Volcano Corporation (VOLC) reported a third-quarter GAAP net loss of $4.0 million or $0.08 per share, compared with a GAAP net income of $744 thousand or $0.01 per share in the year-ago quarter.
Non-GAAP net income, which excludes stock-based compensation expense of $2.6 million and commissions of $1.4 million, was $7 thousand or $0.00 per share. This compares with the year-ago non-GAAP net income of $3.3 million or $0.06 per share, excluding stock-based compensation expense of $2.5 million.
On average, ten analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share. Analysts' estimates typically exclude special items.
The manufacturer of products for the diagnosis and treatment of coronary and peripheral artery disease reported revenues of $53.9 million for the third quarter, an increase of 22% over last year's revenues of $44.1 million. Revenues for the third quarter of 2009 include $4.6 million from Axsun Technologies, Inc., which Volcano acquired at the end of 2008.
Sales for intravascular ultrasound disposable increased 15%, including 22% in Japan and 16% in the U.S. Sales for functional measurement business grew 53%, led by growth of more than75% in both the U.S. and Europe.
Looking ahead, for fiscal 2009, the company still foresees a GAAP loss of $0.38-$0.43 per share and non-GAAP loss of $0.06-$0.11 per share, which excludes stock-based compensation expense and Goodman commissions, on revenues of $218 million -$223 million.
However, the company said its expectations for the range of loss per share would increase to $0.61-$0.66 from $0.38-$0.43, if it is required to make a milestone payment of approximately $11.0 million, relating to former CardioSpectra stockholders, and record a one-time charge to in-process research and development.
The Street currently anticipates that the company will report a loss per share of $0.41, on revenues of $220.62 million.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.