EXHIBIT 99.1
(ANS LOGO)
FOR IMMEDIATE RELEASE
     
Investor Contact:
  Company Contact:
Neil Berkman Associates
  Chris Chavez, President & CEO
(310) 277-5162
  (972) 309-8000
info@BerkmanAssociates.com
  www.ANS-medical.com
Advanced Neuromodulation Systems Reports
Record Quarterly Revenue of $38.7 Million and EPS of $0.25
Neuro Revenue Increased 26.1% Versus
Second Quarter of 2004 and 21.4% Sequentially
     DALLAS, TEXAS, July 28, 2005 —
Advanced Neuromodulation Systems, Inc. (ANS) (NASDAQ:ANSI) today announced record revenue for the second quarter of 2005, as sales of neuromodulation products increased 26.1% compared to the second quarter of 2004 and 21.4% sequentially. The Company also reported earnings per fully diluted share of $0.25.
Second Quarter Results
     For the three months ended June 30, 2005, revenue increased 26.9% to a record $38,693,000 from $30,488,000 for the second quarter of 2004. Sales of neuro products increased 26.1% to $34,855,000 for this year’s second quarter compared to $27,633,000 for last year’s second quarter, and increased 21.4% compared to the first quarter of 2005. This growth was driven by strong sales of ANS’ Genesis® and GenesisXPTM implantable spinal cord stimulation (SCS) systems for the treatment of chronic pain, as well as expanded market availability beginning late in the quarter of the Company’s new flagship rechargeable implantable pulse generator (IPG) system, the EonTM Neurostimulation System.
     Gross margin was 72.9% for this year’s second quarter compared to 72.5% for the second quarter of 2004. Research and development spending increased 55.6% to $4,465,000 from $2,870,000 to support ANS’ new product and new indication development initiatives. Marketing expense was about unchanged as a percentage of revenue for this year’s second quarter versus last year, while G&A expense increased to 10.4% of revenue from 8.9% last year, reflecting higher legal and recruiting and relocation expenses.
     Net income for the second quarter of 2005 increased 17.6% to $5,086,000, or $0.25 per diluted share, from $4,323,000, or $0.21 per diluted share, for the second quarter of 2004.
     At June 30, 2005, ANS had total cash and marketable securities of approximately $154.5 million. ANS has no debt. To date, the Company has repurchased 923,674 shares of its common stock under a 2,000,000-share repurchase authorization.
First Half Results
     For the six months ended June 30, 2005, revenue increased 24.3% to a record $71,029,000 from $57,121,000 for the first half of 2004. Neuro sales increased 22.6% to $63,572,000 compared to $51,861,000 last year. Net income for the first six months of 2005 was $63,655,000, or $3.06 per diluted share. This compares to net income for the first six months of 2004 of $8,292,000, or $0.39 per diluted share. Net income for this year’s first half included a pre-tax gain of $85,244,000 from the previously announced sale of Cyberonics, Inc. common stock acquired in August 2004.
Expanded Market Launch Of Eon Neurostimulation System
     On June 21, 2005, ANS announced an expanded U.S. market launch of its newest rechargeable IPG system, the Eon Neurostimulation System, after successfully completing a market test and increasing inventories.
(more)
ADVANCED NEUROMODULATION SYSTEMS, INC.
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, July 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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