SANTA CLARA, Calif.--(BW HealthWire)--Jan. 28, 1998-- VISX, INCORPORATED (Nasdaq
NM Symbol:VISX - news) today announced financial results for the fourth quarter and year ended
December 31, 1997.
Revenues for the fourth quarter of 1997 were $19,326,000 compared to $18,888,000 for the
comparable period of 1996. Net income for the fourth quarter of 1997 was $7,018,000 or $0.44
per share, compared to net income of $5,865,000, or $0.37 per share, for the comparable period
of 1996.
Revenues for the year ended December 31, 1997 were $68,631,000 compared to $69,664,000 for
the comparable period of 1996. Net income for year ended December 31, 1997 was $14,097,000
or $0.89 per share, compared to net income of $17,308,000, or $1.08 per share, for the
comparable period of 1996. The results for 1997 include a charge in June, 1997 of $4,500,000 or
$0.25 per share for the settlement of certain patent litigation.
VISX is the worldwide leader in the development of refractive laser technology. VISX systems are
commercially available in the United States and markets worldwide.
VISX, Incorporated
Condensed Consolidated Statement of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
12/31/97 12/31/96
System sales $ 6,907 $ 13,755
Royalties, service and other revenue 12,419 5,133
Total revenues 19,326 18,888
Cost of revenues 4,465 6,972
Marketing, general and administrative 5,447 4,839
Research, development and regulatory 2,836 1,930
Total costs and expenses 12,748 13,741
Income from operations 6,578 5,147
Interest and other income, net 1,396 1,159
Litigation settlement -- --
Other income (expense), net 1,396 1,159
Income before income taxes 7,974 6,306
Provision for income taxes 956 441
Net income 7,018 5,865
Net income per share $ 0.44 $ 0.37
Weighted average number of shares
and equivalents outstanding 15,823 15,921
Year Ended
12/31/97 12/31/96
System sales $34,393 $53,140
Royalties, service and other revenue 34,238 16,524
Total revenues 68,631 69,664
Cost of revenues 20,598 28,876
Marketing, general and administrative 22,255 17,708
Research, development and regulatory 10,258 8,734
Total costs and expenses 53,111 55,318
Income from operations 15,520 14,346
Interest and other income, 4,999 4,265
Litigation settlement (4,500) --
Other income (expense), net 499 4,265
Income before income taxes 16,019 18,611
Provision for income taxes 1,922 1,303
Net income 14,097 17,308
Net income per share $ 0.89 $ 1.08
Weighted average number of shares
and equivalents outstanding 15,818 15,974
Condensed Consolidated Balance Sheet
(in thousands)
(Unaudited)
12/31/97 12/31/96
Cash, cash equivalents and
short-term investments 100,833 88,990
Accounts receivable 16,478 17,904
Inventories 4,747 5,848
Other current assets 1,875 553
Current assets 123,933 113,295
Property and equipment, net 4,032 3,621
Other assets 2,387 2,773
Total assets 130,352 119,689
Accounts payable 5,453 2,385
Accrued liabilities 14,600 18,032
Current liabilities 20,053 20,417
Stockholders' equity 110,299 99,272
Total liabilities and stockholders' equity 130,352 119,689 |
