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Conceptus® Updates Second Quarter And Full Year 2010 Financial Guidance

Conceptus, Inc. (Nasdaq: CPTS), developer of the Essure ® procedure, the first proven non-surgical permanent birth control method available, today updated second quarter and full year 2010 financial guidance that was previously issued on April 20, 2010.

Based upon preliminary financial results from the just completed second quarter, the Company expects the following:

Updated Second Quarter 2010 Guidance:

  • Net sales are expected to be in a range of $36.8 million to $36.9 million. The Company’s previous net sales guidance range was $39.5 million to $41.0 million. Net sales in the second quarter of 2009 were $33.0 million.
  • GAAP diluted EPS loss is expected to be in a range of ($0.02) to ($0.01). The Company’s previous GAAP diluted EPS guidance range was $0.00 to $0.03. The Company’s GAAP diluted EPS loss in the second quarter of 2009 was ($0.02).
  • Non-GAAP diluted EPS is expected to be in a range of $0.10 to $0.11. The Company’s previous non-GAAP diluted EPS guidance range was $0.12 to $0.15. The Company’s non-GAAP diluted EPS in the second quarter of 2009 was $0.08.

Updated Full Year 2010 Guidance:

  • Net sales are expected to be in a range of $143.0 million to $145.0 million. The Company’s previous net sales guidance range was $160.0 million to $165.0 million. Net sales in 2009 were $131.4 million.
  • GAAP diluted EPS is expected to be in a range of $0.21 to $0.26. The Company’s previous GAAP diluted EPS guidance range was $0.50 to $0.55. The Company’s GAAP diluted EPS in 2009 was $0.25.
  • Non-GAAP diluted EPS is expected to be in a range of $0.70 to $0.75. The Company’s previous non-GAAP diluted EPS guidance range was $0.99 to $1.04. The Company’s non-GAAP diluted EPS in 2009 was $0.65.

The Company has lowered net sales guidance for the second quarter and full year 2010 due to domestic macroeconomic factors that are causing a reduction in physician office visits, and, to a lesser extent, a stronger U.S. dollar and Company initiatives related to competitive trialing. Based on third-party research combined with Company projections, domestic physician office visits in general during 2010 are expected to remain depressed over prior-year levels by 5% to 10% due to continued high unemployment rates. In addition, the Company estimates that currency exchange will negatively impact 2010 net sales by approximately $4.0 million and GAAP diluted EPS by approximately $0.09, compared with the Company’s previous expectations.

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