Vascular Solutions: Cash falls by 50% during Q3; revenue rises to $11 million

By Angela McDaniels

Seattle, Oct. 19 - Vascular Solutions, Inc.'s cash and cash equivalents decreased by $2.1 million during the third quarter to end at $2.2 million on Sept. 30, according to a company news release.

The company reported record revenue for the quarter of $11.0 million, a 28% increase over the $8.6 million recorded in the third quarter of 2005.

The third quarter was Vascular Solution's 11th consecutive quarter of record net sales, according to the release. Over 87% of net sales in the third quarter came from sales of new product lines internally developed and launched by the company in the United States since 2003.

Sales growth for the quarter was led by the company's Vari-Lase endovenous laser product line, sales of which increased by 73% to $1.9 million for the third quarter. Net sales of the disposable products within the Vari-Lase product line increased by 113%.

Vascular Solutions also issued guidance for the fourth quarter of 2006 and preliminary 2007 annual sales guidance. Net sales in the fourth quarter are expected to grow by at least 25% to between $11.1 million and $11.5 million, and net sales for 2007 are predicted to fall between $51 million and $55 million.

The company reported a net loss of $368,000, or $0.02 per share, for the third quarter, compared with net income of $60,000, or $0.00 per share, in the third quarter of 2005.

During the third quarter, Vascular Solutions incurred $747,000 of expenses related to the development and qualification of a new supply of thrombin, a primary component of its hemostatic products, and $278,000 of stock-based compensation expense. When adjusted to exclude these expenses, net income increased to $401,000, or $0.03 per fully diluted share, in the third quarter of 2006 from adjusted net income of $300,000, or $0.02 per fully diluted share, in the third quarter of 2005.

Vascular Solutions is a medical device company located in Minneapolis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.