Company expects profitable first quarter Full first quarter financial results to be reported April 28, 2008
Bothell, WA, April 8, 2008 - Sonosite (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, said today that first quarter revenue grew approximately 22% to over $52 million compared to the first quarter of 2007. Changes in foreign currency rates increased worldwide revenue by approximately 4%. Sonosite also noted that it is marking its 10th year as a public company since being spun-off from ATL Ultrasound, Inc. on April 6, 1998.
A Decade of Leadership… [Read more]
BOTHELL, WA - June 4, 2008 - Sonosite, Inc. (Nasdaq:SONO) the world leader and specialist in hand-carried ultrasound at the point-of-care, said today that Kevin M. Goodwin, President and CEO, will present at the 2008 Goldman Sachs Global Healthcare Conference being held at the Ritz Carlton Hotel in Dana Point, California from June 9-12, 2008. Mr. Goodwin's presentation will be webcast live on June 10th beginning at 9:50 am Pacific Time. An audio replay of the presentation will be available for 30 days following and can be accessed via the Investors Section of Sonosite's website at www.sonosite.com.
About Sonosite
Sonosite, Inc. (www.sonosite.com) is the innovator and world leader in hand-carried ultrasound. Headquartered near Seattle, the company is represented by ten subsidiaries and a global distribution network in over 100 countries. Sonosite€™s small, lightweight systems are expanding the use of ultrasound across the clinical spectrum by cost-effectively bringing high performance ultrasound to the point of patient care. The company employs over 600 people worldwide.… [Read more]
M-Turbo™ systems delivered to Emergency Medicine at George Washington University Medical Center BOTHELL, WA, May 1, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, said today that it delivered the first customer shipment of its second decade to Keith Boniface, MD, Director of Emergency Ultrasound at the George Washington University Medical Center in Washington, DC. Sonosite is celebrating its 10th year as a public company since its spin-off in April 1998. Just back from teaching at an emergency medicine summit in Beijing, China, Dr. Boniface returned to find his order for two new M-Turbo systems had been delivered earlier in April.
"Sonosite thought about how emergency physicians practiced long before anyone else," remarked Dr. Boniface, who bought his first Sonosite system, the 180, in 2001. "The advent of hand-carried ultrasound has benefited the care of emergency department patients in almost all aspects- resuscitation of the critically ill, rapid stabilization of the trauma patient, and increasing the accuracy and safety of procedures including vascular access. We are finding more and more uses for the technology. It changes the management of our patients and saves lives everyday.… [Read more]
12 Sonosite S-FAST Ultrasound Tools Mounted on Resuscitation Towers Alongside Monitors, Defibrillators, and Pulse Oximeters
BOTHELL, WA - October 7, 2008 - Sonosite, Inc. (Nasdaq: SONO), the world leader and specialist in hand-carried ultrasound in point of care medicine, announced today that the new Los Angeles County-USC (LAC+USC) Medical Center has installed 12 S-FAST™ point-of-care ultrasound tools in each of its major resuscitation bays, where the most critically ill and injured people are treated. LA County Hospital is one of the country's largest and busiest Level I trauma centers with 150,000 ED patient visits annually and is recognized worldwide as a leader in trauma care. By mounting Sonosite's zero-footprint ultrasound tools on the Steris® Harmony Ceiling System resuscitation towers with defibrillators, cardiac monitors, pulse oximeters and other critical care equipment, this highly advanced Level 1 trauma center moves to the forefront of integrating ultrasound into patient resuscitation and trauma care.… [Read more]
BOTHELL, WA - July 31, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today announced that the lawsuit General Electric Company (GE) filed against the company in federal district court in Madison, Wisconsin has been resolved (case no. 07-C-0273). Following the trial court's summary judgment rulings on July 24, 2008 the parties agreed to dismiss the remaining claims, thereby resolving the entirety of the case in the district court and negating the need for a trial. The parties have retained their rights to appeal the trial court's decisions of last week.
GE filed the lawsuit against Sonosite on May 15, 2007 alleging that Sonosite infringed six GE patents relating to ultrasound technology. Sonosite denied infringement and counterclaimed, alleging that GE infringed four of its ultrasound patents and that GE's patents were invalid. In last week's rulings, Judge Barbara Crabb ruled in Sonosite's favor on five of the six patents that GE had asserted. The court ruled that one of GE's patents is invalid and that Sonosite products do not infringe the other four GE patents. The court also ruled in GE's favor on two of Sonosite's patents finding that GE did not infringe those two patents. At that time, the court did not rule on the two remaining Sonosite patents and one remaining GE patent.… [Read more]
BOTHELL, WA, October 15, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, said today that revenue grew approximately 23% to over $61 million in the third quarter, ended September 30, 2008, compared to the same quarter in 2007 and that the company expects to exceed consensus earnings estimates with strong cash flow. Third quarter financial results are preliminary. The company will report third quarter and nine months financial results on Thursday, October 30, 2008 at the close of market.
