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

usiness demonstrated strong growth with year-over year revenue increases of 33 percent and 49 percent for the fourth quarter and all of 2010, respectively.

“We completed our distribution transition with Fukuda in Japan during the quarter and are now serving 95 percent of our business in the market on a direct basis, which is driving growth in both revenues and operating margin,” he added.

Huennekens noted that the commercial release of the VIBE RX Imaging Balloon Catheter in Europe initiated during the fourth quarter is going well. In addition, data from the PROSPECT study was published in the January 2011 edition of The New England Journal of Medicine. Data from the trial demonstrated that Volcano IVUS and VH (Virtual Histology) IVUS provided predictive lesion risk assessment in patients suffering multi-vessel acute coronary disease.

“In addition to our many accomplishments in 2010, we have continued to lay the foundation for long-term growth through Volcano’s one system, many solutions strategy. While continuing to achieve growth in our core markets, we will be introducing new offerings that address significantly larger markets than those we currently serve, while continuing to achieve gross margin and operating leverage to create improving profitability,” Huennekens stated.

Guidance for 2011

The company provided the following financial guidance for 2011.

On a consolidated basis, Volcano expects total revenues in fiscal 2011 of $347-$352 million, an increase of 18-20 percent over revenues in 2010. The expected revenues for 2011 include approximately $21 million from the industrial segment of Axsun Technologies, the company’s wholly-owned subsidiary.

Overall company gross margins are expected to be in the range of 64-65 percent. Net interest expense for 2011 is expected to be approximately $7.0 million, of which approximately $8.0 million is related to the company’s converti
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SOURCE Volcano Corporation
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