Welcome!

Mobile IoT Authors: Shelly Palmer, Elizabeth White, Dean Madison, Liz McMillan, Janakiram MSV

News Feed Item

Volcano Corporation Announces Preliminary Fourth Quarter 2013 Revenues; Year-Over-Year Annual Revenues Increase Eight Percent On A Constant Currency Basis

COMPANY PROVIDES UPDATED REVENUE GUIDANCE FOR 2014

SAN DIEGO, Jan. 13, 2014 /PRNewswire/ -- Volcano Corporation (Nasdaq: VOLC), a leading developer and manufacturer of precision guided therapy tools designed to enhance the diagnosis and treatment of coronary and peripheral vascular disease, said today that it expects total revenues on a reported basis for the fourth quarter of 2013 will be approximately $103.3 million, bringing expected full year 2013 revenues on a reported basis to approximately $393.7 million—in line with most recent guidance.

Revenues for the fourth quarter of 2013 reflect an increase of one percent and six percent on a reported basis and constant currency basis, respectively, compared to the fourth quarter a year ago. The expected revenues for all of 2013 reflect an increase of approximately three percent and eight percent on a reported basis and constant currency basis, respectively, versus revenues for all of 2012.

Medical segment revenues in the fourth quarter of 2013 increased approximately one percent on a reported basis and six percent on a constant currency basis versus the fourth quarter of 2012. For all of 2013, medical segment revenues increased approximately four percent and nine percent on a reported and constant currency basis, respectively, versus revenues in 2012.

"Volcano finished 2013 with a solid fourth quarter, highlighted by a 15 percent increase in U.S. IVUS (Intravascular Ultrasound) disposable revenues as we continued to gain increasing penetration of the peripheral market and experience a very good start with our PioneerPlus™ Reentry catheter that we acquired in the third quarter," said Scott Huennekens, president and chief executive officer. "In addition, we recorded in excess of 20 percent growth for both our IVUS and FM (Functional Measurement) disposable revenues in Europe year-over-year," he noted.

"These gains were offset by lower than expected growth in our FM business in the U.S. and Japan. In addition, our overall activity in Japan continued to reflect the ongoing weakness of the yen—which negatively impacted our IVUS and FM revenues on a reported basis by approximately 25 percent—as well as declines in PCI activity," Huennekens added.

"As we begin 2014, we are optimistic about the opportunities available through our market expansion and product development programs.  In addition to our growing presence in the peripheral market with our IVUS and PioneerPlus offerings, we are also off to a promising start with the launches of our Crux® inferior vena cava (IVC) filter and Verrata™ everyday pressure wire," Huennekens said. "Additionally, we are realizing good traction in Europe and Japan with our iFR® (Instant Wave-Free Ratio) product for which we expect regulatory approval and commercial launch in the U.S. in the second half of the year, and are anticipating  the launch of our Sync-Rx platform technology during the first half of 2014," he said.

Guidance

The company also provided updated revenue guidance for 2014. It now expects revenues will increase year-over-year in the range of four-to-six percent on a reported basis and six-to-eight percent on a constant currency basis. This compares to prior guidance for an increase in revenues of nine-to-11 percent on a reported basis and eight-to-ten percent on a constant currency basis.  The company said the updated guidance reflects a more moderate view of global FM market growth and a greater than anticipated decline in PCI volumes in Japan. Additionally, updated guidance for as reported revenues reflects an impact of approximately three hundred basis points from currency exchange rates versus prior expectations.

The company said it is providing the estimated revenues for 2013 and updated guidance for 2014 revenues in advance of meetings with the investment community and its presentation at the 32nd Annual J.P. Morgan Healthcare Conference. The company's presentation will take place at 3:30 p.m., Pacific Standard Time (6:30 p.m., Eastern Standard Time), Wednesday, January 15. A webcast of the presentation will be available through the conference website at http://jpmorgan.metameetings.com/confbook/healthcare14/directlink.php?ticker=VOLC and via the company's website at www.volcanocorp.com.

The company's complete fourth quarter and full year 2013 financial results and guidance for 2014 will be provided in a press release, as well as a conference call and publicly available webcast, in late February. Details regarding the date of the earnings press release, conference call and webcast will be provided in a subsequent press release.

About Volcano

Volcano Corporation (Nasdaq: VOLC) 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 light and sound 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.

Note Regarding the Use of Non-GAAP Financial Measures

Volcano reports changes in revenues on a constant currency basis, which is a non-GAAP financial measure. Volcano believes that investors' understanding of the company's short-term and long-term financial trends is enhanced by taking into consideration the impact of foreign currency translation on revenues. In addition, Volcano's management uses results of operations before currency translation to evaluate the operational performance of Volcano and as a basis for strategic planning.  Investors should consider these non-GAAP measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with U.S. GAAP.

