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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

compensation expense of $8.2 million and $1.4 million in commissions to the former distributor, Volcano reported a net loss of $7.3 million, or $0.15 per share.

"Volcano continued to realize operational excellence with our base business by executing our market share and market penetration strategies with our multi-modality platform, while also laying the foundation for long-term growth," said Scott Huennekens, president and chief executive officer of Volcano.

"We generated a 36 percent increase in IVUS (Intravascular Ultrasound) disposable revenues, while our FM (Functional Measurement) revenues increased 51 percent versus a year ago. Helping to facilitate our growth is the increased clinical and economic pressure to prove the appropriateness and benefits of percutaneous coronary intervention (PCI) procedures, which is elevating the need for our technology," he added.

Other recent developments included:

  • The company announced an agreement to end its distribution program with Fukuda Denshi Co., Ltd., in Japan. This transition is expected to take effect on December 1, 2010. "With the completion of this transition, we will be addressing 95 percent of our current business in Japan on a direct basis. In addition to accruing economic benefits from direct pricing for our offerings, we will also be in a stronger position to build closer relationships in the market and facilitate the roll-out of our future offerings," Huennekens noted.
  • Volcano priced a $115 million offering of 2.875 percent convertible senior notes due 2015, with net proceeds to the company of approximately $100 million. A portion of the proceeds from this offering will be used to fund the company's manufacturing expansion in Costa Rica.
  • The company began shipping its VIBE RX Vascular Imaging Balloon Catheter in Europe following receipt of a CE Mark. VIBE can quickly access, prepare and treat challenging lesions and provide precise, targeted balloon dilation with
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  • SOURCE Volcano Corporation
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