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Conceptus® Reports Third Quarter Financial Results
Record U.S. Essure® Sales Grow 14.3% in the Quarter and 11.9% Year to Date
Adjusted EBITDA increases 59.8% to $8.7 million
Worldwide sales increase 7.2%; Essure-only, constant-currency sales increase 10.2%
Expert OB/GYN committee recommends hysteroscopic sterilization as best practice for female permanent birth control
MOUNTAIN VIEW, Calif., October 23, 2012 Conceptus, Inc. (Nasdaq: CPTS), developer of the Essure® procedure, the leading non-surgical permanent birth control method, today reported financial results for the three and nine months ended September 30, 2012.
Sales for the third quarter of 2012 were $35.5 million, an increase of 7.2% compared with sales for the third quarter of 2011 of $33.1 million. On a constant-currency basis, worldwide Essure sales increased 10.2%.
Net income for the third quarter of 2012 was $2.3 million, or $0.07 per share. This compares with a net loss for the third quarter of 2011 of $2.9 million, or ($0.09) per share.
Adjusted earnings before interest, taxes, depreciation, amortization and stock-based compensation (adjusted EBITDA) for the third quarter of 2012 were $8.7 million, an increase of 59.8% compared with adjusted EBITDA for the third quarter of 2011 of $5.4 million.
Our third quarter financial performance represented continued solid progress with sales growth and profitability in this transition year. While accelerating domestic sales of Essure turned in a strong quarter with 14.3% growth, sales outside the U.S. were negatively impacted by foreign currency exchange rates and European macroeconomic factors. Sales in the U.S. to accounts that had been ordering from our former competitor increased 38% year over year, while the underlying organic growth rate across all U.S. business was approximately 11%, said D. Keith Grossman, president and chief executive officer of Conceptus. We remain focused on executing our transition plan, which includes restoring solid growth to our product and increasing profitability, growing sales in our former competitors accounts, positioning our organization for continued growth in 2013 and advancing our next-generation product.
Third Quarter Highlights
Total domestic sales were $29.1 million for the third quarter of 2012, compared with $25.8 million for the third quarter of 2011, representing an increase of $3.3 million or 12.8%. Essure domestic sales increased 14.3% during the third quarter.
The following information was filed by Conceptus Inc (CPTS) on Tuesday, October 23, 2012 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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