Mr. Cramer Will Remain on the Board as Chairman Emeritus Through the End of His Term in April 2011 Sonosite's Board Adopts a Smaller and More Simplified Structure for 2011
BOTHELL, WA - August 12, 2010 - Sonosite, Inc. (Nasdaq: SONO), the world leader and specialist in bedside and point-of-care ultrasound, today announced that Kirby L. Cramer is retiring as non-executive Chairman of the Board of Directors, effective August 12, 2010. As part of the Board's succession plan, Mr. Cramer will continue to serve as a director until Sonosite's 2011 annual meeting of shareholders. Sonosite's Board is naming Robert G. Hauser, M.D., F.A.C.C., F.H.R.S. to serve as non-executive Chairman of the Board. Mr. Cramer and Dr. Hauser will begin working together to create an orderly transition process over the next several weeks.
TRUSTED ADVISOR FOR TWELVE YEARS… [Read more]
UC Irvine Leadership Takes Medical Education to the Next Level by Integrating an Innovative Ultrasound Program and Curriculum
BOTHELL, WA - August 11, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in bedside and point-of-care ultrasound, and the University of California, Irvine, announced today that the company and institution have signed an agreement to integrate ultrasound visualization into UC Irvine's four-year medical school curriculum.
Under the terms of this agreement, Sonosite will act as an exclusive ultrasound partner. The collaborative efforts of both UC Irvine and Sonosite will provide medical students with an active and dynamic learning experience that will transform traditional teaching methods used during medical school training. Sonosite's ultrasound systems will enable students to view anatomical structures in real-time and better understand physiological processes. This innovative ultrasound curriculum is setting the standard for other leading medical institutions and providing UC Irvine's students with the skill set and tools to improve medicine.… [Read more]
BOTHELL, WA - August 10, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in bedside ultrasound for the point-of-care, today announced the retirement of Mike Schuh as Chief Financial Officer. Marcus Smith has been appointed as Senior Vice President and Chief Financial Officer and will replace Mr. Schuh as he retires from his position.
"I'm incredibly fortunate to have worked with such a visionary company and dedicated leadership team over the last ten years," said Mike Schuh. "Sonosite is truly transforming medicine and will continue to make significant contributions to the healthcare industry with its innovative technology and passionate culture that is focused on improving medicine."
"I want to thank Mike for his many contributions and ten years of dedication, hard work, and excellent service," said Kevin M. Goodwin, Sonosite's President and CEO. "Mike has been instrumental in establishing a successful financial infrastructure and serving as a trusted advisor. We wish him the best of luck in retirement."
A key member of Sonosite's executive team, Mr. Smith joined the company in 2007 as Vice President of Corporate Strategy and Growth Planning. He has since led the successful acquisition of Sonosite's primary care business while he served as Sonosite's Vice President and General Manager of Cardiovascular Disease Management.… [Read more]
Revenue Rises 18% EBIT Increases 145%, Excluding Acquisition Charges Gross Margins Rise to 72% Conference Call Webcast Live Today at 1:30 pm Pacific/4:30 pm Eastern
BOTHELL, WA - July 26, 2010 - 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, 2010.
REVENUE
Revenue increased 18% in the second quarter to $61.5 million and 13% for the first half of 2010 to $117.5 million, as compared to the prior year comparable periods. These comparisons included revenue of $3.8 million for the quarter and $7.0 million for the first half of 2010 from CardioDynamics (CDIC), which was acquired in the third quarter of 2009. SECOND QUARTER HIGHLIGHTS:
Revenue growth was led by Sonosite's US hospital channel, which was up 20%.
Revenue from the international business was impacted by a slowdown in Europe. The Company had steady performances in several other international markets and was up 2%. The International business sector profitability grew 7-8 times the "top line" growth rate, despite the slower revenue.
Pricing discipline and an improved product mix led to a 1.4 percentage point increase in gross margins to 72% for the quarter.
The Company had strong performances across all four vertical clinical markets.
EBIT and EBITDAS Second Quarter… [Read more]
Major Advancement for Regional Nerve Blocks and Other Injection Based Procedures
Highly Advanced Algorithms Were Developed Over Two Years and Aimed at Solving the Disappearing Needle Phenomenon in Anesthesia… [Read more]
BOTHELL, WA - July 8, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in bedside and point-of-care ultrasound, announced today that it will report the company's second quarter financial results on Monday, July 26, 2010 at the close of market and will host a conference call at 1:30 p.m. PT/4:30 p.m. ET on that day. The call will be broadcast live and can be accessed via Sonosite's website at www.sonosite.com/investorinformation/webcasts.
