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VNUS Medical Technologies Reports Second-Quarter 2008 Results: 25% Growth in Net Product Revenues and 38% Growth in Unit Sales
Date:7/29/2008

$31.9 Million Net Revenues, $0.56 Net Income Per Share

SAN JOSE, Calif., July 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 second quarter ended June 30, 2008.

Net revenues for the second quarter of 2008 increased 85% to $31.9 million compared with $17.2 million for the second quarter of 2007. Net revenues for the second 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 second quarter of 2008 increased 25% to $21.5 million compared with $17.2 million for the second quarter of 2007. Net product revenues increased sequentially by 14% when compared to net product revenues in the first quarter of 2008 of $18.9 million. The increase in net product revenues from the second 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 second quarter of 2008 by 38% compared to the second quarter of 2007. After adjusting for deferred revenue recognized in the second quarter of 2007, net product revenues in the second quarter of 2008 grew 29% compared to the second quarter of 2007.

Royalty revenues in the second quarter of 2008 were $10.4 million. The royalty revenues
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SOURCE VNUS Medical Technologies, Inc.
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