SonoSite's Q4 net plunges on flat sales

February 12, 2010 by MassDevice staff

SonoSite Inc.'s fourth-quarter net income plunges 63 percent on flat Q4 sales of $70 million.

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SonoSite Inc. (NSDQ:SONO) posted fourth-quarter sales of $69.7 million for the three months ended Dec. 31, 2009, flat compared with $70.1 million during the same period in 2008. Net income fell 63.4 percent to $2.2 million, compared with $6 million during Q4 2008:

Press Release

SonoSite Achieves 9% Operating Margins in Spite of a 10% Revenue
Decline in FY 2009

Q4 2009 Operating Income Grows 117% as Operating Margins Hit 15.4%
Excluding Non-recurring Items

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BOTHELL, Wash.--(BUSINESS WIRE)--SonoSite, Inc. (Nasdaq:SONO), the world leader and specialist in
hand-carried ultrasound for the point-of-care, today reported financial
results for the fourth quarter and year ended December 31, 2009.

REVENUE

Revenues in the fourth quarter of 2009 were $69.7 million, a decrease of
1% compared to the fourth quarter of 2008. Full year of 2009 revenues
were $227.4 million, down 7% versus full year of 2008.

Revenues for the partial year acquisition of CardioDynamics were $4.2
million for the fourth quarter and $7.1 million for the full year of
2009.

Excluding partial year revenues from CDIC, SonoSite fourth quarter
revenues were $65.5 million, down 7% versus the fourth quarter of 2008.
Full year revenues excluding CDIC were $220.3 million, a decrease of 10%
compared to 2008.

Changes in foreign currency rates increased worldwide revenues by 4% in
the fourth quarter and decreased revenues by 2% for the full year.

OPERATING INCOME AND CASH FLOW

Fourth Quarter Results

Fourth quarter operating income was $6.8 million, an increase of 46%
compared to the fourth quarter of 2008. Operating income for the fourth
quarter 2009 included charges from CDIC of $3.3 million, related to
operating results as well as acquisition and integration.

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