A replay of the audio webcast will be available beginning July 26, 2010 at 5:30 p.m. PT and can be accessed until August 9, 2010 at 9:59 p.m. PT by dialing (719) 457-0820 or toll-free (888) 203-1112. The confirmation code 2747293 is required to access the replay. Additionally, the call will be archived on Sonosite's website.
About Sonosite
Sonosite, Inc. (www.sonosite.com) is the innovator and world leader in bedside and point-of-care ultrasound and an industry leader in ultra high-frequency micro-ultrasound technology and impedance cardiography equipment. 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.… [Read more]
BOTHELL, WA - June 30, 2010 - Sonosite, Inc. (NASDAQ: SONO), the world leader and specialist in bedside and point-of-care ultrasound, today announced that on June 30, 2010, it completed its acquisition of privately held VisualSonics, a Toronto-based company focused on ultra high-frequency micro-ultrasound technology, for $67.9 million net of cash and debt.
“This acquisition positions Sonosite for long-term growth in the pre-clinical and clinical point-of-care markets and enables the creation of potential breakthrough imaging products for both market spaces,” said Kevin M. Goodwin, Sonosite President and CEO. “With unmatched ultra high-frequency technology, which operates at five times the center frequency of a conventional ultrasound, VisualSonics’ micro-imaging technology has the potential to revolutionize clinical medicine and continue to transform pre-clinical research.”
“We are pleased to finalize this agreement with Sonosite,” said Anil Amlani, VisualSonics’ President and CEO. “Sonosite and VisualSonics share a passion for creating innovative products and driving new market opportunities.”
Under the terms of the agreement, VisualSonics will become a wholly-owned subsidiary of Sonosite, Inc. Shareholders of VisualSonics approved the acquisition.
About VisualSonics… [Read more]
BOTHELL, WA - June 29, 2010 - Sonosite, Inc. (Nasdaq: SONO), the world leader and specialist in bedside and point-of-care ultrasound, said today that the Company plans to host its second annual Analyst Day. The meeting will be held on Thursday, August 12, 2010, at the company’s headquarters in Bothell.
The Analyst Day offers Sonosite institutional and mutual fund investors the opportunity to hear from key members of Sonosite’s leadership team and learn more about the Company’s recent acquisition of VisualSonics. The agenda will also include a Q&A session with select members of the executive team.
About Sonosite
Sonosite, Inc. (www.sonosite.com) is the innovator and world leader in hand-carried ultrasound and industry leader in impedance cardiography equipment. Headquartered near Seattle, the company is represented by ten subsidiaries and a global distribution network in over 100 countries. Sonosite’s small, lightweight ultrasound systems are expanding the use of ultrasound across the clinical spectrum by cost-effectively bringing high performance ultrasound to the point of patient care.… [Read more]
UMI to Serve as a Distributor for Sonosite Products into Private Medical Offices
BOTHELL, WA - June 22 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in bedside and point-of-care ultrasound and United Medical Instruments (UMI), a worldwide provider of new and pre-owned ultrasound systems, today announced a new agreement for UMI to distribute Sonosite's products into certain small office markets. Under this relationship, UMI will act as an additional distributor of Sonosite's flagship M-Turbo® and MicroMaxx® ultrasound systems and will serve as a re-seller of Sonosite's used products from its older lines. This collaboration strongly positions Sonosite to continue to expand its presence in the office markets, while offering physicians greater access and customer support.
Sonosite's point-of-care ultrasound systems are designed to provide healthcare professionals with the ability to view anatomy in a greater variety of clinical settings. With the implementation of real-time visualization, physicians in office settings are able to confidently assess, diagnose and perform interventional procedures directly in the patient's examination room.… [Read more]
BOTHELL, WA - June 11, 2010 – Sonosite, Inc. (NASDAQ: SONO), the world leader and specialist in bedside and point-of-care ultrasound, today announced a stock repurchase program under which the company may purchase up to $50 million of its common stock over the next twelve months. Since February 2010, Sonosite has repurchased a total of approximately 3 million shares of its common stock through a modified “Dutch Auction” tender offer at a total cost of $88.8 million.
Sonosite may repurchase its common stock from time to time, in amounts, at prices and at such times as it deems appropriate, all subject to market conditions and other considerations. Sonosite may make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. The repurchases will be conducted in compliance with the SEC’s Rule 10b-18 and applicable legal requirements and shall be subject to market conditions and other factors.
The company also expects to establish Rule 10b5-1 trading plans from time to time to effect such purchases when appropriate. The program does not obligate Sonosite to acquire any particular amount of common stock and the program may be modified or suspended at any time at the company’s discretion. Any repurchases would be funded from available cash on hand. As of March 31, 2010, Sonosite had approximately $178 million in cash, cash equivalents and short-term investment securities.
