The condensed consolidated statement of operations for the three and six months ended June 30, 2008, along with other related disclosures in the accompanying notes, is contained in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 18, 2008.
The Company is changing its earning guidance solely due to changes in stock-based compensation expense. VNUS currently expects full year stock based pre-tax compensation expense to increase by $762,000 or approximately four-and-a-half cents per share and range from $4.2 million to $4.6 million. Stock-based pre-tax compensation expense through the six months ended June 30, 2008 was $2.2 million.
Third quarter net income is expected to range from $0.9 million to $1.8 million or income of $0.06 to $0.11 per share. Adjusted EBITDA guidance for the third quarter remains unchanged at $2.0 million to $3.0 million. VNUS currently expects its full-year 2008 net income to range from approximately $12.4 million to $13.4 million, or income of $0.73 to $0.80 per share. VNUS expects Adjusted EBITDA to remain unchanged for the full year and range from $17.0 million to $18.1 million.
Non-GAAP Financial Information:
VNUS' management evaluates and makes operating decisions using various
operating measures, including revenue growth and adjusted earnings before
interest, taxes, depreciation and amortization, and non-cash charges for
stock-based compensation (Adjusted EBITDA). The Company believes that these
non-GAAP measures, when presented in conjunction with the comparable GAAP
measures, are useful to both management and investors in analyzing the
Company's ongoing business and operating performance. The Company believes
that providing the non-GAAP information to investors, in addition to the
GAAP presentation, allows
|SOURCE VNUS Medical Technologies, Inc.|
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