Volcano’s (NSDQ:VOLC) Q1 earnings came in just shy of Wall Street analysts’ expectations as operating costs kept pace with a robust uptick in revenues.
Revenues during the 3 months ended March 31 grew 11.6% to $90.4 million, compared with $81 million during the same period last year, driven by some big boosts in regional sales.
Sales of the San Diego, Calif.-based company’s functional management consoles, used to gauge the impact of arterial plaque on blood flow and pressure, slid 18% to $8.1 million worldwide. Disposable FM instruments, however, gained 37%, coming in at $20.2 million.
Volcano’s efforts in Japan really paid off, with a 42% increase in Japanese FM console sales, a 20% increase in intravascular ultrasound disposables and a 92% increase in FM disposables.
Volcano plans to use its Japanese sales strategies in other markets as well, president & CEO Scott Huennekens said in prepared remarks.
"As we have accomplished in Japan and other countries, by going direct we expect to see an acceleration of Volcano growth and market penetration in new direct markets over time," he said.
The company posted a slide in its 1st quarter with $270,000 in profit and no impact to diluted shares, compared with $1.2 million in profit, or 2 ¢ per share, reported for the same period last year.
Wall Street analysts had predicted 0.004¢ in per-share earnings for the quarter. VOLC shares gained 3.4%, trading around $28.99 as of about 1 p.m. today.
