Laserscope Reports Record Revenues for 2004 First Quarter 51%
Revenue Increase Driven by Strong GreenLight PVP Sales SAN JOSE,
Calif., April 22 /PRNewswire-FirstCall/ -- Laserscope , a pioneer
in the development and commercialization of medical lasers and
advanced fiber-optic devices, today reported record revenues of
$18.8 million for its first quarter ended March 31, 2004, a 51%
increase from $12.5 million in the year-ago quarter. Sequentially,
revenues increased 5% from $17.8 million for the quarter ended
December 31, 2003. First quarter 2004 net income was $2.2 million,
or $0.10 per diluted share, compared with net income of $135,000,
or $0.01 per diluted share, in the same quarter last year, and net
income of $1.5 million, or $0.07 per diluted share, for the fourth
quarter of 2003. "We had a stellar quarter, driven primarily by
strong growth in our GreenLight PVP(TM) urology business," said
Eric Reuter, President and Chief Executive Officer of Laserscope.
"Our innovative procedure for the treatment of Benign Prostatic
Hyperplasia (BPH), or enlarged prostate, continues to gain traction
at a rapid pace both domestically and internationally. Recent
substantial increases to the Medicare reimbursement rate for this
procedure done in outpatient hospitals in the United States should
further encourage utilization of our treatment going forward."
Gross margin for the first quarter of 2004 was approximately 56%,
compared with approximately 50% for the first quarter of fiscal
2003 and approximately 54% for the fourth quarter of 2003,
primarily as the result of changes in product mix and better ASPs
for the company's GreenLight lasers. Selling, general and
administrative expenses were $6.7 million, or 36% of revenues, in
the first quarter of 2004, compared with $5.1 million, or 41% of
revenues, in the year-ago quarter. Increased SG&A spending
resulted primarily from higher sales and marketing expenses
relating to the company's GreenLight PV products, as well as higher
direct selling expenses for domestic aesthetic products. The
company strengthened its balance sheet during the quarter. At March
31, 2004, the company had no short-term bank borrowings and a cash
position of $8.7 million, up from $7.2 million at the end of 2003.
"During the first quarter, we sold a total of 49 GreenLight PV
laser systems and increased sequential fiber volume by 19% to 6,403
fibers, compared to 39 systems and 5,364 fibers sold in the fourth
quarter," continued Mr. Reuter. "This performance was accomplished
in spite of the normal seasonality experienced during the Holiday
period and is further indication of the accelerating adoption of
the PVP procedure. Additionally, our GreenLight PV system backlog
remained strong at 19 systems at the end of the first quarter, the
same as at the end of the fourth quarter of 2003. "Although first
quarter revenues in our aesthetics business were up only about 4%
compared to the prior year, we have a very strong aesthetic
backlog, especially for our newest Gemini Laser," said Mr. Reuter.
"The Gemini, which was recently FDA-approved for the treatment of
acne, permanent hair reduction and wrinkle reduction, is now
approved for a total of 21 different procedures, and can perform
over 90% of all aesthetic laser procedures available in a
physician's office. We are seeing strong preliminary acceptance and
demand for the product in the market. "We are continuing to
successfully execute on our business plan in both our urology and
aesthetics businesses and have built considerable momentum over the
last several quarters. We believe we are on track for a strong
year." Guidance In recognition of strengthening adoption of the
company's GreenLight PVP treatment for enlarged prostate and the
recently launched Gemini aesthetic laser system, Laserscope is
revising its financial forecast for fiscal year 2004 as follows: *
Revenue is expected to be approximately $86 million in 2004, up
from a previous forecast of $70 million. * Gross margin, as a
percentage of 2004 revenues, is expected to be in the range of 57%
to 60% for the full year. * Net income per share is expected to be
in the range of $0.50 - $0.55 per diluted share assuming a tax rate
of approximately 13%, up from a previous forecast of $0.32 - $0.34
per diluted share. The Company expects continued growth in
profitability with the highest growth occurring in the
traditionally strong fourth quarter. * GreenLight fiber sales
worldwide are expected to be in the range of 31,000 - 33,000 for
the full year. Management Conference Call Management of Laserscope
will hold a conference call on Thursday, April 22, 2004, at 8:00 am
PT / 11:00 am ET to discuss the results for the quarter. To listen
to the call, please dial 800-240-7305 (303-205-0066 for
international callers) at least five minutes prior to the start
time. Investors will also have the opportunity to listen to the
conference call live on the Internet through Laserscope's Web site
at http://www.laserscope.com/ or Thomson/CCBN's Web site at
http://www.fulldisclosure.com/. Investors should go to either 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 April 29, 2004 by dialing 800-405-2236
(303-590-3000 for international callers), passcode 576973. A replay
of the webcast will also 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
analysts, Tricia Ross, or general inquiries, Laurie Berman, both of
Financial Relations Board, +1-310-407-6555, for Laserscope. -Tables
to Follow - Laserscope GreenLight PV(TM) Fiber Sales (Units) 2004
Q1 U.S. Hospitals & Clinics 1,599 U.S. Mobile Service Providers
3,419 International Customers 1,385 Total 6,403 2003 Q1 Q2 Q3 Q4
Year 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 LASERSCOPE FINANCIAL SUMMARY (Unaudited) Condensed
Consolidated Statements of Income Three Months Ended March 31,
(thousands except per share amounts) 2004 2003 Net revenues $18,750
$12,456 Cost of sales 8,164 6,191 Gross margin 10,586 6,265
Operating expenses: Research and development 1,239 1,008 Selling,
general and administrative 6,733 5,064 7,972 6,072 Operating income
2,614 193 Interest and other income (expense), net (69) (36) Income
before income taxes 2,545 157 Provision for income taxes 331 22 Net
income $2,214 $135 Basic net income per share $0.11 $0.01 Diluted
net income per share $0.10 $0.01 Shares used in basic per share
calculations 20,342 16,899 Shares used in diluted per share
calculations 22,682 18,858 Condensed Consolidated Balance Sheets
March 31, December 31, (thousands) 2004 2003 Assets Current assets:
Cash & cash equivalents $8,700 $7,158 Accounts receivable, net
12,754 12,711 Inventories 14,681 13,368 Prepayments and other
current assets 1,465 1,315 Total current assets 37,600 34,552
Property and equipment, net 1,596 1,645 Other assets 852 831 Total
assets $40,048 $37,028 Liabilities and Shareholders' Equity Current
liabilities $13,830 $13,830 Shareholders' equity 26,218 23,198
Total liabilities and shareholders' equity $40,048 $37,028
http://www.fulldisclosure.com/DATASOURCE: Laserscope CONTACT: Eric
Reuter, President & CEO, or Dennis LaLumandiere, CFO, both of
Laserscope, +1-408-943-0636; or analysts, Tricia Ross, or general
inquiries, Laurie Berman, both of Financial Relations Board,
+1-310-407-6555, for Laserscope Web site:
http://www.laserscope.com/
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