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Vascular Solutions Reports Third Quarter Results

Stocks in this article: VASC

  • Q3 net revenues of $24.6 million
  • Q3 earnings per share of $0.16
  • Provides Q4 revenue guidance of $25.0-$26.0 million and Q4 EPS guidance of $0.16-$0.17
  • Updates 2012 revenue guidance to $98.1-$99.1 million and 2012 EPS guidance to $0.58-$0.59

MINNEAPOLIS, Oct. 18, 2012 (GLOBE NEWSWIRE) -- Vascular Solutions, Inc. (Nasdaq:VASC) today reported financial results for the third quarter ended September 30, 2012. Net revenue was $24.6 million, an increase of 1% on a reported basis from $24.3 million in the third quarter of 2011. Not including the one-time item of $2.6 million in license revenue that was accrued in the third quarter of 2011, Vascular Solutions' net revenue increased by 13% over the prior year. Net revenue was within the company's guidance range of $24.5 million to $24.9 million.

U.S. product sales increased 15% to $20.6 million compared to $17.9 million in the year-ago third quarter, while international product sales increased 9% to $3.9 million compared to $3.5 million in the year-ago third quarter. 

As previously reported, two one-time items had a significant positive impact on the financial results for the third quarter of 2011. First, accelerated license revenue associated with the collaboration with King Pharmaceuticals, Inc. boosted net revenue by $2.6 million. Second, a reduced earn-out payment estimate associated with a previous acquisition lowered general and administrative expenses by $586,000. The result of these two one-time items was a $0.115 increase in earnings per share in the third quarter of 2011. In this press release, the results of the most recent third quarter are compared with both the reported and adjusted numbers from the year-ago third quarter.

Gross margin across all product lines was 66.6% in the most recent third quarter, up from 65.2% in the third quarter of 2011 and consistent with 66.6% in the second quarter of 2012. Most of the year-over-year improvement in product gross margin during the third quarter was the result of the January 2012 purchase of the intellectual property relating to the Pronto ® catheters, which resulted in the elimination of royalty expenses on these products. 

Operating income for the third quarter was $4.2 million, representing an operating margin of 16.9%. On a reported basis, this compares with $6.0 million of operating income, representing a 24.7% operating margin, in the third quarter of last year. Without the two one-time items in the year-ago third quarter, operating income was $2.8 million with an operating margin of 12.8%. The significant improvement in Vascular Solutions' operating margin on a comparable quarter basis demonstrates the continued improvement in operating leverage that is built into the company's strategy and cost structure. 

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