Volcano sees double-digit net loss, revenue gains

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Volcano, a manufacturer of intravascular ultrasound (IVUS), functional measurement and optical coherence tomography, has reported its financial results for the second quarter of fiscal 2008, which ended June 30.

For the 2008 second quarter, based on generally accepted accounting principles (GAAP), Volcano reported a net loss of $13.5 million—including $12.2 million of in-process research and development charges related to its acquisition of Novelis in May. In the 2007 second quarter, Volcano posted a net loss of $3.9 million on a GAAP basis.

For the quarter that ended June 30, the San Diego-based company reported revenues of $41.5 million, a 40 percent increase over revenues of $29.6 million in the same period a year ago. The company said that IVUS system sales increased 68 percent and IVUS disposable revenues grew 31 percent year-over-year.

“Our performance for the quarter was driven by the strong growth of our IVUS business in our key geographies,” Scott Huennekens, president and CEO, said.