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SonoSite Inc Q1 2010 Earnings Call Transcript

SonoSite Inc. (SONO)

Q1 2010 Earnings Call

April 26, 2010 4:30 pm ET

Executives

Kevin Goodwin - President & Chief Executive Officer

Mike Schuh - Chief Financial Officer

Analysts

Peter Lawson - Thomas Weisel Partners

Abigail Darby - JPMorgan

Greg Brash - Sidoti & Co.

Greg Chodaczek - Boenning & Scattergood

Presentation

Operator

Good day everyone and welcome to the SonoSite Q1 2010 earnings results conference call. As a reminder today’s conference is being recorded.

At this time I would like to turn the conference over to Mr. Kevin Goodwin; please go ahead sir.

Kevin Goodwin

Thank you operator, and good afternoon to everyone on the call. This is Kevin Goodwin, President and CEO of SonoSite, and along with me today is Mike Schuh, our CFO.

This conference call contains certain projections and/or forward-looking statements regarding future events, or the future financial performance of the company. Except for historical information discussed during this call, the statements made today contain forward-looking statements that involve substantial risks and uncertainties.

Actual results could differ materially because of factors listed in the management’s discussion and analysis section of the company's 2009 Form 10-K, and in other filings and reports with the SEC. We do not undertake any duty to publicly update any forward-looking statements.

Okay, moving onto the call. During the call I will cover revenues, margins, operating expenses and profitability in that order, and then I will touch on two strategic initiatives, and provide for you an update on our outlook for the year. Let me start with revenue.

Worldwide Q1 revenue came in at $56 million, up 8% normally versus 2009. The Cardio Dynamics or CDIC revenues were $3.2 million in the quarter, which was down sequentially from Q4 of 2009. The comparables with the prior year are somewhat cloudy due to the fact we have an overlap on accounting period and seasonality. So with that in mind, core revenues of SonoSite were up 2% if you exclude CDIC, and this included a 4% currency gain for the quarter.

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