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Volcano Reports 35 Percent Increase in Third Quarter Revenues; Records $9.6 Million Improvement in Year-Over-Year GAAP Profitability
Date:11/3/2010

SAN DIEGO, Nov. 3, 2010 /PRNewswire-FirstCall/ -- 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 vascular disease, said today that revenues in the third quarter of 2010 increased 35 percent over revenues in the same period a year ago. The company's profitability on a GAAP basis improved $9.6 million year-over-year as it reported net income of $5.6 million in the third quarter of 2010.

For the quarter ended September 30, 2010, Volcano reported revenues of $72.9 million, compared to revenues of $53.9 million in the third quarter of fiscal 2009. The company reported net income on a GAAP basis of $5.6 million, or $0.10 per diluted share, in the third quarter of 2010, versus a GAAP net loss of $4.0 million, or $0.08 per share, in the third quarter of 2009.

Excluding stock-based compensation of $3.0 million, the company reported net income of $8.6 million, or $0.16 per diluted share, in the third quarter of 2010. Excluding stock-based compensation expense of $2.6 million and $1.4 million in commissions to a former distributor, the company reported net income of $7,000, or $0.00 per diluted share, in the third quarter of 2009.

For the first nine months of 2010, Volcano reported revenues of $212.9 million, a 36 percent increase over revenues of $156.9 million in the same period a year ago. The company reported GAAP net income of $7.0 million, or $0.13 per diluted share, in the first nine months of 2010. This compares with a GAAP net loss of $16.9 million, or $0.35 per share, in the same period of 2009. Excluding stock-based compensation expense of $9.2 million, Volcano reported net income of $16.3 million, or $0.31 per diluted share, in the first nine months of 2010. In the first nine months of 2009, excluding stock-based
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