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 regarding Volcano's business that are not historical facts may be considered "forward-looking statements," including statements regarding Volcano's expected revenues, revenue growth and foreign currency exchange rates for the quarter and year ended December 31, 2013, and the calendar year 2014, 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, 2013, and could therefore differ from the actual reported results in Volcano's Form 10-K, which the company expects to file in February 2014. 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 revenues or other projections may turn out to be inaccurate or Volcano may encounter unanticipated difficulty in achieving these projections; global and regional macroeconomic conditions, generally, and in the medical device and telecom industries specifically; current exchange rate fluctuations; the effect of competitive factors and the company's reaction to those factors; purchasing decisions with respect to the company's products; the pace and extent of market adoption of the company's products and technologies; uncertainty in the process of obtaining regulatory approval or clearances for Volcano's products or devices; the success of Volcano's growth and other strategies, including the integration of recently-acquired businesses  and our ability to integrate businesses from potential future acquisitions; risks associated with Volcano's international operations; timing and achievement of product development milestones; outcome of ongoing and future litigation, investigations and claims; the impact and benefits of market development and the related size of Volcano's addressable markets; our ability to protect our intellectual property; dependence upon third parties; 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 10-Q for the quarter ended September 30, 2013, and other filings made with the Securities and Exchange Commission, which should be read in conjunction with these financial results. 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.

 

VOLCANO CORPORATION

REVENUE SUMMARY

(in millions)

(unaudited)

















Three Months Ended

December 31,


Percentage Change

2012 to 2013


Currency Impact 


Constant Currency

Percentage Change


2013


2012



Dollar

Percentage


Medical segment:















Consoles:















United States

$      6.3


$         7.1


(12)

%


$      -


-

%


(12)

%

Japan

0.8


1.1


(31)



(0.2)


(17)



(14)


Europe

3.2


2.1


53



0.1


7



46


Rest of world

1.9


1.9


2



-


-



2


Total Consoles

$   12.2


$      12.2


-



$ (0.1)


-



-

















IVUS single-procedure disposables:















United States

$   23.0


$      20.2


15

%


$      -


-

%


15

%

Japan

18.9


25.4


(26)



(4.6)


(19)



(7)


Europe

6.3


5.0


24



0.3


5



19


Rest of world

2.1


1.6


28



-


-



28


Total IVUS single-procedure disposables

$   50.3


$      52.2


(3)



$ (4.3)


(8)



5

















FFR single-procedure disposables:















United States

$   15.0


$      14.4


4

%


$      -


-

%


4

%

Japan

4.5


5.0


(9)



(1.1)


(22)



13


Europe

8.7


7.1


22



0.4


6



16


Rest of world

1.1


0.7


47



-


-



47


Total FFR single-procedure disposables

$   29.3


$      27.2


8



$ (0.7)


(2)



10

















Other

$     9.0


$        8.4


7

%


$ (0.4)


(5)

%


12

%

Sub-total medical segment

$ 100.8


$    100.0


1



$ (5.5)


(5)



6

















Industrial segment

$     2.5


$        2.5


(2)



$      -


-



(2)

%

Total

$ 103.3


$    102.5


1



$ (5.5)


(5)



6

 

`

 

VOLCANO CORPORATION

REVENUE SUMMARY

(in millions)

(unaudited)

















Year Ended
December 31,


Percentage Change

2012 to 2013


Currency Impact 


Constant Currency

Percentage Change


2013


2012



Dollar

Percentage


Medical segment:















Consoles:















United States

$   24.3


$      24.9


(2)

%


$         -


-

%


(2)

%

Japan

2.5


3.2


(23)



(0.5)


(16)



(7)


Europe

9.9


6.3


57



0.3


5



52


Rest of world

7.0


6.3


11



-


-



11


Total Consoles

$   43.7


$      40.7


7



$   (0.2)


(1)



8

















IVUS single-procedure disposables:















United States

$   83.6


$      79.4


5

%


$         -


-

%


5

%

Japan

78.8


99.1


(20)



(16.8)


(17)



(3)


Europe

23.7


20.7


15



0.7


3



12


Rest of world

8.1


6.7


21



-


-



21


Total IVUS single-procedure disposables

$ 194.2


$    205.9


(6)



$ (16.1)


(8)



2

















FFR single-procedure disposables:








-







United States

$   58.0


$      51.7


12

%


$         -


-

%


12

%

Japan

17.7


13.9


27



(3.8)


(28)



55


Europe

32.8


26.2


25



0.9


3



22


Rest of world

4.1


3.1


35



-


-



35


Total FFR single-procedure disposables

$ 112.6


$      94.9


19



$   (2.9)


(3)



22

















Other

$   34.8


$      29.7


17

%


$   (1.4)


(5)

%


22

%

Sub-total medical segment

$ 385.3


$    371.2


4



$ (20.6)


(5)



9

















Industrial segment

$      8.4


$      10.7


(21)



$         -


-



(21)

%

Total

$ 393.7


$    381.9


3



$ (20.6)


(5)



8

`

SOURCE Volcano Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
There is huge complexity in implementing a successful digital business that requires efficient on-premise and cloud back-end infrastructure, IT and Internet of Things (IoT) data, analytics, Machine Learning, Artificial Intelligence (AI) and Digital Applications. In the data center alone, there are physical and virtual infrastructures, multiple operating systems, multiple applications and new and emerging business and technological paradigms such as cloud computing and XaaS. And then there are pe...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, will discuss how data centers of the future will be managed, how th...
SYS-CON Events announced today that Keisoku Research Consultant Co. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Keisoku Research Consultant, Co. offers research and consulting in a wide range of civil engineering-related fields from information construction to preservation of cultural properties. For more information, vi...
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
SYS-CON Events announced today that Enroute Lab will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enroute Lab is an industrial design, research and development company of unmanned robotic vehicle system. For more information, please visit http://elab.co.jp/.
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...