re:One of our stocks got some good news LSCP
biz.yahoo.com
Laserscope Reports Record Revenues for 2004 First Quarter
Thursday April 22, 6:32 am ET
51% Revenue Increase Driven by Strong GreenLight PVP Sales
First Quarter Highlights: * Revenues increased 51% to $18.8 million quarter-over-quarter * Gross margin increased to 56% * GreenLight PV(TM) fiber volumes increased by 355% quarter-over-quarter * Cash balance grew to $8.7 million from $7.2 million at the end of 2003
SAN JOSE, Calif., April 22 /PRNewswire-FirstCall/ -- Laserscope (Nasdaq: LSCP - News), a pioneer in the development and commercialization of medical lasers and advanced fiber-optic devices, today reported record revenues of $18.8 million for its first quarter ended March 31, 2004, a 51% increase from $12.5 million in the year-ago quarter. Sequentially, revenues increased 5% from $17.8 million for the quarter ended December 31, 2003. First quarter 2004 net income was $2.2 million, or $0.10 per diluted share, compared with net income of $135,000, or $0.01 per diluted share, in the same quarter last year, and net income of $1.5 million, or $0.07 per diluted share, for the fourth quarter of 2003.
"We had a stellar quarter, driven primarily by strong growth in our GreenLight PVP(TM) urology business," said Eric Reuter, President and Chief Executive Officer of Laserscope. "Our innovative procedure for the treatment of Benign Prostatic Hyperplasia (BPH), or enlarged prostate, continues to gain traction at a rapid pace both domestically and internationally. Recent substantial increases to the Medicare reimbursement rate for this procedure done in outpatient hospitals in the United States should further encourage utilization of our treatment going forward."
Gross margin for the first quarter of 2004 was approximately 56%, compared with approximately 50% for the first quarter of fiscal 2003 and approximately 54% for the fourth quarter of 2003, primarily as the result of changes in product mix and better ASPs for the company's GreenLight lasers. Selling, general and administrative expenses were $6.7 million, or 36% of revenues, in the first quarter of 2004, compared with $5.1 million, or 41% of revenues, in the year-ago quarter. Increased SG&A spending resulted primarily from higher sales and marketing expenses relating to the company's GreenLight PV products, as well as higher direct selling expenses for domestic aesthetic products.
The company strengthened its balance sheet during the quarter. At March 31, 2004, the company had no short-term bank borrowings and a cash position of $8.7 million, up from $7.2 million at the end of 2003.
"During the first quarter, we sold a total of 49 GreenLight PV laser systems and increased sequential fiber volume by 19% to 6,403 fibers, compared to 39 systems and 5,364 fibers sold in the fourth quarter," continued Mr. Reuter. "This performance was accomplished in spite of the normal seasonality experienced during the Holiday period and is further indication of the accelerating adoption of the PVP procedure. Additionally, our GreenLight PV system backlog remained strong at 19 systems at the end of the first quarter, the same as at the end of the fourth quarter of 2003.
"Although first quarter revenues in our aesthetics business were up only about 4% compared to the prior year, we have a very strong aesthetic backlog, especially for our newest Gemini Laser," said Mr. Reuter. "The Gemini, which was recently FDA-approved for the treatment of acne, permanent hair reduction and wrinkle reduction, is now approved for a total of 21 different procedures, and can perform over 90% of all aesthetic laser procedures available in a physician's office. We are seeing strong preliminary acceptance and demand for the product in the market.
"We are continuing to successfully execute on our business plan in both our urology and aesthetics businesses and have built considerable momentum over the last several quarters. We believe we are on track for a strong year."
Guidance
In recognition of strengthening adoption of the company's GreenLight PVP treatment for enlarged prostate and the recently launched Gemini aesthetic laser system, Laserscope is revising its financial forecast for fiscal year 2004 as follows:
* Revenue is expected to be approximately $86 million in 2004, up from a
previous forecast of $70 million.
* Gross margin, as a percentage of 2004 revenues, is expected to be in
the range of 57% to 60% for the full year.
* Net income per share is expected to be in the range of $0.50 - $0.55
per diluted share assuming a tax rate of approximately 13%, up from a
previous forecast of $0.32 - $0.34 per diluted share. The Company
expects continued growth in profitability with the highest growth
occurring in the traditionally strong fourth quarter.
* GreenLight fiber sales worldwide are expected to be in the range of
31,000 - 33,000 for the full year. |
