VNTX just reported earning - a loss of 47 cents, much worse than the
mean estimate of 31 cents.
SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 22, 1996--Ventritex,
Inc. (Nasdaq: VNTX) today announced results for its first fiscal
quarter ended September 30, 1996.
Sales for the quarter were $18,610,000, compared to sales of
$14,225,000 for the same period of the prior fiscal year and
$17,281,000 for the prior quarter.
For the first quarter, the company reported a net loss of
$9,929,000, or $0.47 per share, compared to a net loss in the
previous year's first quarter of $16,232,000, or $0.79 per share.
Commercial availability in the fourth quarter of Cadet(R) implantable
cardioverter defibrillators (ICDs) labeled for pectoral implant and
TVL(R) transvenous lead systems were primarily responsible for the
improved sales and earnings.
Frank Fischer, Ventritex's president and chief executive officer
stated, "The major news for the quarter was approval of the
Contour(TM) ICD. The Contour ICD clearly re-establishes Ventritex
as the technological leader in implantable defibrillators and, with
our exclusive Flatcap capacitor technology, sets the stage to develop
ever-smaller devices without compromising important clinical
capabilities. Although availability of Contour ICDs continues to be
limited, we are working to increase production to accommodate
anticipated demand."
The foregoing statements regarding the Company's product
development, production and demand are forward-looking statements
which are subject to risks and uncertainties, such as those described
in the Company's Annual Report on Form 10-K for the year ended June
30, 1996 regarding uncertainty relating to new product development,
technological change, competition and uncertainty of market
acceptance, and actual results may differ materially.
Ventritex was founded in 1985 to develop, manufacture and sell
improved products for the treatment of ventricular tachycardia and
ventricular fibrillation, the most serious and life-threatening
forms of abnormal heart rhythms. Ventritex's primary products are
the Contour and Cadet implantable defibrillators.
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