Conceptus(R) Reports Fourth Quarter Financial Results And Introduces 2013 Financial Guidance
Twelve Month Highlights
- Total sales for the twelve months ended December 31, 2012 reached $140.7 million, representing an increase of 10.8%. U.S. sales were $109.1 million, representing 13.1% growth. Essure domestic sales increased 14.4%. International sales were $31.6 million, representing growth of 3.6%. On a constant-currency basis, international growth for 2012 was approximately 10.8%.
- Gross profit was 83.3% of net sales in 2012, compared with 82.2% of net sales for 2011.
- Operating expenses were $103.9 million, compared with $107.5 million for 2011. This decrease reflects a reduction in severance costs associated with the company's former CEO, lower domestic sales headcount, and lower legal fees partially offset by increased expenses for domestic consumer marketing, and costs related to product development of the next-generation Essure device and clinical trials for the Essure TVU confirmation study.
- Net income for 2012 was $5.4 million, or $0.16 per fully diluted share, compared with a net loss for 2011 of $7.9 million, or ($0.25) per share. Adjusted EBITDA for 2012 was $28.2 million, an increase of 100.0% compared with adjusted EBITDA for 2011 of $14.1 million.
2013 Financial Guidance
Conceptus introduces its 2013 financial guidance as follows:
- Sales: the Company expects 2013 sales to be in the range of $155 million to $159 million. This represents a growth of 10% to 13% over sales in 2012.
- Adjusted EBITDA: the Company expects 2013 adjusted EBITDA to be in the range of $34 million to $37 million. This represents a growth of 21% to 31% over adjusted EBITDA in 2012.
"We are excited about 2013, and our guidance reflects our anticipation that we will complete the execution improvements in our commercial operations started last year. In addition, our business may benefit from several important tailwinds this year, and we hope to position ourselves to take full advantage of the favorable environment," commented Mr. Grossman.
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