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Volcano Announces It Will End Distribution Agreement with Fukuda; Transition Enhances Company's Direct Selling Program in Japan
Date:9/21/2010

ur new distribution program for AngioScore's AngioSculpt PTCA scoring balloon and our planned roll-out of the FFR on the s5 family. In addition, this will facilitate the market launch of future offerings, such as VIBE—our Image-Guided Therapy—Optical Coherence Tomography, Forward-Looking IVUS and Impact Microcatheters," he continued.

Huennekens noted that going direct has enabled the company to establish significantly closer relationships with the Japanese market, including clinicians and customers, and provide focused delivery of service and support. "In addition, we have successfully implemented sales and market development initiatives, including new clinical studies, conference symposiums and clinical education programs. I want to acknowledge Fukuda's contributions to our past success in Japan and we look forward to working with them during this transition period," he said.

The key financial aspects of the transaction include:

  • Volcano has agreed to pay Fukuda 181 million Japanese yen (approximately U.S. $2.1 million) for the repurchase of Volcano's IVUS consoles and any related hardware in Fukuda's inventory, which Volcano expects to depreciate over the next 11 quarters.
  • Volcano will also repurchase any remaining disposables at the end of the agreement. The company currently estimates that the repurchase will occur in the fourth quarter of 2010 and will be approximately 279 million yen (approximately U.S. $3.3 million).
  • Volcano will pay Fukuda a one-time end of agreement fee of 119 million Japanese yen (approximately U.S. $1.4 million), which will be paid and expensed in the fourth quarter of 2010.

Guidance for 2010

The company provided updated guidance for fiscal 2010, based on this transaction and the convertible senior note offering completed September 20, 2010. Volcano continues to expect that revenues for fiscal 2010 will be in the range of $286-$290
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SOURCE Volcano Corporation
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