July 15, 1999 06:16
EndoSonics Reports Record Revenue and Net Income
RANCHO CORDOVA, Calif.--(BW HealthWire)--July 15, 1999-- EndoSonics Corporation (Nasdaq:ESON) today reported revenue of $14.0 million for the second quarter ended June 30, 1999, a 38% increase over the second quarter of 1998.
Net income for the quarter was $1.8 million or $0.10 cents per diluted share as compared to net income of $1.0 million or $0.06 cents per diluted share for the second quarter of 1998. The company's net income reflects an effective tax rate of 4%. According to First Call, the consensus analysts' net income estimate for the second quarter of 1999 was $0.07 per diluted share, after applying a 36% effective tax rate.
For the six months ended June 30, 1999, revenue amounted to $26.0 million, a 36% growth over the $19.1 million amount recorded for the six months ended June 30, 1998. Net income amounted to $0.16 per diluted share as compared to a net loss of $0.01 per share for the six month periods ended June 30, 1999 and June 30, 1998, respectively.
"We are pleased with our financial results for the second quarter," said president and chief executive officer Reinhard Warnking. "IVUS and Cardiometrics revenues experienced record quarters. In particular, our Wave Wire product gained momentum. Sales of Wave Wires more than doubled over the first quarter of 1999. Finally, after gaining Japan's Ministry of Health and Welfare regulatory approval in May, our distributor has commenced marketing the Vintage(TM) premium angioplasty catheter."
Warnking added, "We have continued to invest in our selling and marketing organization as we added five additional sales and clinical specialists along with four product marketing managers. We believe these investments are essential in driving our revenue growth and implementation of our Smart Guided Therapy strategy which combines in single cost-effective devices, IVUS imaging or physiological measurement products with therapeutic products such as stents, angioplasty balloons, and radiation catheters."
The company's second quarter analyst conference call, scheduled for July 15, 1999 at 8 a.m. (PDT), may be accessed via the Internet at http://
www.broadcast.com/business/corporate/earningscalls/endosonics/99Q2/.
Headquartered in Rancho Cordova, EndoSonics, Inc., is a leading developer, manufacturer and marketer of interventional solutions for intravascular disease, combining intravascular ultrasound and functional measurement products with therapeutic devices to assist in the diagnosis and treatment of cardiovascular and peripheral vascular disease. |
