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SAN DIEGO, Feb. 21, 2013 /PRNewswire/ -- Volcano Corporation (Nasdaq: VOLC), a leading developer and manufacturer of precision guided therapy tools designed to enhance the diagnosis and treatment of coronary and peripheral vascular disease, today reported results for the fourth quarter of 2012.
For the quarter ended December 31, 2012, Volcano reported record quarterly revenues of $102.5 million, an increase of 10 percent on a reported basis versus the same period a year ago and 12 percent on a constant currency basis after adjusting for a two percent negative impact from foreign currency. Medical segment revenues increased 10 percent on a reported basis and 12 percent on a constant currency basis versus the fourth quarter a year ago.
The company reported net income on a GAAP basis of $2.5 million, or $0.04 per diluted share, in the fourth quarter of 2012, versus net income of $29.4 million, or $0.54 per diluted share, in the fourth quarter of 2011. The results for the fourth quarter of 2012 include a benefit of $4.9 million, or $0.09 per diluted share, related to the release of a portion of the company's deferred tax valuation allowance. The results for the fourth quarter of 2011 include a similar benefit of $22.0 million, or $0.40 per diluted share.
For the full year 2012, Volcano reported revenues of $381.9 million, an increase of 11 percent on a reported basis and 12 percent on a constant currency basis over revenues of $343.5 million in 2011. Medical segment revenues increased 12 percent on a reported basis and 13 percent on a constant currency basis and industrial segment revenues declined three percent year-over-year.
The company reported net income on a GAAP basis of $8.0 million, or $0.15 per diluted share, in 2012. This compares with GAAP net income of $38.1 million, or $0.70 per diluted share, in 2011. The results for both periods include the be
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