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VISX Reports Record Revenues and Earnings
Business Wire - January 20, 1999 16:33
SANTA CLARA, Calif.--(BW HealthWire)--Jan. 20, 1999--VISX, Incorporated (Nasdaq NM Symbol: VISX) today announced financial results for the fourth quarter and year ended December 31, 1998. All share and per share figures reflect the Company's two-for-one stock split distributed on January 14, 1999.
Revenues for the fourth quarter of 1998 were $41,933,000 compared to $19,326,000 for the comparable period of the prior year. Net income was $17,225,000, or $0.52 per share, in the fourth quarter of 1998 compared to net income of $7,018,000, or $0.22 per share, in the comparable period of the prior year. Pro forma net income, assuming an effective tax rate of 40%, was $0.36 per share in the fourth quarter of 1998 and $0.15 in the comparable period of the prior year.
Mark B. Logan, Chairman, President and Chief Executive Officer of VISX, commented, "The strong fourth quarter represents a fitting conclusion to a year of great achievement in financial results, regulatory approvals, product development and marketing. This success was not limited to VISX, but was also enjoyed by our customers, all of whom have shown strong procedure growth and increasing levels of profitability." Mr. Logan continued, "As we enter 1999, there is a strong sense that the laser vision correction market is poised to move to a new level of consumer acceptance."
Revenues for the year ended December 31, 1998 were $133,750,000 compared to $68,631,000 for the prior year. Income from operations for the year ended December 31, 1998 was $59,220,000 compared to $15,520,000 for the prior year. Net income was $25,590,000, or $0.78 per share, for the year ended December 31, 1998 compared to net income of $14,097,000, or $0.45 per share, for the prior year. Pro forma net income, assuming an effective tax rate of 40% and excluding the effect of litigation settlements, was $1.19 per share for the year ended December 31, 1998 compared to $0.39 for the prior year.
The following table sets forth pro forma diluted earnings per share information for the quarters and years ended December 31, 1998 and 1997. Consistent with the method used by analysts, such pro forma earnings per share information assumes an effective tax rate of 40% and excludes the effect of litigation settlements.
Pro Forma Diluted Earnings Per Share
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
1998 1997 1998 1997
Pro-forma diluted earnings
per share $0.36 $0.15 $1.19 $0.39
Weighted average common
shares and dilutive
potential common shares 33,063 31,647 32,699 31,636
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, including VISX's Annual Report and Form 10-K for the year ended December 31, 1997 and Form 10-Q for the period ended September 30, 1998.
VISX is the worldwide leader in the development of refractive laser technology. VISX systems are commercially available in the United States and markets worldwide.
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