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Volcano Reports 40 Percent Growth in Quarterly Revenues
Date:11/5/2008

of 2008, Volcano reported revenues of $122.2 million, a 35 percent increase over revenues of $90.6 million in the same period a year ago. On a GAAP basis, the company reported a net loss of $15.1 million, or $0.32 per share, compared with a net loss of $2.8 million, or $0.07 per share, in the same period a year ago. Excluding in-process research and development charges of $12.4 million, $2.9 million in due diligence, legal and accounting expenses related to a proposed acquisition that was not consummated, and stock-based compensation expense of $7.0 million, Volcano reported net income of $7.2 million, or $0.14 per diluted share, in the first nine months of 2008. Excluding stock-based compensation expense of $4.7 million, the company reported net income of $1.9 million, or $0.04 per diluted share, in the first nine months of 2007.

"We continue to gain market share across all of our businesses and geographies, while realizing gross margin improvement and leveraging our operating expenses. As a result, we achieved profitability on a GAAP basis in the third quarter of 2008, and have raised our outlook for earnings per share for the full year," said Scott Huennekens, president and chief executive officer.

"Through the first nine months of 2008, we have placed 537 of our IVUS consoles versus 420 in the first nine months a year ago, and now have more than 3,700 of our IVUS and Functional Measurement (FM) consoles placed worldwide. Helping to drive our growth is the leading-edge technology offered by our devices and Volcano's strong sales and market development initiatives. In addition, we are seeing an increasingly favorable environment for percutaneous coronary interventions and an ongoing flow of positive data, including that presented in a number of presentations at the recent Transcatheter Cardiovascular Therapeutics (TCT) meeting," Huennekens noted.

"At the same time," he added, "we continue to be excited about our new product pipeline that will
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SOURCE Volcano Corporation
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