Here is the Laserscope 10Q. The predicted strong growth is continuing so I think (hope) that LSCP can bust out of this downdraft. Ask is already 3/8 up from the close; it could be an interesting day!
Laserscope Reports Highest First Quarter Revenues in Company
History; Revenues Up 104 Percent, Net Income Up 543 Percent
Business Wire - April 22, 1997 08:01
FINANCIAL LASERSCOPE LSCP CALIFORNIA MEDICINE BIOTECHNOLOGY EARNINGS V%BW P%BW
Jump to first matched term
SAN JOSE, Calif.--(BW HealthWire)--April 22, 1997--Laserscope (Nasdaq:LSCP) today announced the highest first
quarter revenues in Company history.
The Company reported revenues of $15.8 million for the quarter ended March 31, 1997, up 104 percent from $7.7
million in the first quarter of 1996. Net income of $0.88 million, or $0.07 per share, was reported, up 543 percent
from $0.14 million, or $0.02 per share, in the first quarter of 1996. These results included the operations of Heraeus
Surgical, Inc., which Laserscope acquired in August 1996.
"We are especially pleased with these results," said Robert V. McCormick, Laserscope President and CEO. "This
record performance underscores the strategic and tactical success of our acquisition of Heraeus Surgical. The
acquisition expanded our product line to one of the broadest in the industry, added a significant non-laser business
component to our operations, doubled our distribution, and enhanced our overall market presence."
"Our progress is due also to continuing strong sales of the Aura (TM) Laser System, ongoing improvement in
international markets, continued strength in the elective aesthetic surgery business, and prudent expense management."
"Excluding the one-time acquisition charges taken in the third quarter of 1996, we have now achieved five consecutive
quarters of net income growth."
"In the months ahead," said Mr. McCormick, "we expect to release several new products, including new delivery
devices, new scanners for dermatologic applications, new high-power KTP laser systems, and new disposable
products for our centralized smoke evacuation systems."
"Applications for approval of photodynamic therapy (PDT) are currently being reviewed by regulatory bodies in
Germany and Italy," he said. "Moreover, we should know by year-end whether the U.S. Food and Drug
Administration will approve our PMA for PDT treatment with PHOTOFRIN(R) for early and late-stage lung cancer."
"At the American Urological Association convention in New Orleans last week, we also introduced a new treatment for
inflammation and irritation of the trigone area of the female bladder," said Mr. McCormick. "This is a condition that has
several different names - chronic bladder syndrome, female prostatitis, urethral syndrome or trigonitis."
"Treating the trigone area with the Aura Laser System and a new, proprietary, disposable delivery device," said Mr.
McCormick, "appears to be a promising treatment alternative. It is estimated that up to 5,000,000 women suffer from
these symptoms, which can be quite painful."
Laserscope designs, manufactures, sells and services an advanced line of medical laser systems and related energy
delivery devices for the office, outpatient surgical center and hospital markets. In addition, Laserscope's Ascent
Medical Systems(TM) (AMS) provide innovative, custom equipment solutions for surgical and patient care.
Laserscope's AMS family of products includes operating and treatment room lights, ceiling-mounted equipment
organizers, video systems, operating room tables and centralized smoke evacuation systems.
Statements in this announcement about future results are preliminary and based on partial information and assumptions.
There can be no assurance that the Company's limited 510(k) applications to the FDA will not be turned into PMA
submissions or that any regulatory approvals will be granted. Except for the historical information presented, the
matters discussed in this announcement contain forward-looking statements that involve risks and uncertainties,
including the timely introduction and market acceptance of new and acquired products, the development and rate of
growth of new markets and procedures, the success of clinical studies, the impact of competitive products and pricing,
the effect and timing of relevant domestic and international regulatory approvals, the adoption and imposition of new
health care standards, and other risks detailed from time to time in the Company's public disclosure filings with the
U.S. Securities and Exchange Commission (SEC). Copies of the most recent Forms 10K and 10Q are available upon
request from Laserscope's Investor Relations Department.
Laserscope Financial Summary
(Unaudited)
Condensed Consolidated Statements of Income
Three months Ended
March 31,
(thousands except per share amounts) 1997 1996
Net revenues $15,763 $7,722
Cost of sales 8,687 3,852
-------- -------
Gross margin 7,076 3,870
Operating expenses:
Research and development 670 629
Selling, general and administrative 5,401 3,092
-------- -------
6,071 3,721
Operating income 1,005 149
Interest and other income, net (26) 7
-------- -------
Income before income taxes 979 156
Provision for income taxes 98 19
-------- --------
Net income $881 $137
-------- --------
Net income per share $0.07 $0.02
-------- --------
Shares used in per share calculations 13,041 7,295
Condensed Consolidated Balance Sheets
March 31, December 31,
1997 1996
Assets
Current assets:
Cash & cash equivalents $2,074 $3,917
Accounts receivable, net 15,244 13,286
Inventories 18,010 17,407
Other current assets 967 926
-------- --------
Total current assets 36,295 35,536
Property and equipment, net 4,453 3,109
Intangibles and other assets 5,515 5,824
-------- --------
Total assets $46,263 $44,469
-------- --------
Liabilities and Shareholders' Equity
Current liabilities $16,926 $17,092
Obligations under capital leases 189 202
Shareholders' equity 29,148 27,175
-------- --------
Total liabilities and shareholders'
equity $46,263 $44,469
CONTACT: Laserscope
Richard Wood (IR/Media) or
Dennis LaLumandiere (Financial),
408/943-0636
or
Halsted Communications
John Lockhart, 800/600-7111 |
