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TranS1 Inc. Reports Operating Results For The Fourth Quarter Of 2012, Issues First Quarter 2013 Guidance

- Fourth quarter revenues were $4.1 million -

- Net loss per share was $0.44 for the quarter –

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

RALEIGH, N.C., March 4, 2013 (GLOBE NEWSWIRE) -- TranS1 Inc. (Nasdaq:TSON), a medical device company focused on designing, developing and marketing products to treat degenerative conditions of the spine affecting the lumbar region, today announced its financial results for the fourth quarter ended December 31, 2012.
Comparison of Selected Financial Results (in millions, except per share data)
  Three Months Ended December 31,
  2012 2011
As reported:    
Total revenue $ 4.1 $ 4.0
Net loss (12.0) (4.9)
Net loss per common share (0.44) (0.18)
Excluding special items*:    
Net loss (5.3) (4.7)
Net loss per common share (0.20) (0.17)
* See "Reconciliation of GAAP Financial Information to Non-GAAP Financial Information" below.

Revenues were $4.1 million in the fourth quarter of 2012, representing a 3.5% increase from revenues of $4.0 million in the fourth quarter of 2011. Domestic revenues were $3.0 million in the fourth quarter of 2012, compared to $3.7 million in the fourth quarter of 2011 and international revenues were $1.1 million in the fourth quarter of 2012, compared to $0.3 million in the fourth quarter of 2011. The increase in international revenues was due to the initial stocking order for our new distributor in China. Gross margin was 62.2% in the fourth quarter of 2012 as compared to 73.9% in the fourth quarter of 2011. The decrease in gross margin was due primarily to a higher percentage of international sales which carry a lower gross margin than domestic sales, inventory charges related to excess inventories, and increased depreciation expense on reusable kits.

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