Company Raises Non-GAAP Adjusted EPS Guidance for Full-Year 2008
PLYMOUTH, Minn., Oct. 31 /PRNewswire-FirstCall/ -- ev3 Inc. (Nasdaq: EVVV), a global endovascular device company, today reported financial results for its fiscal third quarter of 2008 and its updated financial guidance for 2008.
ev3's net sales were $107.0 million in the third quarter of 2008, representing a 65% increase over the same quarter of the prior year, primarily due to the acquisition of FoxHollow. Third quarter revenues included approximately $100.0 million in net product sales and approximately $7.0 million in research collaboration revenues. Net sales, excluding atherectomy and research collaboration revenues, increased 21% in the third quarter of 2008 versus the prior year quarter. By product segment, third quarter neurovascular net product sales increased by 26% and peripheral vascular net sales, excluding atherectomy increased by 19%. Third quarter atherectomy sales were $21.0 million. On a geographic basis, ev3 U.S. and international business grew by 84% and 37%, respectively over the prior year quarter. Reconciliations of non-GAAP financial measures used in this release to the most comparable U.S. GAAP measures for the respective periods can be found immediately following the detail of net sales by geography later in this release.
Robert Palmisano, president and chief executive officer of ev3 Inc.,
commented, "We are pleased with our performance during the third quarter,
both in terms of our sales and bottom line. Third quarter product sales of
$100 million were in line with our previous third quarter guidance despite
a stronger dollar than was anticipated in our guidance. I am also
encouraged that we were able to maintain the growth of our peripheral
vascular business in the third quarter despite pressure and distraction
that resulted from the activities of new competitors. More specifically,
our atherectomy business is still under some pressure due to th
|SOURCE ev3 Inc.|
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