the goggles I wore that had television monitors on the inside of the lenses. I got to watch SportsCenter while I lay completely motionless for 45 minutes.

And speaking of highlight reels, there's a small-cap stock in the medical-imaging arena that's been producing SportsCenter-worthy returns: Analogic (NASDAQ:ALOG), whose stock has risen 42% over the past 52 weeks. The company's third-quarter results, released before the market opened today, should continue to fuel the fire.

Analogic, notable for the instant-imaging computed tomography (CT) scanner it developed in 1975, reported that its Q3 net income from continuing operations nearly tripled. Revenues from continuing operations rose by 3% when compared with the year-ago quarter, and medical-imaging and clinical-ultrasound revenues experienced double-digit increases. Analogic also managed to decrease its total operating expenses by trimming its sales, general, and administrative costs.

Two companies in the same field, Analog Devices (NYSE:ADI) and Mercury Computer Systems (NASDAQ:MRCY), have seen comparatively mixed results. Analog Devices offers imaging solutions for ultrasound systems and has seen its stock price appreciate 12% over the past year. Meanwhile, Mercury, which also provides imaging solutions, has seen its stock price stagnate in 2007. It has recently announced a comprehensive restructuring and cost-reduction plan.

Analogic stock appears to be reasonably valued despite trading at a 52-week high. Consider, too, that earlier today, company management authorized the repurchase of up to $60 million of the company's stock. At the stock's current price, this amount would represent slightly more than 6% of its current outstanding common shares.

The news isn't all good, though. The company continues to struggle in its digital radiography systems business, where revenue fell 55% year over year. But a major contract announced in May for this business segment should begin to reverse this negative trend.

Overall, shareholders should remain optimistic for the company's fourth quarter. Demand has been growing for the company's ultrasound and data-acquisition systems, and the security side of the business should also contribute to the company's total revenue growth as it rolls out several new major systems over the next few quarters.  

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Fool contributor Billy Fisher does not own shares of any of the companies mentioned. The Fool has a disclosure policy.