About Sonosite, Inc.… [Read more]
BOTHELL, WA – June 2, 2010 -
Sonosite, Inc. (Nasdaq: SONO), the world leader and specialist in bedside and point-of-care ultrasound, said today that Kevin M. Goodwin, President and CEO, will present at the Jefferies 2010 Global Life Sciences Conference being held at the Grand Hyatt Hotel in New York City, June 8 – 11, 2010. Mr. Goodwin’s presentation will be webcast live on June 11, 2010 at 8:00 a.m. Eastern Time. An audio replay will be available for 30 days following and can be accessed via Sonosite’s website at www.sonosite.com/investorinformation/webcasts.
About Sonosite
Sonosite, Inc. (www.sonosite.com) is the innovator and world leader in hand-carried ultrasound and industry leader in impedance cardiography equipment. Headquartered near Seattle, the company is represented by ten subsidiaries and a global distribution network in over 100 countries. Sonosite’s small, lightweight ultrasound systems are expanding the use of ultrasound across the clinical spectrum by cost-effectively bringing high performance ultrasound to the point of patient care.… [Read more]
Technology Leader in Ultra High-Frequency Micro-Ultrasound, Visualsonics, Generated $30M in Trailing Twelve Month Revenues and $5M of EBITDAS. Company is a Leader in the $350M Pre-Clinical Imaging Research Market
Acquisition Stages Move of Ultra High-Frequency Ultrasound into Clinical Medicine
Conference Call Webcast Live Today at 1:30 pm Pacific/4:30 pm Eastern
BOTHELL, WA - May 27, 2010 - Sonosite, Inc. (NASDAQ: SONO), the world leader and specialist in bedside and point-of-care ultrasound, today announced that it has signed an agreement to acquire privately held Visualsonics, a Toronto-based company focused on ultra high-frequency micro-ultrasound technology. The aggregate transaction value will be approximately $71 million net of cash and debt.
Visualsonics is the technology leader in real-time ultra high-frequency micro-ultrasound that presently serves the rapidly growing pre-clinical research market.… [Read more]
BOTHELL, WA – May 3, 2010 – Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, and Physio-Control, Inc., the global leader in the development and delivery of emergency medical response solutions, today announced a market development collaboration for point-of-care ultrasound in the emergency medical services (EMS) market. This alliance will enable Sonosite to expand its presence in the pre-hospital settings with the support of Physio-Control resources and extensive sales force. Under the terms of the agreement, the Physio-Control sales organization will assist in introducing Sonosite’s products to the EMS market.
The implementation of Sonosite’s hand-carried ultrasound systems allows first responders to bring improved care and immediate diagnostics directly to the point of patient care. With the ability to quickly assess, diagnose and triage patients at the scene of an accident, medical personnel in first response vehicles such as ambulances and helicopters will be able to pre-notify hospitals of a patient’s arrival, which could lead to improved clinical outcomes.… [Read more]
Management Projects Revenue Growth of 10-12% for the Full Year 2010 Conference Call Webcast Live Today at 1:30 pm Pacific/4:30 pm Eastern
BOTHELL, WA – April 26, 2010 – Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today reported financial results for the first quarter ended March 31, 2010.
REVENUE
Revenues in the first quarter of 2010 were $56 million, an increase of 8% compared to the first quarter of 2009. Revenues from the recently acquired CardioDynamics (CDIC) were $3.2 million for the quarter. Revenues were up 2%, excluding CDIC, and included a 4% currency gain. "We saw some encouraging signs of improvement in our US hospital channel with year-over-year revenue growth of 12% and order booking rates that increased at a much faster rate," said Kevin M. Goodwin, Sonosite President and CEO. "With stable pricing, we delivered solid progress on EBIT with growth of 68% alongside an increase in EPS of 60%. We also experienced broadening success globally as 20 of 25 revenue regions achieved or exceeded forecast."… [Read more]
BOTHELL, WA - April 7, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, announced today that it will report the company’s first quarter financial results on Monday, April 26, 2010 at the close of market and will host a conference call at 1:30 p.m. PT/4:30 p.m. ET. The call will be broadcast live and can be accessed via Sonosite’s website at http://www.sonosite.com/investorinformation/webcasts/.
A replay of the audio webcast will be available beginning April 26, 2010 at 5:30 p.m. PT and can be accessed until May 10, 2010 at 9:59 p.m. PT by dialing (719) 457-0820 or toll-free (888) 203-1112. The confirmation code 4670785 is required to access the replay. Additionally, the call will be archived on Sonosite’s website.
