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Volcano Achieves 22 Percent Increase in First Quarter Revenues; Sales Growth, Margin Expansion Drive Profitability
Date:5/4/2011

SAN DIEGO, May 4, 2011 /PRNewswire/ -- Volcano Corporation (NASDAQ: VOLC), a leading developer and manufacturer of precision intravascular diagnosis and therapy guidance tools designed to enhance the treatment of coronary and peripheral artery disease, said today that revenues in the first quarter of 2011 increased 22 percent versus revenues in the first quarter of 2010.

For the quarter ended March 31, 2011, Volcano reported revenues of $81.0 million, compared with revenues of $66.6 million in the first quarter a year ago, and gross margin was 65.6 percent in the first quarter of 2011 compared to gross margin of 60.0 percent in the first quarter a year ago.

The company reported net income on a GAAP basis of $1.2 million, or $0.02 per diluted share, in the first quarter of 2011, versus a net loss on a GAAP basis of $4.0 million, or $0.08 per share, in the first quarter of 2010.

In a separate press release today, the company announced the signing of a supply agreement with ev3, a Covidien company, under which Volcano will supply its IVUS (Intravascular Ultrasound) technology for use in ev3's Plaque Excision Systems, which will work on Volcano's installed base of more than 5,000 multi-modality systems

"Our strong revenue performance for the quarter reflects our continued success at achieving market share gains and driving utilization. Sales of our IVUS disposables increased nearly 24 percent, driven primarily by a 40 percent increase in Japan, while FM (Functional Measurement) disposable revenues increased 39 percent, including 52 percent in the U.S. This revenue growth, combined with a very solid increase in gross margin and continued operating leverage, drove our bottom line performance in the quarter," said Scott Huennekens, president and chief executive officer.

The company said that the natural disasters in Japan negatively impacted revenues by
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SOURCE Volcano Corporation
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