Third Quarter Conference Call Information
Management will hold a conference call on October 30, 2008 at 1:30 pm PT/4:30 pm ET to discuss the quarter€™s results. The call will be broadcast live and can be accessed via the "Investors" Section of Sonosite€™s website at www.sonosite.com. A replay of the audio webcast will be available beginning October 30, 2008, 4:30 pm PT and will be available until November 13, 2008, midnight PT by dialing (719) 457-0820 or toll-free (888) 203-1112. The confirmation code 4566842 is required to access the replay. The call will also be archived on Sonosite€™s website.
About Sonosite… [Read more]
Transducers Added to S-FAST, S-ICU, S-MSK, S-Nerve and S-Cath Ultrasound Tools S Series Product Line Gains Second Prestigious International Design Award
BOTHELL, WA - August 21, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, announced today that it has begun customer shipments of its first major expansion of capabilities for the S Series™ ultrasound tools. The upgrade adds four transducers covering a wide range of clinical applications to the S Series product line and enables playback of the revolutionary Sonosite Education Key™ program training modules. It is available for purchase to existing customers and can be easily downloaded from a USB thumb drive.… [Read more]
Company Ends Negotiations with Acquisition Candidate Will Take Related $3.0 million Pre-tax Charge in Q4 Conference Call to be Held October 30 at 1:30 pm Pacific/4:30 Eastern
BOTHELL, WA - October 23, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today reported financial results for the third quarter and nine months ended September 30, 2008. Worldwide revenue in the third quarter of 2008 grew 23% to $61.6 million compared with $50.0 million in the third quarter of 2007. For the nine months of 2008, worldwide revenue grew 24% to $173.4 million compared with $140.2 million for the nine months of 2007. Changes in foreign currency rates increased worldwide revenue by approximately 0.6% for the third quarter and 2.7% for the nine months of 2008. For the third quarter of 2008, net income grew to $4.7 million or $0.27 per diluted share, compared with net income of $1.5 million or $0.09 per diluted share in the third quarter of 2007. For the nine months of 2008, net income grew to $8.5 million or $0.49 per diluted share, compared with net income of $2.6 million or $0.15 per diluted share for the nine months of 2007. Net income in both the third quarter and nine month periods of 2008 included a $1.5 million after-tax benefit for the settlement of the Zonare patent lawsuit.… [Read more]
BOTHELL, WA - September 17, 2008 - Sonosite, Inc. (Nasdaq: SONO), the world leader and specialist in hand-carried ultrasound at the point-of-care, said today that Bernie Pitz, Senior Vice President and Chief Financial Officer will present at the UBS Global Life Science Conference being held at the Grand Hyatt Hotel in New York City, September 22 - 25, 2008. Mr. Pitz's presentation will be webcast live on September 24, 2008 at 10 am Eastern Time. An audio replay of the presentation will be available for 30 days following and can be accessed via the Investors Section of Sonosite's website at www.sonosite.com.
About Sonosite
Sonosite, Inc. (www.sonosite.com) is the innovator and world leader in hand-carried ultrasound. Headquartered near Seattle, the company is represented by ten subsidiaries and a global distribution network in over 100 countries. Sonosite's small, lightweight systems are expanding the use of ultrasound across the clinical spectrum by cost-effectively bringing high performance ultrasound to the point of patient care. The company employs over 600 people worldwide.… [Read more]
Judge Issues Favorable Rulings for Sonosite in GE Lawsuit Conference Call Webcast Live Today at 1:30 pm Pacific/ 4:30 pm
Eastern BOTHELL, WA - July 24, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today reported financial results for the second quarter and first half ended June 30, 2008. Worldwide revenue in the second quarter of 2008 grew 25% to $59.2 million compared with $47.4 million in the second quarter of 2007. For the first half of 2008, worldwide revenue grew 24% to $111.7 million compared with $90.2 million for the first half of 2007. Changes in foreign currency rates increased worldwide revenue by approximately 4% in both the quarter and the first half of 2008. For the second quarter of 2008, net income grew 48% to $2.5 million or $0.14 per diluted share, compared with net income of $1.7 million or $0.10 per diluted share in the second quarter of 2007. For the first half of 2008, net income more than tripled to $3.8 million or $0.22 per diluted share, compared with net income of $1.1 million or $0.07 per diluted share in the first half of 2007.… [Read more]
BOTHELL, WA, October 15, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today reported that Bernard J. Pitz, Senior Vice President and Chief Financial Officer has departed Sonosite at the request of the company. Michael J. Schuh, currently Vice President, Finance and Business Process, is returning as CFO. Mr. Schuh served as Sonosite€™s CFO from July 2000 until May 2008. Separately, Sonosite also reported that revenue grew approximately 23% to over $61 million in the third quarter, ended September 30, 2008, as compared to the same quarter in 2007, and that the company expects to exceed consensus earnings estimates with strong cash flow. Third quarter financial results are preliminary. The company will report third quarter and nine months financial results on Thursday, October 30, 2008 at the close of market.
