Company News List for CPTS.O
Reuters.com - No Spin. No Agenda. Just the Facts. As they happen.
Conceptus sees stronger 2nd-qtr sales, shares jump
Mon Jul 11, 2005 04:41 PM ET
CHICAGO, July 11 (Reuters) - Conceptus Inc. (CPTS.O: Quote, Profile, Research) . which makes a permanent birth control device, on Monday said it expects second-quarter sales to exceed its earlier forecast, sending its shares up nearly 14 percent.
Conceptus said it expects net sales for the second quarter of $5.0 million, up 82 percent from $2.8 million a year ago and above its earlier projection of $4.1 million to $4.3 million, due to strong sales of its Essure device.
The device, designed as an alternative to tubal ligation, is inserted into each of a woman's fallopian tubes. Tissue then grows around the device, blocking conception.
The San Carlos, California-based company said it expects to report a net loss in the second quarter of between $6.2 million and $6.5 million, compared with a net loss of $6.2 million a year ago.
Adams Harkness analyst Jayson Bedford said an expanded sales force and favorable insurance reimbursement should benefit the company going forward.
"We are pleased with the overachievement in 2Q and feel CPTS can carry this momentum into 3Q," Bedford said in a research note. Adams Harkness has an investment banking relationship with Conceptus.
Shares of Conceptus, which recently traded at their lowest level in five years, climbed 82 cents, or 13.8 percent, to end at $6.76 on Monday on the Nasdaq.
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