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Volcano Reports Second Quarter Results; Medical Segment Revenues Increase More Than 13 Percent On A Constant Currency Basis
Date:8/5/2013

11 percent on a reported and constant currency basis, respectively. The company reported a net loss on a GAAP basis of $5.5 million, or $0.10 per share, for the first six months of 2013, versus net income on a GAAP basis of $3.6 million, or $0.06 per diluted share, in the same period a year ago. The results for the first six months of 2013 included net interest expense of $13.2 million versus $3.1 million a year ago. In addition, the company recorded an expense of $2.5 million related to acquisitions and a gain of $4.1 million related to a strategic investment. The company also recorded an exchange rate loss of $1.1 million in the first six months of 2013 versus $101,000 in the same period a year ago. 

Excluding acquisition related items, amortization of intangibles and non-cash interest expenses on convertible notes, net of tax, the company reported non-GAAP earnings per diluted share of $0.06.

"Volcano experienced a solid increase in our FFR (Fractional Flow Reserve) disposables business, including 25 and 29 percent on a reported and constant currency basis, respectively, highlighted by growth in Europe and Japan. In addition, our IVUS (Intravascular Imaging) revenues met our expectations, driven by a greater than 25 percent increase in peripheral imaging revenues versus the second quarter a year ago," said Scott Huennekens, president and chief executive officer.

"We continue to achieve market share gains and are setting the stage for future growth with initiatives such as our iFR® (Instant Wave-Free Ratio) FFR technology. The launch of iFR in Europe is going very well and we just initiated our market launch in Japan. The outcomes to date from the study that will support our U.S. regulatory submissions have been encouraging. We also recently received FDA clearance for our new Verrata™ FFR wire, which will represent our fifth new guide wire in five years, and plan to initiate a full market release for Verrata later this year,"
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SOURCE Volcano Corporation
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