Conceptus(R) to Discontinue GYNECARE THERMACHOICE(R) Promotion and Restructure U.S. Sales Organization
January 09 2012 - 9:00AM
Conceptus, Inc. (Nasdaq:CPTS), developer of the
Essure® procedure, the leading non-surgical permanent birth control
method, announced today the Company's decision to discontinue its
promotion of the GYNECARE THERMACHOICE® Uterine Balloon Therapy
System to U.S. OB/GYN physician offices. The product is
manufactured for and marketed by ETHICON™ Women's Health and
Urology, a division of Ethicon, Inc. The Company's promotion
agreement with Ethicon was announced in November 2010 and is
subject to a six-month advance notice of termination.
"We believe the long-term opportunity for our Essure procedure
remains highly attractive, and the salesforce time to drive the
GYNECARE THERMACHOICE® promotion is, in this case, better
redirected to our highest priority which is to grow our Essure
business," stated D. Keith Grossman, president and chief executive
officer of Conceptus. "We have not yet concluded the transitional
details of our relationship with ETHICON, but we intend to continue
working with them to ensure a smooth transition for our
customers."
Conceptus also announced a reduction in its U.S. field sales
organization of approximately 15%, in part to address this more
efficient redeployment of its efforts.
The Company also reaffirmed its 2011 net sales and adjusted
EBITDA guidance previously announced on December 8, 2011 and
December 19, 2011, respectively.
About the Essure® Procedure
The Essure procedure, FDA approved since 2002, is the first
permanent birth control method that can be performed in the comfort
of a physician's office in less than 10 minutes (average
hysteroscopic time) without hormones, cutting, burning or the risks
associated with general anesthesia or tubal ligation. Soft,
flexible inserts are placed in a woman's fallopian tubes through
the cervix without incisions. Over the next three months, the body
forms a natural barrier around and through the inserts to prevent
sperm from reaching the egg. Three months after the Essure
procedure, a doctor is able to perform an Essure Confirmation Test
to confirm that the inserts are properly placed and that the
fallopian tubes are fully blocked, allowing the patient to rely
upon Essure for permanent birth control.
The Essure procedure is 99.95% effective based on one year of
follow up with zero pregnancies reported in clinical trials, making
it the most effective form of permanent birth control on the
market. The procedure is covered by most insurance plans, and when
it is performed in a doctor's office the cost to the patient may be
as low as a simple co-pay. Essure has been proven and trusted by
physicians since 2002, with more than 570,000 women worldwide
having undergone the Essure procedure.
About Conceptus®, Inc.
Conceptus, Inc. is a leader in the design, development and
marketing of innovative solutions in women's healthcare. The
Company manufactures and markets the Essure procedure. The
Essure procedure is available in the United States, Europe,
Australia, New Zealand, Canada, Mexico, Central and South America
and the Middle East.
Please visit www.essure.com for more information on the Essure
procedure. Patients may call the Essure Information Center at
1-877-ESSURE-1 with questions or to find a physician in their
area.
The Conceptus, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7961
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, the accuracy of which is subject to known and unknown
risks and uncertainties. These forward-looking statements include,
without limitation, discussions regarding 2011 net sales and 2011
adjusted EBITDA, the Company's intention to transition its
relationship with Ethicon, Inc. and to smoothly transition its
customers, projected growth, market expansion and its ability
to market effectively to physicians and prospective patients,
regulatory approval of its marketing claims, increasing the
adoption of Essure and new management's achievement of the
Company's goals. These discussions and other forward-looking
statements included herein may differ significantly from actual
results. Such differences may be based upon factors such as changes
in strategic planning decisions by management, re-allocation of
internal resources, changes in the impact of domestic and global
macroeconomic pressures, reimbursement decisions by insurance
companies and domestic and foreign governments, scientific advances
by third parties, litigation risks, attempts to repeal all or part
of the Patient Protection and Affordable Care Act of 2010, and the
introduction of competitive products, as well as those factors set
forth in the Company's most recent Annual Report on Form 10-K and
most recent Quarterly Report on Form 10-Q, and other filings with
the Securities and Exchange Commission. These forward-looking
statements speak only as to the date on which the statements were
made. The Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events, or otherwise.
© 2012 Conceptus, Inc.—All rights reserved.
CC-2996 8JAN12F
CONTACT: Investor Relations and Public Relations
Cindy Klimstra
(650) 962-4032
cindy_klimstra@conceptus.com
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