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

dition to the restructuring charge recorded in the third quarter of 2013, the company expects to record a restructuring charge of up to $15.0 million, including up to $7.0-$7.5 million in cash charges, in the fourth quarter of 2013.

"We will be reinvesting the savings from this reprioritization of resources in higher growth, lower risk revenue generating product and market development opportunities. These include peripheral, FFR and expanded distribution. We believe this reprioritization initiative better focuses and positions Volcano to compete more effectively in our growth markets," Huennekens said.

"The opportunities that will be contributing revenues in 2014 include the expanded distribution in the peripheral market and the commercialization of our new offerings, including our Crux IVC filter, the Sync-Rx platform technology, PioneerPlus and Verrata. In addition, we expect to drive further penetration of our iFR offering in Japan and Europe, and anticipate regulatory approval and commercial launch of iFR in the U.S. in the second half of 2014," Huennekens noted.

Guidance

The company confirmed revenue guidance for 2013 provided on October 28, 2013. Based on current foreign currency exchange rates, it expects revenues on a reported basis of $391.0-$395.0 million, with revenues on a constant currency basis in the range of $411.0-$415.0 million. Medical segment revenues are expected to increase approximately nine-to-ten percent on a constant currency basis.

The company also provided updated guidance and now expects gross margins on a reported basis will be in the range of 64.0-65.0 percent and that operating expense, including restructuring charges, will be 71.0-72.0 percent of revenues. On a reported basis, the company expects a GAAP net loss of $0.56-$0.58 per share and a non-GAAP net loss of $0.25-$0.27 per share. Non-GAAP results exclude acquisition-related expenses, amortization of intangibles and non-cash interest expense,
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SOURCE Volcano Corporation
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