About Sonosite
Sonosite, Inc. (www.sonosite.com) is the innovator and world leader in hand-carried ultrasound. Headquartered near Seattle, the company is represented by ten subsidiaries and a global distribution network in over 100 countries. Sonosite€™s small, lightweight systems are expanding the use of ultrasound across the clinical spectrum by cost-effectively bringing high performance ultrasound to the point of patient care. The company employs over 600 people worldwide.… [Read more]
BOTHELL, WA - August 11, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, announced today that it has appointed James N. Branman to the position of Vice President, US Sales and to Sonosite's Executive Committee. Mr. Branman has held sales management positions at Sonosite since 2001, most recently as Director, US Sales to which he was promoted from the position of regional business director for the Western region in 2006. Mr. Branman's career spans 18 years of increasing responsibility in sales and sales management in the medical technology industry, 16 of which are in the ultrasound industry. He began his career as an ultrasound sales representative for Corometrics Medical Systems in 1991 and among other companies worked for GE Medical Systems and ATL Ultrasound.… [Read more]
BOTHELL, WA - October 22, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound at the point-of-care, announced today that an independently conducted, random survey of U.S. customers showed that 99% are satisfied with their Sonosite product and that nine out of 10 customers are "very" or "completely" satisfied overall. The statistically significant survey is the fifth commissioned by Sonosite since January 2005 to document similarly high approval ratings.
Sonosite Products Exceed Expectations
The survey measured satisfaction among both new users, defined as those who had acquired a Sonosite system within the past four to six months, and long term users, customers who had acquired a Sonosite system within the past eight months to three years. To participate in the survey, respondents were required to be involved in the day-to-day operation or usage of the Sonosite products and not just involved in the acquisition decision. The survey found a commanding majority of participants of both new and long-term users said that Sonosite products exceeded their expectations for image quality, reliability, durability, ergonomic design of transducers and ease of use and that they would recommend their Sonosite product to colleagues. Most customers say they would be "very likely" to acquire additional Sonosite products and that they would recommend their Sonosite product to their colleagues.
Image Quality Most Important Attribute… [Read more]
Bothell, WA - August 28, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today said that Thomas J. Dugan, Senior Vice President, Global Marketing and US Sales, will resign as of September 11, 2008. Mr. Dugan will be joining the Advanced Wound Management Division of Smith & Nephew as President of its North American Business, headquartered in St. Petersburg, Florida. "I want to thank Tom for his many contributions to Sonosite since joining the company in 2005," said Kevin M. Goodwin, Sonosite President and CEO.
"He has been instrumental in developing the company€™s focus on point-of-care ultrasound and has built a strong marketing and sales team. We wish Tom great success in his new position." "It has been a rewarding experience to work with Sonosite and help the company achieve its growth objectives," Mr. Dugan said. "Sonosite leads the way in opening visualization at the point-of-care to help physicians deliver better and safer patient care. I am very proud to have worked with such an exceptional group of people and know that the company is well positioned to continue to succeed on the many opportunities ahead."
About Sonosite… [Read more]
BOTHELL, WA, July 9, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, said today that it will report second quarter and first half financial results on Thursday, July 24, 2008 at the close of market and host a conference call at 1:30 pm PT/4:30 ET. Kevin M. Goodwin, President and CEO, Bernie Pitz, Senior Vice President and CFO, and Anne Bugge, Vice President, Corporate Communications, will discuss the performance for the quarter and answer questions. The call will be broadcast live and can be accessed via the "Investors" Section on Sonosite's website at (www.sonosite.com).
A replay of the audio webcast will be available beginning July 24, 2007, 4:30 pm PT and will be available until August 7, 2008, midnight PT by dialing (617) 801-6888 or toll-free (888) 286-8010. The confirmation code 85676843 is required to access the replay. The call will also be archived on Sonosite's website.
