(BSNS WIRE) VISX Reports Record Revenues and Earnings
VISX Reports Record Revenues and Earnings
Business Editors
SANTA CLARA, Calif.--(BW HealthWire)--Oct. 13, 1999--VISX,
INCORPORATED (Nasdaq NM Symbol: VISX) today announced financial
results for the third quarter ended September 30, 1999.
Revenue for the third quarter of 1999 was $79,668,000 compared to
$35,844,000 for the comparable period of the prior year. Net income
was $24,743,000, or $0.36 per share, in the third quarter of 1999
compared to net income of $14,732,000, or $0.22 per share, in the
comparable period of the prior year.
Revenue for the nine-month period ended September 30, 1999 was
$196,120,000 compared to $91,817,000 for the comparable period of the
prior year. Net income was $66,000,000, or $0.97 per share, for the
nine-month period ended September 30, 1999 compared to net income of
$8,365,000, or $0.13 per share, in the comparable period of the prior
year.
Commenting on the quarterly results, Mark B. Logan, Chairman and
Chief Executive Officer of VISX, said, "The record revenues and
earnings in the third quarter, combined with the one-millionth VISX
procedure in the United States, demonstrates the strength of VISX's
unique business model." Mr. Logan went on to say, "Because VISX grows
as a result of increased procedure volume at our customers' sites,
this model aligns our clinical and financial incentives with those of
our customers and the consumer."
The foregoing statements are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and
actual results could differ materially. Factors that could affect the
Company's business include: fluctuations in customer orders for
systems and VisionKey(R) cards, acceptance of the laser vision
correction procedure in the market, competition from other laser
systems (a number of which have now received FDA pre-market approval
for United States commercial sale), competition from other vision
correction products and procedures that are currently in use or that
may be developed and introduced in the future, the degree to which
VISX is successful in generating royalty income from its patent rights
or in enforcing its patent rights, and developments in pending or
future patent and antitrust litigation. 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, 1998 and VISX's Form 10-Q for the quarter ended June 30,
1999.
VISX is a 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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VISX, Incorporated
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts.)
(Unaudited)
Three Months Ended Nine Months Ended
9/30/99 9/30/98 9/30/99 9/30/98
System sales $ 23,321 $ 12,183 $ 50,083 $ 29,178
License, service
and other revenue 56,347 23,661 146,037 62,639
Total revenue 79,668 35,844 196,120 91,817
Cost of revenues 17,480 8,175 40,573 21,482
Marketing, general
and administrative 19,235 9,171 41,296 21,825
Research, development
and regulatory 4,599 2,655 11,550 7,872
Total costs and expenses 41,314 20,001 93,419 51,179
Income from operations 38,354 15,843 102,701 40,638
Interest and other
income, net 2,886 1,290 7,300 4,091
Litigation settlement -- -- -- (35,000)
Income before provision
for income taxes 41,240 17,133 110,001 9,729
Provision for income taxes 16,497 2,401 44,001 1,364
Net income $ 24,743 $ 14,732 $ 66,000 $ 8,365
Earnings Per Share
Basic $ 0.39 $ 0.24 $ 1.05 $ 0.14
Diluted $ 0.36 $ 0.22 $ 0.97 $ 0.13
Shares Used For
Earnings Per Share
Basic 63,913 61,201 63,115 60,943
Diluted 68,727 66,188 67,991 64,985
Condensed Consolidated Balance Sheet
(in thousands)
(Unaudited)
9/30/99 12/31/98
Cash, cash equivalents and short-term investments $225,931 $116,539
Accounts receivable 46,306 27,822
Inventories 11,070 6,820
Other current assets 27,047 15,457
Current assets 310,354 166,638
Property and equipment, net 5,509 4,318
Other assets 7,660 5,663
Total assets $323,523 $176,619
Accounts payable $ 13,867 $ 3,682
Accrued liabilities 36,681 33,948
Current liabilities 50,548 37,630
Stockholders' equity 272,975 138,989
Total liabilities and stockholders' equity $323,523 $176,619
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CONTACT: VISX
Lola Wood, 877/463-6847
E-Mail: ir@visx.com
Web: visx.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MEDICAL EARNINGS
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