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TranS1 Inc. Reports Operating Results For The Fourth Quarter Of 2010, Issues First Quarter 2011 Guidance

Fourth quarter revenues were $5.9 million

556 TranS1 procedures performed globally in the quarter

Net loss per share was $0.27 for the quarter

Excluding special items, net loss per share was $0.20 for the quarter*

WILMINGTON, N.C., Feb. 22, 2011 (GLOBE NEWSWIRE) -- TranS1 Inc. (Nasdaq:TSON), a medical device company focused on designing, developing and marketing products that implement its proprietary approach to treat degenerative conditions of the spine affecting the lower lumbar region, today announced its financial results for the fourth quarter ended December 31, 2010.

Comparison of Selected Financial Results (in millions, except per share data)
  Three Months Ended Dec. 31,
  2010 2009
As reported:    
 Total revenue $ 5.9 $ 6.3
 Net loss (5.7) (5.7)
 Net loss per common share (0.27) (0.28)
Excluding special items*:    
 Net loss (4.1) (5.1)
 Net loss per common share (0.20) (0.25)
* See "Reconciliation of GAAP Financial Information to Non-GAAP Financial Information" below.

Revenues were $5.9 million in the fourth quarter of 2010, representing a 6% decrease over revenues of $6.3 million in the fourth quarter of 2009. Domestic revenues were $5.2 million in the fourth quarter of 2010, compared to $5.9 million in the fourth quarter of 2009. Gross margin was 47.0% in the fourth quarter of 2010 as compared to 79.9% in the fourth quarter of 2009. Excluding inventory reserves of $1.7 million taken in the fourth quarter of 2010, primarily related to the introduction of our next-generation products, gross margin would have been 75.6%.

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