VOLCANO REPORTS FIRST QUARTER RESULTS
(SAN DIEGO, CA), May 2, 2014-Volcano Corporation (Nasdaq: VOLC), a leading developer and manufacturer of precision guided therapy tools designed to enhance the diagnosis and treatment of coronary and peripheral vascular disease, today reported results for the first quarter of 2014.
For the quarter ended March 31, 2014, Volcano reported revenues of $94.5 million versus revenues of $93.2 million in the same period a year ago. On a constant currency basis, revenues increased four percent year-over-year after adjusting for a negative impact of approximately $2.7 million from foreign currency. Medical segment revenues increased approximately one percent and four percent on a reported and constant currency basis, respectively.
The company reported a net loss on a GAAP basis of $10.9 million, or $0.21 per share, in the first quarter of 2014, versus a net loss of $3.2 million, or $0.06 per share, in the same period a year ago. Excluding acquisition-related items, amortization of intangibles and non-cash interest expense on convertible notes, net of tax, the company reported a non-GAAP net loss of $0.12 per share compared with non-GAAP earnings per diluted share of $0.02 in the first quarter a year ago.
“The first quarter was marked by important accomplishments in our product pipeline, including the U.S. approval of our iFR® (Instant Wave-Free Ratio™) FFR (Fractional Flow Reserve) and SyncVision™ Co-Registration System technologies for which we are commencing limited market releases during the second quarter. In addition, during the first quarter we initiated the full market release of our Crux IVC (inferior vena cava) filter,” said Scott Huennekens, president and chief executive officer. “We also realized solid growth in our U.S. peripheral business and with our FFR and IVUS (Intravascular Imaging) disposable revenues in Europe,” he noted.
“Volcano is off to a good start in 2014 with growth of our core businesses, the roll out of new products and an expanded and realigned sales force that we believe will drive growth acceleration through the remainder of 2014 and into 2015,” Huennekens added.
The company reaffirmed guidance for full year 2014. Based on current foreign currency exchange rates, it expects revenues on a reported basis will be $413.0-$421.0 million, with revenues on a constant currency basis in the range of $417.0-$425.0 million.
The company said it expects gross margins on a reported basis will be in the range of 64.0-64.5 percent and that operating expenses, including restructuring charges, will be 68.0-69.0 percent of revenues. On a reported basis, the company expects a GAAP net loss of $0.57-$0.60 per share. On a non-GAAP basis, the company expects a net loss per share of $0.16-$0.19. Non-GAAP results exclude acquisition-related expenses, amortization of intangibles and non-cash interest expense, and assume an effective tax rate of 35.0 percent for the GAAP to non-GAAP adjustments. The company expects weighted average basic shares in 2014 will be approximately 51.4 million shares.
For the second quarter of 2014, Volcano expects revenues in the range of $102.0-$104.0 million on both a reported and constant currency basis. The company expects a loss per share of $0.13-$0.15 on a GAAP basis and $0.04-$0.06 on a non-GAAP basis.
Conference Call Information
The company will hold a conference call at 2 p.m., Pacific Daylight Time, (5 p.m., Eastern Daylight Time) today. The teleconference can be accessed by calling (631) 291-4555, passcode 27362765, or via the company’s website at http://www.volcanocorp.com. Please dial in or access the webcast 10-15 minutes prior to the beginning of the call. A replay of the conference call will be available through May 9, at (404) 537-3406, passcode 27362765, and via the company’s website at http://www.volcanocorp.com.
Volcano Corporation (Nasdaq: VOLC) is revolutionizing the medical device industry with a broad suite of technologies that make imaging and therapy simpler, more informative and less invasive. Our products empower physicians around the world with a new generation of analytical tools that deliver more meaningful information-using light and sound as the guiding elements. Founded in cardiovascular care and expanding into other specialties, Volcano is changing the assumption
The following information was filed by Volcano Corp (VOLC) on Friday, May 2, 2014 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.