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NxStage Reports Record Third Quarter 2011 Financial Results and Raises Revenue Guidance For 2011
Date:11/3/2011

ng strength of clinical data showing that patients benefit from more frequent hemodialysis and that they live longer and healthier lives."

NxStage reported a net loss of $5.3 million, or ($0.10) per share, for the third quarter of 2011 compared with a net loss of $8.2 million, or ($0.17) per share, for the third quarter of 2010.

For the third quarter of 2011, the Company reported Adjusted EBITDA, adjusted for stock-based compensation, deferred revenue recognized, manufacturing transition costs and other non-cash expenses of $2.4 million, compared with an Adjusted EBITDA of $0.5 million in the third quarter of 2010.  (See the exhibits for a reconciliation of this non-GAAP measure.)

Guidance:

For the fourth quarter of 2011, the Company is forecasting revenue to be within a range of $55.5 to $56.5 million.  At this revenue level, the Company would expect a net loss in the range of $4.5 to $5.5 million or ($0.08) to ($0.10) per share, and Adjusted EBITDA in the range of $1.5 to $2.5 million for the fourth quarter of 2011.  

The Company's fourth quarter revenue guidance translates to an upward revision of the Company's annual guidance, putting expected revenue above the top end of its previous range. The Company now expects annual revenue to be within a range of $216 to $217 million compared with previous guidance for revenue to be within a range of $210 to $215 million.  The Company continues to expect a net loss in the range of $19 to $23 million or ($0.36) to ($0.43) per share, and for Adjusted EBITDA to be in the range of $6.0 million to $10.0 million for the 2011 fiscal year.   The Company expects the fourth quarter gross margin percentage to be between 37 and 38 percent.

This release contains a non-GAAP financial measure.  A reconciliation of the Company's non-GAAP financial measure to its most comparable GAAP financial measure is in the exhibits to this press release.

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SOURCE NxStage Medical, Inc.
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