VNUS Medical Technologies Reports First-Quarter 2008 Results: 21% growth in Net Revenues and 51% Growth in ... ( $18.9 Million Net Revenue...)

VNUS Medical Technologies Reports First-Quarter 2008 Results: 21% growth in Net Revenues and 51% Growth in Unit Sales

Date:4/21/2008

$18.9 Million Net Revenues, $0.03 Net Loss Per Share

SAN JOSE, Calif., April 21 /PRNewswire-FirstCall/ -- VNUS(R) Medical Technologies, Inc. (Nasdaq: VNUS), a leading provider of medical devices for the minimally invasive treatment of venous disease, today announced its financial results for the first quarter ended March 31, 2008.

Net revenues for the first quarter of 2008 increased 21% to $18.9 million compared with $15.6 million for the first quarter of 2007. As expected, net revenues seasonally decreased by 8% when compared to net revenues in the fourth quarter of 2007 of $20.6 million. The increase in net revenues from the first quarter of 2007 was due to continuing higher sales of disposable ClosureFAST(TM) catheters and ClosureRFS devices, and higher overall international sales. Disposable catheters and device unit sales increased in the first quarter of 2008 by 51% compared to the first quarter of 2007. After adjusting for the net recognition of $1.4 million of RF generator revenue deferred in 2006 and subsequently recognized in the first quarter of 2007, net revenues in the first quarter of 2008 grew 33% compared to the first quarter of 2007.

First quarter net loss was $0.4 million, compared with a net loss of $2.0 million for the first quarter of 2007 and a net income of $0.9 million for the fourth quarter of 2007. Gross margins in the first quarter were 66.1% compared to 67.4% in the first quarter of 2007 and compared to 65.8% in the fourth quarter of 2007. Patent litigation expenses included in the first quarter were $403,000, compared to $628,000 in the comparable quarter in 2007 and $647,000 in the fourth quarter of 2007. Net loss per share for the first quarter was $0.03, compared with a net loss
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VNUS Medical Technologies Reports First-Quarter 2008 Results: 21% growth in Net Revenues and 51% Growth in ...( $18.9 Million Net Revenue...)