San Diego Business Journal

Volcano Corp. Reports Q4 Revenue of $103.3M, Loss of $20.5M

By SDBJ Staff Report Monday, February 24, 2014

Volcano Corp. recorded a $20.5 million net loss for its recently completed quarter, despite seeing its revenue increase slightly compared with the same quarter in 2012.

San Diego-based Volcano (Nasdaq: VOLC) reported revenue of $103.3 million for the quarter ended Dec. 31, 2013, compared with $102.5 million in the like period of 2012. The company — which develops and manufactures therapy tools designed to enhance the diagnosis and treatment of coronary and vascular disease — said revenue on a constant currency basis increased 6 percent year-over-year after adjusting for a negative impact of about $5.5 million from foreign currency.

Nevertheless, Volcano’s net loss on a GAAP basis of $20.5 million, or 38 cents per share, is down significantly from same period a year ago, when it reported net income of $2.5 million, or 4 cents per diluted share.

Similarly, for all of 2013, Volcano saw both increased revenue and a net loss.

It reported revenue of $393.7 million for 2013 compared with $381.9 million for 2012 — a 3 percent increase on a reported basis and an 8 percent increase on a constant currency basis, after adjusting for a $20.6 million negative effect from foreign currency.

It reported a net loss on a GAAP basis of $34.5 million, or 63 cents per share, in 2013 versus net income on a GAAP basis of $8 million, or 15 cents per diluted share, in 2012.

The company’s fourth quarter 2013 results include restructuring charges of $14.5 million related to a strategic reprioritization initiative that began in third quarter 2013. Excluding acquisition-related items, amortization of intangibles and noncash interest expense on convertible notes, net of tax, the company reported a non-GAAP loss of 29 cents per share.