TUCSON, Arizona, Jan. 25 /PRNewswire/ -- Ventana Medical Systems, Inc.
(Nasdaq: VMSI) today cautioned that its fourth quarter 1998 earnings will be
slightly below consensus analyst expectations of $0.13 per share.
"Our earnings shortfall is solely attributable to unexpectedly high SG&A
spending," commented Jack Schuler, Venatana's Chairman. "We are particularly
embarrassed by the shortfall occurring in a quarter when we expect to beat
analyst revenue expectations and report a record number of new instruments
placements," added Mr. Schuler.
"The higher than expected fourth quarter spending resulted from increased
sales expense accruals, higher costs associated with integrating the 2
acquisitions we made during the quarter and increasing our reserves for
doubtful accounts," noted Mr. Schuler.
Ventana expects to report fourth quarter 1998 results and calendar year
1998 results on February 4, 1999.
Safe Harbor Statement: Statements in this press release which are not
strictly historical are "forward-looking" statements that are made pursuant to
the Safe Harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks, which may
cause the company's actual results in the future to differ materially from
expected results. The risks and uncertainties that may affect the results of
the company's business are described in the company's specific filings with
the Securities and Exchange Commission.
Ventana develops, manufactures and markets instrument/reagents systems
that automate tissue preparation and slide staining in histology laboratories
worldwide. Ventana's systems are important tools used in the diagnosis and
treatment of cancer and infectious diseases.
SOURCE Ventana Medical Systems, Inc.
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CONTACT:
Henry T. Pietraszek, President and Chief
Executive Officer of Ventana Medical Systems, Inc., 520-887-2155;
or General Inquiries, Bill Murphy, Analysts, Kathy Brunson, Media
Inquiries, Darcy Bretz, all of the Financial Relations Board,
312-266-7800
NOTE TO EDITORS: For more information on Ventana Medical Systems,
Inc. via facsimile at no additional cost, simply dial
1-800-PRO-INFO and enter the company code 273.
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