To All:
VISX blows away the (27 cent) estimate:
VISX Posts Record First Quarter Earnings -- Company Exceeds Expectations --
Business Wire - April 15, 1998 16:30
%VISX VISX %CALIFORNIA %MEDICINE %EARNINGS V%BW P%BW
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SANTA CLARA, Calif.--(BW HealthWire)--April 15, 1998--VISX, INCORPORATED (Nasdaq NM Symbol: VISX) today announced financial results for the first quarter ended March 31, 1998.
Revenues for the first quarter of 1998 were $24,310,000 compared to $15,743,000 for the comparable period of the prior year. Net income for the first quarter of 1998 was $8,962,000, or $0.58 per share, compared to net income of $2,699,000, or $0.17 per share, for the comparable period of the prior year
Commenting on the financial results, Mark B. Logan, Chairman and CEO of VISX, said, "We are extremely pleased with this quarter's record performance. The results reflect strength in all aspects of our domestic and international business - equipment sales, licensing revenue and service." Mr. Logan went on to say, "During the first quarter, VISX reinforced its leadership position and became the first and only manufacturer in the field of laser vision correction to receive U.S. Food and Drug Administration (FDA) approval to treat higher degrees of myopia (nearsightedness) with astigmatism. The Company also received FDA approval for its new STAR S2(tm) Excimer Laser System during the quarter. We are now looking forward to the international introduction of the VISX STAR S2 SmoothScan(tm) at next week's American Society of Cataract and Refractive Surgeons (ASCRS) meeting in San Diego, California."
Except for historical information, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations. Because of various risks and uncertainties, actual strategies and results in future periods may differ materially from those currently expected. Additional discussion of factors affecting the Company's business is contained in the Company's most recent filings with the Securities and Exchange Commission.
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
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3/31/98 3/31/97
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System sales $ 7,560 $10,097
License, service and other revenue 16,750 5,646
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Total revenues 24,310 15,743
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Cost of revenues 5,830 6,464
Marketing, general and
administrative 5,698 5,315
Research, development
and regulatory 2,411 2,112
------- -------
Total costs and expenses 13,939 13,891
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Income from operations 10,371 1,852
Interest and other income, net 1,421 1,215
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Income before provision
for income taxes 11,792 3,067
Provision for income taxes 2,830 368
------- -------
Net income $ 8,962 $ 2,699
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Earnings Per Share
Basic $ 0.59 $ 0.18
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Diluted $ 0.58 $ 0.17
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Shares Used For Earnings Per Share
Basic 15,216 15,386
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Diluted 15,558 15,810
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Condensed Consolidated Balance Sheet
(in thousands)
(Unaudited)
3/31/98 12/31/97
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Cash, cash equivalents and
short-term investments $106,577 $100,833
Accounts receivable 14,854 16,478
Inventories 5,704 4,747
Other current assets 2,281 1,875
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Current assets 129,416 123,933
Property and equipment, net 3,967 4,032
Other assets 4,082 2,387
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Total assets $137,465 $130,352
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Accounts payable $ 6,424 $ 5,453
Accrued liabilities 17,885 14,600
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--------
Current liabilities 24,309 20,053
Stockholders' equity 113,156 110,299
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Total liabilities and
stockholders' equity $137,465 $130,352
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CONTACT: Lola Wood: (408) 733-2020
Jeffrey Volk: (212) 843-8086
E-Mail: ir@visx.com
Web: visx.com
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