Conceptus(R) Reports Fourth Quarter Financial Results And Introduces 2013 Financial Guidance

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  • Record sales of $40.7 million reflects growth of 21.5%; 23.6% constant currency Essure only
  • Record U.S. Essure ® Sales grew 20.6% in the fourth quarter and 14.4% for 2012
  • 2012 Adjusted EBITDA increased 100% to $28.2 million

MOUNTAIN VIEW, Calif., Feb. 5, 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 and twelve month periods ended December 31, 2012.

Fourth Quarter Highlights
  • Total revenues reached $40.7 million for the fourth quarter, representing 21.5% growth. U.S. sales were $32.2 million, representing 19.3% growth. International sales were $8.5 million, representing 30.8% growth.
  • Gross margin was 84.1% versus 83.5% in fourth quarter 2011.
  • Operating expenses were $24.9 million for the fourth quarter of 2012, compared with $30.8 million for the fourth quarter of 2011.
  • Net income of $5.9 million, or $0.17 per fully diluted share for the fourth quarter of 2012, compared to a net loss for the fourth quarter of 2011 of $2.6 million, or ($0.08) per share. Adjusted earnings before interest, taxes, depreciation, amortization and stock-based compensation ("adjusted EBITDA") for the fourth quarter of 2012 were $12.9 million, an increase of 371% compared with the fourth quarter of 2011.
  • Cash, cash equivalents, investments and restricted cash were $85.3 million as of December 31, 2012, an increase of $15.9 million from September 30, 2012. During the fourth quarter, the company restricted $2.2 million of cash related to its signing of a long term lease for a new headquarters building.
  • Conceptus expanded US physician penetration by entering 427 physicians into preceptorship, certifying 288 physicians and transitioning 77 physicians to performing Essure procedures in the office setting. To date, approximately 16,000 U.S. physicians have performed an Essure procedure.

"Both our domestic and international businesses contributed to an outstanding fourth quarter financial performance.  Domestic Essure sales growth continued to improve with 20.6% total growth, of which organic growth was 13.5% and growth attributable to sales in our former competitor's accounts was 7.1%," said D. Keith Grossman, President and Chief Executive Officer of Conceptus. "We are pleased with the progress made in our commercial execution and in the improved profitability of the company during this important transition year."

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