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SonoSite CEO Discusses Q3 2010 Results - Earnings Call Transcript

SonoSite, Inc. ( SONO)

Q3 2010 Earnings Call Transcript

October 21, 2010 4:30 pm ET

Executives

Kevin Goodwin – President and CEO

Marcus Smith – SVP and CFO

Analysts

Alan Robinson – Royal Bank of Canada

Evan [ph] – JP Morgan

Presentation

Operator

Good day, everyone, and welcome to the SonoSite third quarter results conference call. Today’s call is being recorded. At this time, for opening remarks and introductions, I’d like to turn the call 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 Marcus Smith, our CFO.

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

Actual results could differ materially because of the risk factors listed in the Management Discussion and Analysis section of the company’s 2010 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.

All right. On the call today, I will cover our financial performance for Q3 2010 and the first nine months of 2010. I will then move on to discuss some forward-looking initiatives, opportunities, and wrap up with our outlook for the remainder of 2010.

I’ll start off with revenue for the quarter. Revenue came in at $68.5 million, up a solid 28% versus 2009 Q3. VisualSonics, which we acquired in Q2, recorded $8.7 million of this revenue. Excluding VisualSonics, revenue was up 12%, representing yet another quarter of double-digit growth. Our US revenue was up 17%, our international revenue was up 7%, and the newly acquired VisualSonics revenue was up 30% organically year-over-year in the quarter.

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