Laserscope Reports 41% Increase in Fourth Quarter 2003 Revenues
Fourth Quarter Highlights: * GreenLight PV fiber volumes grow 57%
quarter-over-quarter * 2003 urology revenues increase 251% over
2002 * Cash balance up to $7.2 million from $4.7 million atyear-end
2002 SAN JOSE, Calif., Feb. 12 /PRNewswire-FirstCall/ -- Laserscope
, a pioneer in the development and commercialization of medical
lasers and advanced fiber-optic devices, today reported that
revenues for its fourth quarter ended December31, 2003 increased
41% to $17.8 million from $12.7 million in the year-ago quarter.
Sequentially, revenues increased 25% from $14.3 million for the
quarter ended September 30, 2003. Net income was $1.5 million, or
$0.07 per diluted share, compared with net income of $50,000, or
break-even per diluted share, in the same quarter last year, and
net income of $533,000, or $0.03 per diluted share, for the third
quarter of 2003. "Our strong fourth quarter revenues were driven by
the explosive growth of our urology product line and very solid
domestic growth of our aesthetics products," said Eric Reuter,
Laserscope's President and CEO. "We believe our results clearly
demonstrate the successful execution of our growth strategy, which
is to drive the rapid adoption of our innovative Photo-Selective
Vaporization of the Prostate (PVP(TM)) procedure. Our GreenLight
PV(TM) revenues and utilization rates continue to exceed our
expectations. Total 2003 GreenLight PV revenues for the year were
$15.1 million, or 26% of total revenues, compared with $4.3
million, or 10% of total revenues, in 2002." Gross margin was
approximately 54%, compared with approximately 51% for the fourth
quarter of fiscal 2002. Sequentially, the gross margin improved
from approximately 52% for the third quarter. Selling, general and
administrative expenses were $6.8 million, or 38% of net revenues,
compared with $5.3 million, or 42% of net revenues, in the year-ago
quarter. Increased spending in this area came primarily fromhigher
sales and marketing expenses relating to the GreenLight PV products
as well as higher direct selling expenses for domestic aesthetic
products. Reuter continued, "During the quarter, we sold 39
GreenLight PV laser systems and 5,364 fibers, compared with 34
systems and 3,414 fibers in the prior quarter. This represented an
approximately 57% sequential increase in fiber volume and sales
were higher to all customer types. For the full year, 2003
GreenLight PV fiber shipments grew 284% over 2002's levels.
Additionally, backlog increased to 19 systems at the end of the
fourth quarter, compared with 12 systems at the close of the third
quarter. These results continue to indicate that PVP adoption is
growing at a significant pace in both our domestic and
international markets." "Domestic aesthetic revenues grew 37% over
the fourth quarter last year," added Reuter. "During the fourth
quarter, we received FDA clearance for active acne treatment using
our Aura(TM) laser system. We believe thatthis additional FDA
clearance, along with the recent launch of our versatile Gemini(TM)
aesthetic laser system, will continue to support ongoing growth in
our aesthetic business domestically and internationally. We are
looking forward to a very exciting 2004." The Company had no
short-term bank borrowings and increased its cash position to $7.2
million at December 31, 2003 from $4.7 million at the end of 2002.
Full Year 2003 Results For the year ended December 31, 2003, the
Company reported revenues of $57.4 million and net income of $2.5
million, or $0.13 per diluted share, compared with revenues of
$43.1 million and net income of $323,000, or $0.02 per diluted
share, for the full year 2002. Update on Reimbursement In November
2003, the Company announced that the Centers for Medicare and
Medicaid Services (CMS) had notified Laserscope that its
application for assignment of the PVP procedure to treat Benign
Prostatic Hyperplasia (BPH) had been accepted. In determining that
PVP meets the new technology APC qualification criteria, CMS noted
that the new code would be effective April 1, 2004. "As of today,
we have not yet been informed by CMS of the level of reimbursement
under the new code," stated Reuter. "As we mentioned previously,
wecontinue to work with CMS and the American Urological Association
(AUA) to ensure that the hospital outpatient and physician
reimbursement rates for furnishing PVP reflect the appropriate
costs of performing the procedure. We will announce the new rates
as soon as they are released by CMS." Guidance The Company is
updating its guidance for fiscal year 2004 and will further revise
its guidance when news from CMS is released regarding the new
technology APC reimbursement rate. The following is the updated
guidance: * First quarter revenues are expected to be in the range
of $15 - $16 million due to seasonal patterns in elective
surgeries. The Company expects the seasonality to result in a
sequential decrease in fiber volume. Additionally, first quarter
sales and marketing expenses will include costs associated with the
launch of the Gemini laser. * Expecting continued adoption of the
PVP procedure to drive further sales growth of the GreenLight
PVproducts, the Company is upwardly revising its 2004 revenue
forecast to $70 million with growth increasing in the latter half
of the year. * Gross margin, as a percentage of 2004 revenues, is
expected to be in the range of 53% to55%. * The Company expects to
achieve 2004 net income of $0.32 - $0.34 per diluted share, higher
than the $0.30 per diluted share provided previously. The Company
expects the majority of earnings growth to be generated in the
second half of the year. Management Conference Call Management of
Laserscope will hold a conference call on Thursday, February 12,
2004, at 8:00 am PT / 11:00am ET to discuss the quarter results. To
listen to the call, please dial 800-366-7449 (303-262-2193 for
international callers) at least five minutes prior to the start
time. Investors will have the opportunity to listen to the
conference call live on the Internet through Laserscope's Web site
at http://www.laserscope.com/ or CCBN at
http://www.fulldisclosure.com/. Investors should go to the Web site
a few minutes early, as it may be necessary to download audio
software to hear the conference call. A replay of the call will be
available through February 19, 2004, by dialing 800-405-2236
(303-590-3000 for international callers), passcode 569466. A replay
of the webcast will be available at Laserscope's Web site.
