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Volcano Reports Full Year Revenues Increase 31 Percent
Date:2/17/2009

FOURTH QUARTER REVENUES INCREASE 23 PERCENT

SAN DIEGO, Feb. 17 /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 full year 2008 increased 31 percent over full year 2007 and that revenues for the fourth quarter of 2008 increased 23 percent over revenues in the fourth quarter of 2007.

For the year ended December 31, 2008, Volcano reported revenues of $171.5 million versus revenues of $130.6 million in fiscal 2007. Revenues in the fourth quarter of 2008 were $49.3 million versus revenues of $40.0 million in the same period a year ago. The company said that the growth in revenues in the fourth quarter was driven by a 20 percent increase in intravascular ultrasound (IVUS) revenues and increased adoption of its Functional Measurement (FM) offerings.

For the fourth quarter of 2008, the company reported GAAP net income of $1.4 million, or $0.03 per diluted share, versus a net loss on a GAAP basis of $23.7 million, or $0.53 per share, in the same period of 2007. Included in the results for the fourth quarter of 2007 were in-process research and development charges of $26.2 million related to Volcano's acquisition of CardioSpectra, Inc., that was completed in December 2007. Weighted average shares for the fourth quarter of 2008 were 50.3 million versus 44.9 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 and in-process research and development charges of $274,000, the company reported net income of $4.2 million, or $0.08 per diluted share, in the fourth quarter of 2008. In the fourth quar
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SOURCE Volcano Corporation
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