About Sonosite… [Read more]
BOTHELL, WA - November 20, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today announced the S-FAST™ Vascular Access option, a streamlined, affordable solution for hospitals wanting to incorporate ultrasound into their emergency departments to facilitate the accuracy and safety of commonly performed interventional emergent procedures. "Sonosite has led the way with innovative products designed for point-of-care use," said Diku Mandavia, MD, FACEP, FRCPC, Attending Staff, Department of Emergency Medicine, Cedars-Sinai Medical Center and Clinical Associate Professor Emergency Medicine, LA County + USC Medical Center, Los Angeles. "Both the U.S. Agency for Health Care Research and Quality (AHRQ) and the National Institute for Clinical Excellence (NICE) in the UK have recommended ultrasound guidance of central vascular access as a standard of care for ensuring patient safety. It's difficult to imagine practicing emergency medicine today without ultrasound guidance."
"Using ultrasound reveals anatomy previously unseen. It removes the practitioners' blindfold, and allows them to first confirm whether a procedure is indicated and then perform the procedure more safely and effectively by visually guiding the intervention," said Paul R. Sierzenski, MD, RDMS, FAAEM, FACEP, Director of Emergency, Trauma and Critical Care Ultrasound, and Director, Emergency Ultrasound Fellowship, Christiana Care Health System of Newark, Delaware.… [Read more]
Revenue Grows 19% to $243.5 Million Operating Income Grows 400% to $22.4 Million Company Reports FY'08 - EPS of $1.18
BOTHELL, WA - February 12, 2009 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried and point-of-care ultrasound, today announced financial results for the fourth quarter and full year ended December 31, 2008. Fourth quarter 2008 worldwide revenue grew to $70.2 million, an increase of 8% over the fourth quarter of 2007. Full year 2008 revenue grew to $243.5 million, up 19% over 2007. Changes in foreign currency rates decreased worldwide revenue in the fourth quarter by 4.2% and had a favorable impact of 0.6% on the year.
The company reported a net income increase of 184% for the fourth quarter of 2008 to $12.1 million or $0.69 per diluted share, compared to $4.3 million or $0.25 per diluted share in 2007. For the full year net income grew 199% to $20.6 million, or $1.18 per diluted share, compared to $6.9 million, or $0.40 per diluted share in 2007. Net income in the fourth quarter and full year 2008 included a non-recurring, pre-tax charge of $3.0 million from terminated acquisition talks and severance payments, as well as a $15.7 million pre-tax gain from the repurchase of $80.3 million of senior convertible notes.… [Read more]
Bothell, WA, December 1, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, introduced today the S-GYN™ ultrasound tool, a streamlined, custom-designed solution for gynecologists who want to perform imaging for diagnosis and procedural guidance right in the patient exam room. "I have two great big machines in my office, but for a lot of what I'm doing in my day-to-day practice, such as evaluating abnormal bleeding, checking the ovaries or uterine structures for polyps or fibroids - I can do all that with the S-GYN without having to move my patient out of the exam room," said Shaunie Keys, MD of Evergreen Women's Care, in Kirkland, WA.… [Read more]
2008 Revenue Grows 19% to $243 Million Fourth quarter revenue grows 8% to $70 million
BOTHELL, WA - January 12, 2009 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today provided preliminary revenue results for the fourth quarter and year ended December 31, 2008. The company said that fourth quarter revenue grew 8% to approximately $70 million compared to the prior year's fourth quarter. For the year, worldwide revenue is estimated to have increased by 19% to approximately $243 million. Changes in foreign currency rates decreased worldwide revenue by an estimated 4% in the fourth quarter and had a favorable impact of 0.6% on the year.
"The M-Turbo® and S Series™ product lines drove a year of record revenue and operating income in 2008," said Kevin M. Goodwin, Sonosite President and CEO. "We gained operating leverage and expect to achieve an operating margin in 2008 that is toward the upper end of our guidance of 9 -10% as compared to 2.2% in 2007. We are particularly pleased with this accomplishment in light of the difficult US economic environment and its impact on hospital capital spending which we expect will continue into 2009. Customers deferred, but did not cancel, approximately 10% of our forecasted revenue in the fourth quarter.… [Read more]
Repurchase to result in $11 million pre-tax gain in Q4 Q3 Conference Call scheduled today at 1:30 pm Pacific/4:30 pm Eastern
BOTHELL, WA - October 30, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for point-of-care medicine, today announced that it has repurchased in the open market an aggregate of $60.3 million of the principal outstanding amount of its 3.75% convertible notes due 2014 for total consideration of approximately $47.4 million in cash, excluding accrued interest. Following these repurchases, convertible notes representing $164.7 million of principal debt are outstanding. As a result of the repurchases that have occurred to date, Sonosite expects to report a pre-tax gain of approximately $11 million, net of deferred issuance costs, in the fourth quarter. In connection with the issuance of these convertible notes in July 2007,… [Read more]