Advanced Neuromodulation Systems Inc (351721) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2005

Advanced Neuromodulation Systems Inc

CIK: 351721

Exhibit 99.1

Investor Contact:
  Company Contact:
Neil Berkman Associates
  Chris Chavez, President & CEO
(310) 277-5162
  (972) 309-8000

Advanced Neuromodulation Systems Reports First Quarter Results

Revenue Increases 21%

Management Updates 2005 Guidance

      DALLAS, TEXAS, April 28, 2005 —

Advanced Neuromodulation Systems, Inc. (ANS) (NASDAQ:ANSI) today announced operating results for the first quarter, provided a review of its strategy and recent accomplishments, and updated guidance for 2005.

First Quarter Results

      For the three months ended March 31, 2005, revenue increased 21.4% to a record $32,335,000 from $26,633,000 for the first quarter of 2004. Sales of neuro products increased 18.5% to $28,717,000 for this year’s first quarter compared to $24,228,000 a year earlier, as sales of ANS’ Genesis® and GenesisXPTM implantable spinal cord stimulation (SCS) systems for the treatment of chronic pain continued to perform well in the marketplace. Gross margin was 74% for both periods. Net income for the first quarter of 2005 was $58,568,000, or $2.76 per diluted share. This compares to net income for the first quarter of 2004 of $3,969,000, or $0.19 per diluted share. Net income for this year’s first quarter included a pre-tax gain of $85,244,000 from the previously announced sale of Cyberonics common stock acquired in August 2004. Excluding the effects of this gain as reconciled in the attached table, earnings for this year’s first quarter were $0.22 per diluted share.

      At March 31, 2005, ANS had total cash and marketable securities of approximately $181 million. ANS has no debt.

Board Increases Share Repurchase Authorization to 2,000,000 Shares

      To date, the company has repurchased 923,674 shares of its common stock under a 1,000,000-share repurchase authorization. ANS announced today that the Board of Directors has increased the repurchase authorization to a total of 2,000,000 shares. Repurchases may be made from time to time in open market or privately negotiated transactions, subject to price and availability, and financed out of working capital. “The Board of Directors believes that ANS common stock is an attractive investment, and repurchasing shares is a sound use of working capital under the right circumstances,” said President and CEO Chris Chavez.

      Following its repurchases to date, ANS currently has about 19.8 million issued and outstanding shares.

Strategic Review

      Chavez continued: “The interventional neuromodulation market now exceeds one billion dollars, and promises to become a multi-billion dollar, multi-indication modality in the years ahead. As described in the cover story in the March 7, 2005 edition of Business Week, as well as in recent feature stories in Time, the Wall Street Journal, and in a week-long segment on the Today Show, the clinical indications that neuromodulation can address are large, under-served and under-penetrated. Now more than ever, neuromodulation holds the promise to improve

6901 PRESTON ROAD / PLANO, TEXAS 75024 / 972-309-8000 / FAX: 972-309-8150


The following information was filed by Advanced Neuromodulation Systems Inc on Thursday, April 28, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Advanced Neuromodulation Systems Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2005 10-K Annual Report includes:

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SEC Filing Tools
CIK: 351721
Form Type: 10-Q Quarterly Report
Accession Number: 0000950134-05-009413
Submitted to the SEC: Mon May 09 2005 2:06:58 PM EST
Accepted by the SEC: Mon May 09 2005
Period: Thursday, March 31, 2005
Industry: Surgical And Medical Instruments And Apparatus

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