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Volcano Reports Third Quarter Results
Date:11/4/2013

SAN DIEGO, Nov. 4, 2013 /PRNewswire/ -- Volcano Corporation (Nasdaq: VOLC), a leading developer and manufacturer of precision guided therapy tools designed to enhance the diagnosis and treatment of coronary and peripheral vascular disease, today reported results for the third quarter and first nine months of 2013.

The company also today announced a strategic reprioritization and reallocation of resources within its distribution, research and development and clinical programs to focus on areas of strong projected growth in FFR (Fractional Flow Reserve), peripheral applications, coronary IVUS (Intravascular Imaging) driven by the ADAPT-DES clinical data and Axsun Medical. This has resulted in a corporate restructuring charge that reflects the discontinuation of certain product development programs effective September 30, 2013.

For the quarter ended September 30, 2013, Volcano reported revenues of $95.8 million versus revenues of $93.7 million in the same period a year ago. On a constant currency basis, revenues increased eight percent year-over-year after adjusting for a negative impact of approximately $5.4 million from foreign currency. Medical segment revenues increased approximately three and nine percent on a reported and constant currency basis, respectively.

The company reported a net loss on a GAAP basis of $8.5 million, or $0.15 per share, in the third quarter of 2013, versus net income of $2.0 million, or $0.04 per diluted share, in the same period a year ago. The results for the third quarter of 2013 included non-cash restructuring charges for the impairment  of intangible assets of $4.6 million, acquisition-related expenses of $1.3 million and net interest expense of $6.4 million versus $1.6 million a year ago, reflecting the company's convertible debt offering completed in the fourth quarter of 2012. Excluding acquisition-related items, amortiza
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