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VOLCANO REPORTS RECORD REVENUE AND GAAP PROFITABILITY FOR 2010
(SAN DIEGO, CA) February 23, 2011Volcano Corporation (NASDAQ: VOLC), a leading developer and manufacturer of precision intravascular diagnosis and therapy guidance tools designed to enhance the treatment of coronary and peripheral vascular disease, today reported record revenues for the fourth quarter and all of fiscal 2010.
For the quarter ended December 31, 2010, Volcano reported revenues of $81.2 million, compared to revenues of $71.0 million in the fourth quarter of fiscal 2009. Revenues in the fourth quarter of 2010 were negatively impacted by approximately $3.0 million related to the transition of a distributor relationship in Japan. Revenues in the fourth quarter of 2009 were favorably impacted by the first full quarter of a direct sales program in Japan resulting from the companys transition of a distribution agreement with its largest distributor in the market.
The company reported a net loss on a GAAP basis of $1.7 million, or $0.03 per share, in the fourth quarter of 2010, versus a net loss on a GAAP basis of $12.1 million, or $0.25 per share, in the fourth quarter of 2009. Included in the results for the fourth quarter of 2010 are expenses of $4.9 million related to the LightLab Imaging, Inc. trade secrets litigation and our litigation costs of $2.8 million. These were partially offset by a reversal of a $3.0 million accrual for a milestone payment related to the Novelis, Inc. acquisition. Included in the results for the fourth quarter of 2009 are in-process research and development charges of $14.0 million resulting from accrued milestone payments related to the CardioSpectra, Inc., and Novelis, Inc., acquisitions.
Excluding stock-based compensation expense of $3.2 million, the in-process research and development benefit of $3.0 million and the LightLab trade secrets litigation expense of $4.9 million, Volcano reported non-GAAP net income of $3.4 million, or $0.06 per diluted share, in the fourth quarter of 2010. Excluding stock-based compensation expense of $2.7 million, the in-process research and development charges of $14.0 million and sales commissions of $2.3 million paid to a former distributor in Japan, Volcano reported non-GAAP net income of $7.0 million, or $0.14 per diluted share, in the fourth quarter of 2009. A reconciliation of the companys GAAP to non-GAAP results is included below.
For all of fiscal 2010, Volcano reported revenues of $294.1 million, a 29 percent increase over revenues of $227.9 million in fiscal 2009. The company reported net income on a GAAP basis of $5.2 million, or $0.10 per diluted share, in fiscal 2010, compared with a GAAP net loss of $29.0 million, or $0.60 per share, in fiscal 2009.
The following information was filed by Volcano Corp (VOLC) on Wednesday, February 23, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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