Exhibit 99.1
VOLCANO REPORTS THIRD QUARTER RESULTS
COMPANY GENERATES STRONG GROWTH IN U.S. PERIPHERAL MARKET AND EUROPE
(SAN DIEGO, CA), November 6, 2014 — Volcano Corporation (Nasdaq: VOLC), a leading company focused on improving patient and economic outcomes on a global basis by developing and delivering innovative minimally invasive coronary and peripheral visualization, physiology diagnostics and therapies, today reported results for the third quarter and first nine months of 2014.
For the quarter ended September 30, 2014, Volcano reported revenues of $97.5 million versus revenues of $95.8 million in the same period a year ago. Foreign currency had a negative impact on revenues of approximately $700,000. Medical segment revenues increased approximately two and three percent on a reported and constant currency basis, respectively.
The company reported a net loss on a GAAP basis of $8.0 million, or $0.16 per share, in the third quarter of 2014, versus a net loss of $8.5 million, or $0.15 per share, in the same period a year ago. The results for the third quarter of 2014 included amortization of intangibles of $2.8 million and restructuring benefits of $229,000 while the results for the third quarter of 2013 included amortization of intangibles of $834,000 and restructuring charges of $4.6 million. 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 $0.04 per share, compared with a non-GAAP net loss per share of $0.08 in the third quarter a year ago.
For the first nine months of 2014, Volcano reported revenues of $294.6 million versus revenues of $290.4 million in the first nine months of 2013. On a constant currency basis, revenues increased three percent year-over-year after adjusting for a negative impact of approximately $3.4 million from foreign currency. Medical segment revenues increased approximately two and three percent on a reported and constant currency basis, respectively, versus the first nine months of 2013.
For the first nine months of 2014, the company reported a net loss on a GAAP basis of $18.6 million, or $0.36 per share, versus a net loss of $14.0 million, or $0.26 per share, in the same period a year ago. The results for the first nine months of 2014 included acquisition-related benefits of $3.8 million, amortization of intangibles of $6.4 million and restructuring benefits of $197,000. The results for the first nine months of 2013 included acquisition-related charges of $3.7 million, amortization of intangibles of $2.5 million and restructuring charges of $4.9 million. 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 $0.14 per share in the first nine months of 2014, compared with a non-GAAP net loss per share of $0.03 in the first nine months of 2013.
“We continued to demonstrate strong growth in Europe, where our FFR (Fractional Flow Reserve) and IVUS (Intravascular Ultrasound) disposable revenues each increased 24 percent year-over-year,” said Scott Huennekens, president and chief executive officer.
“In addition, our peripheral IVUS business in the U.S. increased approximately 60 percent, driven by continued adoption of our peripheral imaging and Pioneer® Re-Entry products. We also initiated the limited market release of our Phoenix® Atherectomy System used in the treatment of peripheral artery disease, which we believe will advance our overall penetration of the peripheral market. Our growth in these areas helped offset the continued softness of the U.S. coronary IVUS market,” he added.
“At the same time, we are successfully implementing an operating strategy as we execute a more balanced approach between driving revenue growth and improving our bottom line performance. As evidenced by our third quarter results and guidance for the balance of the year, we have made measurable success in reducing operating expenses and will be taking additional steps to achieve improved operating leverage,” Huennekens noted.
Guidance
The company provided updated guidance for the full year 2014. The company expects that based on current foreign currency exchange rates, FX will have a negative impact of approximately $4.0 million on reported revenues through the balance of the year. As a result, the company now expects revenues for 2014 will be in the range of $393.0-$397.0 million. The company expects gross margins will be 63.0-63.5 percent and that operating expenses, including restructuring charges, will be 65.0-66.0 percent of revenues. As a result of continued expense management programs contributing to lower operating expenses as a percentage of revenues, the company now expects a two cent improvement in its loss per share on a GAAP


The following information was filed by Volcano Corp (VOLC) on Thursday, November 6, 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.

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