SAN DIEGO, Feb. 23, 2011 /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 vascular disease,
today reported record revenues for the fourth quarter and all of
fiscal 2010.
For the quarter ended December 31, 2010, Volcano reported
revenues of $81.2 million, compared to revenues of $71.0 million in
the fourth quarter of fiscal 2009. Revenues in the fourth quarter
of 2010 were negatively impacted by approximately $3.0 million
related to the transition of a distributor relationship in Japan.
Revenues in the fourth quarter of 2009 were favorably impacted by
the first full quarter of a direct sales program in Japan resulting
from the company’s transition of a distribution agreement
with its largest distributor in the market.
The company reported a net loss on a GAAP basis of $1.7 million,
or $0.03 per share, in the fourth quarter of 2010, versus a net
loss on a GAAP basis of $12.1 million, or $0.25 per share, in the
fourth quarter of 2009. Included in the results for the fourth
quarter of 2010 are expenses of $4.9 million related to the
LightLab Imaging, Inc. trade secrets litigation and our litigation
costs of $2.8 million. These were partially offset by a reversal of
a $3.0 million accrual for a milestone payment related to the
Novelis, Inc. acquisition. Included in the results for the fourth
quarter of 2009 are in-process research and development charges of
$14.0 million resulting from accrued milestone payments related to
the CardioSpectra, Inc., and Novelis, Inc., acquisitions.
Excluding stock-based compensation expense of $3.2 million, the
in-process research and development benefit of $3.0 million and the
LightLab trade secrets litigation expense of $4.9 million, Volcano
reported non-GAAP
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