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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

ur VNUS ClosureFAST catheter is the preferred treatment for venous reflux. In the second quarter we further strengthened our business with the addition of royalty revenues and from our start in communicating the results of the Recovery Trial that compared radiofrequency (RF) and laser vein ablation. This trial concluded with all primary endpoints showing that our RF treatment is better for patients than laser ablation."

VNUS also announced today its business outlook for the third-quarter and fiscal year end of 2008.

Business Outlook

VNUS currently estimates that third-quarter 2008 net product revenues will range from approximately $20.6 million to $21.2 million, translating to revenue growth of 18% to 21%. Royalty revenues are expected to range from $1.1 million to $1.3 million. Gross margin is expected to range from 68% to 69% in the third quarter. Third-quarter operating expenses are expected to decrease by approximately $0.9 million from the second quarter of 2008, primarily due to reduced patent litigation expenses of approximately $0.6 million. The estimated net income for the third quarter includes estimated patent litigation expenses of $0.3 million to $0.4 million. Third quarter net income is estimated to range from approximately $1.0 million to $2.0 million, or a net income of $0.06 to $0.12 per share. The number of weighted average shares outstanding used to calculate estimated net income per share for the third quarter is currently expected to range from approximately 16.7 million to 17.0 million. VNUS expects Adjusted EBITDA for the third quarter to range from $2.0 million to $3.0 million.

VNUS estimates that full-year 2008 net product revenues will range from approximately $84.5 million to $86.0 million; royalty revenue will range from $12.8 million to $13.0 million; gross margin is expected to range from 70.5% to 70.7%; operating expenses are expected to range from $56.7 million to $57.0 million, including patent litigation
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SOURCE VNUS Medical Technologies, Inc.
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