About Sonosite
Sonosite, Inc. (www.sonosite.com) is the innovator and world leader in hand-carried ultrasound and industry leader in impedance cardiography equipment. 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.… [Read more]
Sonosite to distribute UltraLinq's web-based ultrasound image management and reporting service.
BOTHELL, WA - March 25, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care and UltraLinq Healthcare Solutions, Inc., a leader in web-based ultrasound and image study management, today announced a new distribution agreement. This partnership provides Sonosite with the exclusive right to market the UltraLinq service within Emergency Medicine and a non-exclusive right to market UltraLinq within other medical specialties.
"The decision to work with Sonosite was a logical evolution of our distribution strategy. Sonosite brings to UltraLinq unparalleled expertise within the point-of-care ultrasound market, and a national sales team which understands its customers. With expanded access, Sonosite's customers will benefit from UltraLinq's ability to deliver ‘Anytime, Anywhere Image Management & Reporting,'said UltraLinq's CEO, Stephen Farber.
"Recent technological advances have dramatically improved the capabilities and clinical flexibility of point-of-care ultrasound, bringing diagnostic imaging directly to the patient's bedside and other environments where ultrasound was not previously possible. UltraLinq facilitates the ability to access records from any location, whether in the next room or across the globe."… [Read more]
BOTHELL, WA - March 10, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today announced that John Bowers, Senior Vice President of U.S. Business Unit and Strategic Development, will present at the Washington Biotechnology and Biomedical Association (WBBA) Life Science Innovation Northwest Conference. The conference will be held at the Bell Harbor International Conference Center in Seattle March 16-17, 2010. Mr. Bowers will be presenting on March 17th at 8:45 a.m. Pacific Time.
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.… [Read more]
Prestigious Awards Recognize Excellence in New Product Development, Marketing and Innovation
BOTHELL, WA - March 4, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, announced today that the 6 lb. NanoMaxx™ ultrasound system was selected as a finalist for the prestigious Edison Best New Product Awards. The awards are inspired by the enormous contributions of renowned inventor Thomas Edison and honor significant achievements in new product development, marketing, and innovation. Sonosite's NanoMaxx system is an extremely portable, high-resolution imaging tool that provides point-of-care visualization to a variety of medical specialties.
Empowering physicians to meet the highest standard of patient care, the NanoMaxx system targets applications that will improve patient safety and minimize complications. With one-dial control, advanced proprietary imaging algorithms, a 20 second boot-up time, and a rugged form factor (successfully drop-tested from three feet), the NanoMaxx system is a breakthrough technology that truly meets an unmet clinical need. The Edison Award finalists were selected by a rigorous peer-reviewed voting system, which comprised of an estimated 2,000 members of not-for-profit Marketing Executives Network Group (MENG), America's top executives, and academic researchers.… [Read more]
Company Purchases 2,960,350 Shares of Its Common Stock at $30.00 Per Share
BOTHELL, WA - February 25, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today announced the final results of its modified "Dutch Auction" tender offer which expired at 5:00 p.m. New York City time on February 19, 2010. Based on the final count by the depositary, an aggregate of 2,960,350 shares of common stock were properly tendered and not withdrawn at prices at or below $30.00.
Accordingly, pursuant to the terms of the Offer to Purchase, the Letter of Transmittal and applicable securities laws, Sonosite has accepted for purchase 2,960,350 shares of its common stock at a purchase price of $30.00 per share. These shares represent approximately 16.9% of the shares outstanding as of February 24, 2010. With the completion of the tender offer, Sonosite will have approximately 14,509,464 shares of common stock outstanding.… [Read more]
BOTHELL, WA - February 22, 2010 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today announced the preliminary results of its modified "Dutch Auction" tender offer which expired at 5:00 p.m. New York City time on February 19, 2010.
Based on the preliminary analysis by the depositary, an aggregate of 2,973,050 shares were properly tendered and not withdrawn, including approximately 1,073,209 shares that were tendered through notice of guaranteed delivery, at prices at or below $30.00. Accordingly, pursuant to the terms of the Offer to Purchase, the Letter of Transmittal and applicable securities laws, Sonosite expects to accept for payment up to an aggregate of 2,973,050 shares of its common stock at a purchase price of $30.00 per share.
The tender offer was made pursuant to an Offer to Purchase and Letter of Transmittal, each dated January 19, 2010, filed with the Securities and Exchange Commission on January 10, 2010, as amended on January 28, 2010 and February 16, 2010.
The Dealer Manager for the tender offer was J.P. Morgan Securities, Inc. and the Information Agent was Georgeson Inc.
The number of shares to be purchased in the tender offer and the price per share are preliminary. The determination of the final number of shares to be purchased is subject to confirmation by the depositary of the proper delivery of the shares properly tendered and not withdrawn.… [Read more]