Growth Driven by 78 Percent Increase in IVUS System Sales
SAN DIEGO, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Volcano Corporation (Nasdaq: VOLC), a leader in the development, manufacturing and sales of products for the diagnosis and treatment of coronary and peripheral artery disease, today reported that revenues for the third quarter of 2008 increased 40 percent over those in the third quarter of 2007.
For the quarter ended September 30, 2008, Volcano reported revenues of $44.1 million versus revenues of $31.5 million in the same period a year ago. The company said that its financial performance was driven by a 78 percent increase in intravascular ultrasound (IVUS) system revenues and a 29 percent increase in IVUS disposable revenues year-over-year.
For the third quarter of 2008, the company reported net income on a GAAP basis of $744,000, or $0.01 per diluted share, versus a net loss on a GAAP basis of $652,000 or $0.02 per share, in the third quarter of 2007. Weighted average shares at the end of the quarter were 50.3 million versus 38.7 million a year ago, reflecting the impact of the company's equity offering that was completed in the fourth quarter of 2007.
Excluding stock-based compensation expense of $2.5 million, the company reported net income of $3.3 million, or $0.06 per diluted share. In the third quarter of 2007, excluding stock-based compensation expense of $2.0 million, the company reported net income of $1.3 million, or $0.03 per diluted share. A reconciliation of the company's GAAP and non-GAAP results can be found in today's earnings news release on the company's website at http://www.volcanocorp.com.
For the first nine months
|SOURCE Volcano Corporation|
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