The San Diego-based medical device company posted losses of $3.2 million, or -6¢ per share, on sales of $93.2 billion during the 3 months ended March 31. Although that’s a top-line gain of 3% compared with the same period last year, Volcano posted profits of $271,000 during q1 2012.
Adjusted to exclude 1-time items, including a $6.2 million charge related to a debt offering last year, earnings were 2¢ per share, 3¢ under expectations on The Street.
"Our results for the quarter reflect continued solid growth for our fractional flow reserve disposable revenues, which increased 33% and 36% year-over-year on a reported and constant currency basis, respectively. However, our intravascular imaging business continued to be impacted negatively by pressure on PCIs, especially in the U.S.," said CEO Scott Huenekkens in prepared remarks.
Volcano lowered its sales forecast for 2013, saying it now expects to post sales of $394 million to $400 million, down from $406 million to $412 million. Losses are expected to run between 26¢ and 28¢ per share, with adjusted EPS between 3¢ and 5¢.
Investors initially sent VOLC shares up after the earnings release, from a $19.75 May 2 close to a $21.70 opening the next day. But shares closed down 15.3% that day at $18.38 and were trading at $18.25 as of about 3:30 p.m. today.