Vascular Solutions reports revenue, income jump in Q1
Vascular Solutions has reported higher net revenue and income in its financial results for the 2010 first quarter that ended March 31.
The Minneapolis-based company said its net income for the first quarter was $3.47 million, compared with a net income of $938,000 in the first quarter of 2009. The income included the $3.5 million received on Jan. 22, as payment of the monetary judgment in the product defamation litigation with Marine Polymer Technologies. Excluding solely the litigation gain of $3.5 million (pre-tax), net income increased by 35 percent in the first quarter of 2010 from the first quarter of 2009, Vascular Solutions reported.
Its net revenue of $18.2 million represented a 15 percent increase from the first quarter of 2009, the company said. The gains resulted in higher sales across product lines, including:
Regarding future guidance, Vascular Solutions said its net revenue for the second quarter of 2010 is expected to be between $18.7 million and $19 million, and its guidance for 2010 is unchanged at between $76 million and $78 million in revenue.
The Minneapolis-based company said its net income for the first quarter was $3.47 million, compared with a net income of $938,000 in the first quarter of 2009. The income included the $3.5 million received on Jan. 22, as payment of the monetary judgment in the product defamation litigation with Marine Polymer Technologies. Excluding solely the litigation gain of $3.5 million (pre-tax), net income increased by 35 percent in the first quarter of 2010 from the first quarter of 2009, Vascular Solutions reported.
Its net revenue of $18.2 million represented a 15 percent increase from the first quarter of 2009, the company said. The gains resulted in higher sales across product lines, including:
- Net sales of catheter products (consisting of a combination of the extraction catheter, specialty catheter and access product categories previously reported) were $8.9 million in the first quarter, an increase of 25 percent over the first quarter of 2009.
- Net sales of hemostat products (primarily consisting of the D-Stat Dry, D-Stat Flowable and D-Stat Radial products) were $6.4 million during the first quarter, an increase of 9 percent over the first quarter of 2009.
- Net sales of vein products (primarily consisting of the Vari-Lase laser console and kits) were $2.6 million in the first quarter, an increase of 7 percent over the first quarter of 2009.
Regarding future guidance, Vascular Solutions said its net revenue for the second quarter of 2010 is expected to be between $18.7 million and $19 million, and its guidance for 2010 is unchanged at between $76 million and $78 million in revenue.