Volcano Corp. (NSDQ:VOLC) are down 4.4 percent this morning after the medical device company reported its third-quarter numbers yesterday, beating Wall Street’s expectations despite plunging profits, but lowering the top end of its sales guidance for the rest of the year.
The San Diego-based medical device maker posted profits of $2.6 million, or 5 cents per share, on sales of $85.8 million for the three months ended Sept. 30.
That’s a 17.7 percent increase to the top line, but a 52.9 percent hit to the bottom line, compared with profits of $5.6 million, or 10 cents per share, on sales of $72.9 million.
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Analysts had expected EPS of 4 cents, but Volcano still disappointed The Street with its forecast for 2011 revenues. The company said it now expects to log sales of $342 million to $345 million for the full year, down from a top end of $347 million, citing "current expectations for health care procedure activity and telecom business sales." Earnings are pegged at 19 cents to 21 cents (under analysts’ forecast of 22 cents).
“Given the increased focus on comparative effectiveness, we continue to be optimistic about the long-term prospects for our current and future offerings – particularly IVUS – as recent data from the Matrix study reinforces positive outcomes with respect to reduction in deaths and adverse events when using IVUS versus the use of angiography alone,” president & CEO Scott Huennekens said in prepared remarks. "Over the next year, we will be introducing enhancements to our current offerings, as well as new products that will enable us to address new markets."
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Thoratec’s Q3 sales, earnings rise
Third-quarter sales and earnings rose at a double-digit clip for Thoratec Corp. (NSDQ:THOR).
The heart pump maker reported profits of $18.0 million, or 29 cents per share, on sales of $1026 million for the three months ended Oct. 1.
That’s a bottom-line addition of 25.6 percent and top-line growth of 12.7 percent, compared with profits of $14.3 million, or 24 cents per share, on sales of $91.0 million during the same period last year. Read more
Wright Medical swings to Q3 red
A costly restructuring charge, legal fees and a set-aside for liability claims pushed Wright Medical (NSDQ:WMGI) into the red during the third quarter.
The orthopedic device maker logged $14.0 million in restructuring charges, about $13.2 million for its estimate of its liability for claims from “future fractures of its titanium ProFemur long modular necks in North America,” $5.0 million of expenses
from Wright’s deferred prosecution agreement with the U.S. Justice Dept. and $2.0 million of expenses from “settlement of certain employment matters” and the hiring of a new CEO.
All that adds up to net losses of $16.0 million, or 42 cents per share, on sales of $118.2 million for the three months ended Sept. 30 – a top-line slip of 2.9 percent, compared with profits of $4.7 million, or 12 cents per share, on sales of $121.7 million during the same period last year. Read more
AtriCure’s Q3 sales rise but losses widen
Third-quarter sales for AtriCure (NSDQ:ATRC)rose more than 5 percent, but net losses widened some 12 percent for the three months ended Sept. 30.
AtriCure posted a net loss of $1.2 million, or 7 cents per share, on sales of $15.2 million during the quarter, compared with a loss of $1.0 million, also 7 cents per share, on sales of $14.5 million during the same period last year. Read more
Henry Schein shines across the board in Q3
Sales and earnings grew for Henry Schein Inc. (NSDQ:HSIC) during the third quarter.
The company reported profits of $92.0 million, or 99 cents per share, on sales of $2.11 billion for the three months ended Sept. 24.
That means profits were up 4.6 percent and sales rose 11.5 percent, compared with profits of $87.9 million, or 94 cents per share, on sales of $1.89 billion during the same period last year. Read more
Alphatec’s Q3 sales rise, losses narrow
Alphatec (NSDQ:ATEC) raised its top line by more than 6 percent and cut losses by nearly 66 percent during the third quarter.
The company posted a net loss of $1.2 million, or 1 cent per share, on sales of $47.6 million during the three months ended Sept. 30. That compares with losses of $3.8 million, or 4 cents per share, on sales of $44.8 million during the same period last year. Read more
Exactech’s Q3 sales rise, earnings slide
Exactech (NSDQ:EXAC) posted a bottom-line slide of nearly 12 percent despite raising sales by nearly 13 percent.
The company reported profits of $1.2 million, or 10 cents per share, on sales of $47.3 million for the three months ended Sept. 30. That compares with profits of $1.5 million, or 11 cents per share, on sales of $42.0 million during the same period last year. Read more
Solta Medical raises revenues, cuts losses & closes Liposonix deal
Solta Medical (NSDQ:SLTM) hit a trifecta of sorts during the third quarter, narrowing its net loss, posting 10.3 percent sales growth and closing its buyout of Liposonix.
Solta posted losses of $1.1 million, or 2 cents per share, on sales of $27.4 million for the three months ended Sept. 30. That compares with losses of $1.4 million, also 2 cents per share, on sales of $24.9 million during the same period last year. Read more
TranS1’s sales, losses both decline during Q3
TranS1’s (NSDQ:TSON) sales declined 25.9 percent during the three months ended Sept. 30, but so did its losses, which dropped 12.2 percent for the quarter.
The company logged Q3 losses of $3.3 million, or 16 cents per share, on sales of $4.7 million; that compares with losses of $4.8 million, or 18 cents per share, on sales of $6.3 million. Read more
