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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