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Home » Volcano sinks on another missed quarter, bad news in Japan

Volcano sinks on another missed quarter, bad news in Japan

February 25, 2014 By Arezu Sarvestani

Volcano sinks on another missed quarter

San Diego-based Volcano (NSDQ:VOLC) dropped 4 points on Wall Street today after the company unveiled more red ink for its 4th quarter of 2013.

Shares were trading for $21.08 apiece as of about 2:45 p.m., down 4.2% on the day after the company last night published its earnings, featuring a less than 1% increase in sales in Q4 and a deep swing to losses for the quarter and the full year.

Volcano posted losses of $20.5 million, or 38¢ per share, on sales of $103.3 million during the 3 months ended December 31. That compared with profits of $2.5 million, or 4¢ per diluted share, on sales of $102.5 million during the same period the previous year.

For the full year the company reported losses of $34.5 million, or 63¢ per share, on sales of $393.7 million. That compared with profits of $8 million, or 15¢ per diluted share, on sales of $381.9 million during 2012.

There was more bad news, as the company reported an anticipated 7.5% reduction in Japanese reimbursement for all of its disposable products, slated to hit in the 2nd quarter of this year. Volcano expects about 25% of its 2014 revenues to be in Japanese yen, and that total yen revenue will be down 3-3.5% this year.

Looking ahead, Volcano estimated that revenues for 2014 will be in the range of $413.0-$421.0 million and a net loss of 57-60¢ per share.

Volcano is also facing a challenge from activist investor fund Engaged Capital, which bought up a 5.1% stake last year and demanded changes including revisions to management compensation packages, a $200 million share buyback and calling for the company to resist acquiring any more companies to focus solely on "organic growth." Volcano later acceded to the share buyback demand, announcing a $200 million plan in December 2013.

Filed Under: MassDevice Earnings Roundup, News Well, Wall Street Beat Tagged With: 2013, Q4, Volcano Corp.

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