Cash, cash equivalents and investments were $99.3 million as of March 31, 2010, a decrease of $5.9 million from December 31, 2009. In the first quarter of 2010 the Company repaid $3.6 million of its outstanding short-term loan balance with UBS Financial Services.

Financial Guidance

Conceptus also announced financial guidance for second quarter of 2010, and affirmed full year 2010 net sales and net income guidance, as follows:
  • The Company expects net sales in the second quarter to be in the range of $39.5 million to $41.0 million, and affirms guidance for net sales for the full year to be in the range of $160.0 million to $165.0 million.
  • The Company expects second quarter GAAP diluted EPS to be in the range of $0.00 to $0.03, and non-GAAP diluted EPS to be in the range of $0.12 to $0.15, based on 32.2 million weighted average shares outstanding.
  • The Company affirms guidance for full year GAAP earnings to be in the range of $0.50 to $0.55 per diluted share, and for full year non-GAAP earnings to be in the range of $0.99 to $1.04 per diluted share.

“We are pleased to have exceeded our earnings guidance for the first quarter of 2010,” commented Mark Sieczkarek, president and chief executive officer of Conceptus. “As we expected, lingering unemployment and a broad-based decrease in physician office visits in the first quarter of 2010 slowed our growth, but this environment in no way detracts from our enthusiasm for the long-term growth potential of the Essure procedure. We remain cautious in our macroeconomic outlook for the remainder of 2010, yet are optimistic that our company-specific awareness initiatives will continue to support increased usage of the Essure procedure.”

These statements are only effective as of the date of this press release and Conceptus undertakes no duty to publicly revise or update these forward-looking statements, whether as a result of new information, future developments or otherwise.