Company Reports Revenue Growth of 23% and EPS of $0.07 Conference Call Today at 1:30 pm Pacific/4:30 pm Eastern BOTHELL, WA - April 28, 2008 - Sonosite, Inc. (NasdaqGS:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, today reported record financial results for the first quarter ended March 31, 2008. Worldwide revenue in the first quarter of 2008 grew 23% to $52.5 million compared with the first quarter of 2007. Changes in foreign currency rates increased worldwide revenue by approximately 4%. Compared to the first quarter of 2007, international revenue grew 32% and US revenue grew 12%.
In the US, hospital revenue grew 16% and office revenue grew 33%. The overall US growth rate was offset by an expected decline in US enterprise revenue of 17%. For the first quarter of 2008, Sonosite reported net income of $1.2 million, or $0.07 per diluted share, compared with a net loss of $563,000 or $0.03 per share for the first quarter in 2007. Net income in the quarter included a one-time, pre-tax charge of $675,000 for integration of the former MarketBridge physician office channel and the elimination of overhead within the company's marketing, general and administrative structure. Cash flow from operations was $7.3 million in the quarter. "The year is off to an excellent start and we are on track to achieve our growth and profitability objectives for 2008," said Kevin M. Goodwin, Sonosite President and CEO.… [Read more]
Education and EMED Features Added BOTHELL, WA - June 12, 2008 - Sonosite, Inc., (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, announced today the first expansion of capabilities for the powerful M-Turbo™ system. The expanded platform includes four new transducers addressing anesthesia, surgery, venous access, musculoskeletal and adult and pediatric cardiology applications, plus further enhancements to emergency medicine documentation worksheets. It also enables playback on the M-Turbo system of the revolutionary Sonosite Education Key™ program training modules. Existing customers can easily upgrade their systems via a software download from a USB thumb drive. Customer shipments began this week. … [Read more]
Bernard J. Pitz named Senior Vice President and CFO Mike Schuh to take new position within company
BOTHELL, WA - May 12, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, announced that Bernard J. Pitz is joining the company today as Senior Vice President and Chief Financial Officer. After serving as CFO for eight years, Mike Schuh will move into a new executive position in the company overseeing business process. Mr. Pitz€™s career spans 26 years in global finance positions in the telecommunications, software, wireless technology and medical technology industries. \
Most recently, Mr. Pitz served as Vice President, Finance, CFO and Treasurer with Sybron Dental Specialties, Inc., a leading manufacturer of high technology dental, orthodontic, dental implant and infection prevention products, formerly listed on the New York Stock Exchange. Danaher Corporation acquired Sybron for approximately $2.2 billion in 2006. Prior to Sybron, Mr. Pitz worked with Motorola Corporation from 1983 to 1998 in positions of increasing responsibility in their wireless data, paging and cellular divisions. During that time positions included Regional Operations Controller, Latin America and Senior Division Controller, Greater China Cellular Subscriber stationed in Beijing.… [Read more]
iF Product Design Awarded to S-Nerve BOTHELL, WA, March 6, 2008 - Sonosite, Inc., (Nasdaq: SONO) the world leader and specialist in point-of-care, hand-carried ultrasound, said today that its new S-Nerve™ ultrasound tool has received a design award from the prestigious International Forum (iF) in the Health+Care category. An international jury evaluated 2,771 entries based on design, functionality, aesthetics, innovation, workmanship and choice of materials. The S-Nerve tool, part of Sonosite's recently introduced S Series„¢ product line, is custom designed to support the visualization needs of anesthesiologists performing regional anesthesia.… [Read more]
BOTHELL, WA - May 27, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound at the point-of-care, said today that the General Electric Company (GE) filed a lawsuit in the US District Court for the Western District of Wisconsin on May 22 seeking to invalidate Sonosite's US Patent No. 5,722,412, "Hand Held Ultrasonic Diagnostic Instrument" ("the 412 patent").
Sonosite has performed a preliminary assessment of the case and believes GE's claim is baseless and without merit. "GE's latest filing is yet another attempt to slow our strong momentum," said Kevin M. Goodwin, Sonosite President and CEO. "Our momentum is growing because our small, innovative hand-carried systems are having a significant, global impact on patient safety and the cost of healthcare. Because GE is not winning with product innovation or customers, they challenge us in the courts yet again by filing another meritless lawsuit. We strongly believe that there is no legal basis for this lawsuit and we will proceed firmly ahead to defend our legal rights.… [Read more]
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]