Cash, cash equivalents and investments were $91.1 million as of June 30, 2010, a decrease of $8.2 million from March 31, 2010. In the second quarter of 2010 the Company repaid $11.5 million of its outstanding short-term loan balance with UBS Financial Services. Subsequent to the end of the quarter, the Company repaid in its entirety the remaining $14.2 million.
Conceptus also announced financial guidance for the third quarter of 2010 and affirmed recent full year 2010 guidance, as follows:
“As communicated in July of this year, our growth slowed further in the second quarter as lingering unemployment and other factors caused broad-based declines in U.S. physician office visits,” commented Mark Sieczkarek, president and chief executive officer of Conceptus. “In addition, lower physician metrics caused by our response to competitive trialing impacted our rate of growth. To manage this, we expanded our field sales force early in the third quarter, which we expect will enable us to more effectively compete in existing Essure accounts, as well as drive the physician metrics of preceptorship and certification. Our financial guidance is reflective of this process, which is well underway.”