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Volcano Achieves Major Milestone in Japan Direct Sales Initiative With Signing of Termination Agreement With Goodman
Date:7/8/2009

company to provide more focused service and support to the market.
  • It creates more favorable economics - including revenues, gross margin and operating income - on sales of Volcano products, as well as those of products under development and other distributed products, and enables the company to leverage its infrastructure in Japan.
  • It provides the ability for the company to direct its own sales and marketing initiatives, as well as new product launches.

  • The key financial aspects of the agreement include:

    • Volcano Japan has agreed to pay Goodman 350 million Japanese yen, plus five percent Japanese consumption tax (a total of approximately $3.9 million U.S.), between July 15 and August 31, 2009. Volcano Japan plans to allocate this entire amount to the purchase of IVUS consoles, and depreciate it over the next ten quarters.
    • Volcano Japan has agreed to repurchase from Goodman any remaining IVUS and FM disposables on August 31, 2009. While Volcano does not expect such repurchases to be financially material, to the extent there is a buyback of disposables, it is expected to occur in the third quarter and be treated as contra revenue.
    • Volcano has also agreed to pay Goodman commissions based on net receipts of Volcano Japan from the sale of products to customers transferred from Goodman to Volcano from July 1, 2009 to December 31, 2009. Volcano guarantees a minimum total commission of 310 million Japanese yen (approximately $3.3 million U.S.). The commissions will be expensed as they occur.

    "We want to express our appreciation to Goodman for their support over the past several years and their cooperation during this process. They have been a good partner and helpful in communicating this change to customers and they will continue to assist us with this transition. Bot
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    SOURCE Volcano Corporation
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