March Quarter Revenues Up 24 Percent from December Quarter
Yearly Revenues Up Over Four-Fold from Previous Year
REDWOOD CITY, Calif., May 7 /PRNewswire/ -- Perclose, Inc. (Nasdaq: PERC)
today reported results for the fourth quarter and year ended March 31, 1999.
For the March quarter, revenues were $14.3 million, an increase of 24 percent
from $11.6 million in the December 1998 quarter and up 145 percent from the
$5.8 million reported in the same quarter a year ago. Net income for the
March quarter was $2.8 million compared with $1.7 million in the December 1998
quarter and a loss of $1.6 million for the same period of the prior year.
Diluted earnings per share were $0.23 per common share in the March 1999
quarter versus $0.14 per share in the December 1998 quarter and a loss of
$0.15 per share in the March 1998 quarter.
For the year ended March 31, 1999 revenues were $43.3 million, a four-fold
increase from revenues of $10.6 million in the prior year. Net income for the
year was $5.5 million compared with a net loss of $13.8 million in the year
ago period. Diluted earnings were $0.47 per common share compared with a
basic and diluted loss of $1.38 per share in the prior year. At March 31,
1999, Perclose had cash, cash equivalents and short-term investments of
$30.2 million.
Hank Plain, Perclose's president and chief executive officer, commented,
"This has been a tremendous year of growth for Perclose. Our revenues for
fiscal 1999 year just ended increased more than four times over the prior
year. In the March quarter sales grew 24% over the December quarter. Our
sales growth in the March quarter allowed us to achieve our primary goal for
the year -- becoming the market share leader based on revenues. This increase
in our sales represented solid unit growth with stable pricing and gross
margins. In addition to our financial achievements during the quarter, we
successfully relocated to a new corporate headquarters and manufacturing
facility."
Perclose, based in Redwood City, Calif., designs, manufactures and markets
less invasive medical devices that automate the surgical closure or connection
of blood vessels. The Prostar(R) and Techstar(R) products, marketed in the
U.S. and internationally, surgically close the arterial access site in the
femoral artery following catheterization procedures such as angioplasty,
stenting, atherectomy and diagnostic angiography. The patented, proprietary
Prostar and Techstar products offer more rapid recovery and a more cost-
effective alternative to the standard method of closing arterial access sites.
The Heartflo(TM) System, which is designed to automate the surgical connection
of blood vessels during conventional and minimally invasive coronary artery
bypass surgery, is in development. The first generation of this device is in
human clinical testing outside of the U.S. Perclose common stock is traded on
the Nasdaq National Market under the symbol PERC.
Certain statements in this news release, including statements relating to
the Company's growth, profitability and financial results and the Company's
product development efforts, contain forward looking information. The
Company's actual results may differ from those anticipated by such forward-
looking statements due to risks and uncertainties, including the risk that new
products may not prove to be safe or effective in clinical trials, risks
associated with receipt and timing of regulatory approvals, including
approvals to conduct clinical trials and to market products commercially,
market acceptance of the Company's products, risk of adverse determinations in
litigation relating to patents and intellectual property rights, risks
associated with manufacturing scale-up and increases in production volumes,
risks associated with product recalls and the management of growth and other
risks, including those set forth in the Company's periodic filings with the
Securities and Exchange Commission.
PERCLOSE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Years Ended
March 31, March 31,
1999 1998 1999 1998
Net revenues $14,289 $5,839 $43,340 $10,631
Cost of goods sold 4,185 2,400 13,979 7,783
Gross profit 10,104 3,439 29,361 2,848
Operating expenses:
Research and
development 2,320 1,547 7,957 5,449
Selling, general and
administrative 5,207 3,924 17,153 12,530
Income (loss) from
operations 2,577 (2,032) 4,251 (15,131)
Other income, net 387 426 1,585 1,335
Income (loss) before
income taxes 2,964 (1,606) 5,836 (13,796)
Provision for income
taxes 149 -- 292 --
Net income (loss) $2,815 $(1,606) $5,544 $ (13,796)
Basic earnings (loss)
per common share $0.26 $(0.15) $0.51 $(1.38)
Diluted earnings (loss)
per common share $0.23 $(0.15) $0.47 $(1.38)
Shares used in computing
basic earnings (loss)
per share 10,938 10,703 10,829 9,967
Shares used in computing
diluted earnings (loss)
per share 12,221 10,703 11,725 9,967
PERCLOSE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
March 31, March 31,
1999 1998
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $30,197 $31,581
Accounts receivable, net 7,762 3,455
Inventories 2,549 1,619
Prepaid expenses 689 628
Total current assets 41,197 37,283
Equipment and leasehold improvements, net 5,767 2,277
Other assets 2,626 891
Total assets $49,590 $40,451
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $4,675 $3,509
Total stockholders' equity 44,915 36,942
Total liabilities and stockholders' equity $49,590 $40,451
SOURCE Perclose, Inc.
 back to top
CONTACT:
Ken Ludlum, Chief Financial Officer of
Perclose, Inc., 650-473-3100 ext. 278; or general information,
Traci McCarty, analysts, Kate Rajeck, or media, Scott Marx, all
of The Financial Relations Board, 415-986-1591
NOTE TO EDITORS: For more information on Perclose via fax at no
cost, call 1-800-PRO-INFO, ticker symbol PERC
|
