SAN DIEGO, Jan. 9, 2012 /PRNewswire/ -- Volcano Corporation
(NASDAQ: VOLC), a leading developer and manufacturer of
precision intravascular diagnosis and therapy guidance tools
designed to enhance the treatment of coronary and peripheral
artery disease, said today it expects total revenues for the
fourth quarter of 2011 will be approximately$92.7 million,
bringing expected full year 2011 revenues to
approximately$343.5 million.
The expectations for revenues in the fourth quarter of 2011
reflect an increase of approximately 14 percent versus
revenues of
$81.2 million in the fourth quarter a year ago. Medical
segment revenues increased approximately 20 percent in the
fourth quarter of 2011 versus the same period a year ago. The
expected revenues for all of fiscal 2011 reflect an increase
of approximately 17 percent over revenues of $294.1 million
in fiscal 2010.
"We are pleased with these record quarterly and annual
revenues as our medical segment business continued to
demonstrate solid growth-led by a strong performance in our
FFR (Fractional Flow Reserve) disposable business, which
increased 37 percent in the quarter versus the fourth quarter
a year ago. Our IVUS (Intravascular Ultrasound) business
performed to our expectations. However, due to continued
softness in telecom infrastructure spending in key
international geographies, we experienced a greater than
anticipated reduction in Axsun Industrial segment revenues,
which were approximately $1.5 million in the fourth quarter
of 2011 versus revenues of $5.1 million in the fourth quarter
a year ago, or a decline of approximately 70 percent,"
said Scott Huennekens, president and chief executive
officer.
"We continue to be optimistic about the market
opportunities for our current offerings-especially FFR -as
well as products i our pipeline as healthcare providers face
increasing demand to demonstrate comparative effectiveness
and medical necessity and as professional guidelines elevate
the use of IVUS and FFR," he added.
The company said it was providing the estimated revenues for
2011 in advance of meetings with the investment community and
its presentation at the 30th Annual J.P. Morgan Healthcare
Conference. The company's presentation will occur at
9:30 a.m., Pacific Standard Time (12:30 p.m., Eastern
Standard Time), Tuesday, January 10. A webcast of the
presentation will be available through the conference website
at
The company's complete fourth quarter and full year 2011 financial results and guidance for 2012 will be provided in a press release, as well as a conference call and publically available webcast, in late February. Details for the earnings press release data, conference call and webcast will be provided in a subsequent press release.
About Volcano
Volcano Corporation is revolutionizing the medical device industry with a broad suite of technologies that make imaging and therapy simpler, more informative and less invasive. Our products empower physicians around the world with a new generation of analytical tools that deliver more meaningful information-using sound and light as the guiding elements. Founded in cardiovascular care and expanding into other specialties, Volcano is changing the assumption about what is possible in improving patient outcomes by combining imaging and therapy together. For more information, visit the company's website at www.volcanocorp.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered "forward-looking statements." Specifically, statements concerning Volcano's expected revenues, revenue growth and financial results for the fourth quarter and year ended December 31, 2011, are forward-looking statements involving risks and uncertainties. These statements reflect estimates based on information available at this time and are being made prior to the completion of Volcano's accounting close procedures, including an audit by its independent accountants, for the year ended December 31, 2011, and could therefore differ from the actual reported results in Volcano's Form 10-K, which the company expects to file in February
2012. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties
that may cause Volcano's actual results to differ materially and adversely from statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ include the risk that Volcano's current revenue estimates for its fourth quarter and fiscal year ended December 31, 2011 could be inaccurate, risks inherent in Volcano's international operations that may adverse impact its revenues and financial results, including the impact of the 2011 tsunami in Japan, the effect of competitive and economic factors, and the company's reaction to those factors, on purchasing decisions with respect to the company's products, the pace and extent of market adoption of the company's products and technologies, the inherent uncertainty in the process of obtaining regulatory approval or clearance for Volcano's products or devices, the success of Volcano's growth strategies, risks related to foreign currency fluctuations and other worldwide economic factors,
timing and achievement of product development milestones, outcome of ongoing litigation, the impact and benefits of market development, dependence upon third parties, product introductions, unexpected new data, safety and technical issues, market conditions and other risks inherent to medical and/or telecom device development and commercialization. These and additional risks and uncertainties are more fully described in Volcano's filings made with the Securities and Exchange Commission, including our recent quarterly report on Form 1-0Q for the quarter endedSeptember 30, 2011, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only
as of the date they are made. Volcano disclaims any obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
SOURCE Volcano Corporation
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