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Volcano Q4 Revenues Rise 44% In 2009

Volcano Corp, a developer and manufacturer of precision intravascular therapy guidance tools designed to enhance the diagnosis and treatment of coronary and peripheral vascular disease, has reported revenues of $71m for the fourth quarter ended December 31, 2009, an increase of 44% when compared to revenues of $49.3m in the fourth quarter of 2008.

Revenues included $5.8m from Axsun Technologies, which Volcano acquired in the fourth quarter of 2008 and contributed $578,000 in revenues in the fourth quarter a year ago.

Volcano reported a GAAP net loss of $12.1m, versus GAAP net income of $1.4m, in the fourth quarter of 2008. Included in the results are in-process research and development charges of $14m resulting from milestones related to the CardioSpectra and Novelis acquisitions.

Excluding stock-based compensation expense of $2.7m, the in-process research and development charges of $14mand sales commissions of $2.3m paid to a former distributor in Japan, Volcano reported non-GAAP net income of $7m.

In the fourth quarter of 2008, excluding stock-based compensation expense of $2.5m and in-process research and development charges of $274,000, the company reported non-GAAP net income of $4.2m.

For all of fiscal 2009, Volcano reported revenues of $227.9m, a 33% increase over revenues of $171.5m in fiscal 2008. Revenues for fiscal 2009 included $17.9m from Axsun, versus revenues of $578,000 in 2008. The company reported a GAAP net loss of $29m, compared with a GAAP net loss of $13.7m.

Excluding stock-based compensation expense of $10.9m, in-process research and development charges of $14m and sales commissions of $3.7m paid to a former distributor in Japan, Volcano reported a non-GAAP net loss of $347,000 in 2009. Excluding in-process research and development costs of $12.7m related to the Novelis and CardioSpectra acquisitions, stock-based compensation expense of $9.5m and $2.9m in due diligence, legal and accounting expenses related to an acquisition that was not consummated, Volcano reported non-GAAP net income of $11.4m in 2008.

Scott Huennekens, president and chief executive officer, said: “Volcano continued to execute on its strategies designed to generate revenue growth through expansion of our installed base, market share growth and increased market penetration for our core intravascular ultrasound (IVUS) and functional measurement (FM) offerings.

‚ÄúTotal IVUS disposable revenues for the quarter increased 29% year-over-year and our FM disposable revenues for the quarter increased 92% year-over-year, including an 81% increase in the US. We also continued our global sales force expansion program and benefited from the first full quarter of our direct sales initiative in Japan as IVUS disposable revenues increased 43% compared to the fourth quarter a year ago.”