Additional information on Laserscope including an archive of
corporate press releases is also available on the Company's Web
site. About Laserscope Laserscope designs, manufactures, sells and
services on a worldwide basis an advanced line of medical laser
systems and related energy delivery devices for the office,
outpatient surgical center, and hospital markets. More information
about Laserscope can be found on the Company's web site at
http://www.laserscope.com/. Except for historical information
presented, the matters discussed in this announcement may contain
forward-looking statements that are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected. These risks are detailed from time to time in
the Company's public disclosure filings with the U.S. Securities
and Exchange Commission (SEC). Copies of Laserscope's public
disclosure filings with the SEC, including the most recent Annual
Report on Form 10-K and the most recent forms 10-Q are available
upon request from its Investor Relations Department. For further
information please contact: Eric Reuter, President & CEO, or
Dennis LaLumandiere, CFO, both of Laserscope, +1-408-943-0636; or
Tricia Ross, Analyst Contact, or Linda Chien, General Inquiries,
both of Financial Relations Board, +1-310-407-6555, for Laserscope.
Laserscope GreenLight PV(TM) Fiber Sales (Units) 2003 Q1 Q2 Q3 Q4
YTD U.S. Hospitals & Clinics 466 589 931 1,333 3,319 U.S.
Mobile Service Providers 775 1,671 1,654 2,515 6,615 International
Customers 165 815 829 1,516 3,325 Total 1,406 3,075 3,414 5,364
13,259 2002 Q1 Q2 Q3 Q4 Total U.S. Hospitals & Clinics 50 190
360 470 1,070 U.S. Mobile Service Providers 70300 490 1,090 1,950
International Customers 0 70 260 100 430 Total 120 560 1,110 1,660
3,450 LASERSCOPE FINANCIAL SUMMARY (Unaudited) Condensed
Consolidated Statements of Income Three months ended Twelve months
ended (thousands except December 31, December 31, per share
amounts) 2003 2002 2003 2002 Net revenues $17,816 $12,660 $57,427
$43,088 Cost of sales 8,251 6,256 27,639 20,834 Gross margin 9,565
6,404 29,788 22,254 Operating expenses: Research and development
1,143 947 4,443 3,837 Selling, general and administrative 6,802
5,303 22,638 17,626 7,945 6,250 27,081 21,463 Operating income
1,620 154 2,707 791 Interest income (expense) and other, net 35
(81) 12 (382) Net income before income taxes 1,655 73 2,719 409
Provision for income taxes 154 23 202 86 Net income $1,501 $50
$2,517 $323 Basic net income per share $0.08 $0.00 $0.14 $0.02
Diluted net income per share $0.07 $0.00 $0.13 $0.02 Shares used in
basic per share calculations 17,946 16,700 17,452 16,441 Shares
used in diluted per share calculations 22,412 18,673 21,838 18,569
Condensed Consolidated Balance Sheets December 31, December 31,
(thousands) 2003 2002 Assets Current assets: Cash & cash
equivalents $7,158 $4,661 Accounts receivable, net 12,614 10,287
Inventories 13,368 10,445 Other current assets 1,315 1,027 Total
current assets 34,455 26,420 Property and equipment, net 1,645
1,808 Intangibles and other assets 831 935 Total assets $36,931
$29,163 Liabilities and Shareholders' Equity Current liabilities
$13,733 $10,768 Convertible subordinated debentures (long-term
portion) -- 2,853 Obligations under capital leases -- 60
Shareholders' equity 23,198 15,482 Total liabilities and
shareholders' equity $36,931 $29,163 DATASOURCE: Laserscope
CONTACT: Eric Reuter, President & CEO, or Dennis LaLumandiere,
CFO, both of Laserscope, +1-408-943-0636; or Tricia Ross, Analyst
Contact, or Linda Chien, General Inquiries, both of Financial
Relations Board, +1-310-407-6555, for Laserscope Web site:
http://www.laserscope.com/
Copyright
Laserscope (NASDAQ:LSCP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Laserscope (NASDAQ:LSCP)
Historical Stock Chart
From Jul 2023 to Jul 2024