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Volcano Reports Record Revenue and GAAP Profitability for 2010
Date:2/23/2011

net income of $3.4 million, or $0.06 per diluted share, in the fourth quarter of 2010. Excluding stock-based compensation expense of $2.7 million, the in-process research and development charges of $14.0 million and sales commissions of $2.3 million paid to a former distributor in Japan, Volcano reported non-GAAP net income of $7.0 million, or $0.14 per diluted share, in the fourth quarter of 2009.  A reconciliation of the company’s GAAP to non-GAAP results is included below.

For all of fiscal 2010, Volcano reported revenues of $294.1 million, a 29 percent increase over revenues of $227.9 million in fiscal 2009. The company reported net income on a GAAP basis of $5.2 million, or $0.10 per diluted share, in fiscal 2010, compared with a GAAP net loss of $29.0 million, or $0.60 per share, in fiscal 2009.

Excluding stock-based compensation expense of $12.5 million, the in-process research and development benefit of $2.9 million and the LightLab trade secrets litigation  expense of $5.1 million, Volcano reported non-GAAP net income of $19.9 million, or $0.37 per diluted share, in 2010. Excluding stock-based compensation expense of $10.9 million, in-process research and development charges of $14.0 million and sales commissions of $3.7 million paid to a former distributor in Japan, Volcano reported a non-GAAP net loss of $347,000, or $0.01 per share, in 2009.

“We are delighted with our financial performance in 2010, which reflects the value of our multi-modality platform and the successful execution of sales, market development and clinical strategies to support our industry-leading technologies,” said Scott Huennekens, president and chief executive officer. “During 2010,” he added, “we continued to drive market share gains and increased market penetration, and are now the market share leader for IVUS (Intravascular Ultrasound) in the U.S., Japan and Europe. In addition, our FM (Functional Measurement) b
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