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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

are a result of an agreement entered into on June 3, 2008, resolving the infringement lawsuit against two companies selling laser vein ablation products. The royalty revenues include $8.7 million of royalties attributable to periods before 2008. No royalty revenues are included in net revenues for any period prior to the second quarter of 2008.

Gross margins in the second quarter of 2008 were 76.9% compared to 60.3% in the second quarter of 2007 and compared to 66.1% in the first quarter of 2008.

Second quarter net income was $9.3 million, compared with a net loss of $2.3 million for the second quarter of 2007 and a net loss of $0.4 million for the first quarter of 2008. Patent litigation and related Diomed due diligence legal expenses included in the second quarter was $1.0 million compared to $1.0 million in the comparable quarter in 2007 and $0.4 million in the first quarter of 2008. Net income per share for the second quarter was $0.56, compared with a net loss per share of $0.15 for the second quarter of 2007 and net loss per share of $0.03 for the first quarter of 2008.

Adjusted EBITDA for the second quarter of 2008 was earnings of $11.0 million, as compared to a loss of $2.2 million in the comparable quarter of 2007, and a loss of $0.4 million in the first quarter of 2008.

VNUS' balance sheet at June 30, 2008 included cash, cash equivalents and short-term investments of $74.6 million, approximately $12.3 million more than the first quarter of 2008 due primarily to the receipt of royalty revenues.

"We are very pleased with our second quarter results which show continued excellent growth of our business as well as the worldwide market for minimally invasive treatment of venous reflux," said VNUS President and Chief Executive Officer Brian E. Farley. "With organic product revenue growth of 29% and a strong increase in units of proprietary disposables of 38% led by international sales, we believe the market is indicating that o
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SOURCE VNUS Medical Technologies, Inc.
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