$23.1 Million Net Revenues, $0.10 Net Income Per Share
SAN JOSE, Calif., Oct. 29 /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 third quarter ended September 30, 2008.
Net revenues for the third quarter of 2008 increased 32% to $23.1 million compared with $17.5 million for the third quarter of 2007. Net revenues for the third quarter of 2008 included net product revenues and royalty revenues. Net product revenues are derived from the sale of disposable endovenous catheters and devices, RF generators and accessory products. Royalty revenues are derived from other companies paying royalties for a license to certain VNUS patents previously subject to an infringement lawsuit.
Net product revenues for the third quarter of 2008 increased 25% to $21.9 million compared with $17.5 million for the third quarter of 2007. Net product revenues increased sequentially by 2% when compared to net product revenues in the second quarter of 2008 of $21.5 million. The increase in net product revenues from the third quarter of 2007 was due to continuing higher sales of disposable ClosureFAST(TM) catheters and higher overall international sales. Disposable catheters and device unit sales increased in the third quarter of 2008 by 29% compared to the third quarter of 2007.
Royalty revenues in the third quarter of 2008 were $1.2 million. The
royalty revenues are a result of an agreement entered into on June 3, 2008,
resolving the infringement lawsuit against two companies selling laser vein
ablation products. In the third quarter of 2008, the royalty revenues als
|SOURCE VNUS Medical Technologies, Inc.|
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