Conceptus(R) Reports First Quarter Financial Results
- Worldwide sales of $34.1 million reflects growth of 17.5%
- U.S. Essure ® sales grow 22.2%
- Adjusted EBITDA reaches $7.7 million
MOUNTAIN VIEW, Calif., April 29, 2013 (GLOBE NEWSWIRE) -- Conceptus, Inc. (Nasdaq:CPTS) , developer of the Essure ® procedure, the leading non-surgical permanent birth control method, today reported financial results for the three month period ended March 31, 2013.
First Quarter Highlights
- Total revenues reached $34.1 million for the first quarter of 2013, representing 17.5% growth over the prior year period. U.S. sales were $26.5 million, representing 21.7% growth over the prior year period. International sales were $7.6 million, representing 5.0% growth over the prior year period.
- Gross margin for the first was 83.4% versus 82.2% in the first quarter of 2012.
- Operating expenses were $24.4 million for the first quarter of 2013, compared with $27.7 million for the first quarter of 2012.
- Net income of $1.9 million, or $0.05 per fully diluted share for the first quarter of 2013, compared to a net loss of $2.8 million, or ($0.09) per share, for the first quarter of 2012. Adjusted earnings before interest, taxes, depreciation, amortization and stock-based compensation ("adjusted EBITDA") for the first quarter of 2013 were $7.7 million, compared with breakeven in the first quarter of 2012.
- Cash, cash equivalents and investments were $87.0 million as of March 31, 2013, an increase of $3.9 million from December 31, 2012.
- Conceptus expanded US physician penetration by entering 341 physicians into preceptorship, certifying 83 physicians and transitioning 47 physicians to performing Essure procedures in the office setting. To date, approximately 16,300 U.S. physicians have performed an Essure procedure.
"We are very pleased by our domestic and international financial performance in the first quarter. Domestic Essure sales growth continued to improve with 22.2% growth, of which organic growth was 17.6%, and growth attributable to sales in our former competitor's accounts was 4.6%," said D. Keith Grossman, President and Chief Executive Officer of Conceptus. "We continue to be encouraged by the ongoing progress we are making in commercial execution and toward improving the profitability of the company."
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