27% REVENUE GROWTH TO $71.1 Million
51% EBIT GROWTH TO $4.0 Million
52% EBITDA GROWTH TO $6.6 Million
62% EBITDAS GROWTH TO $8.7 Million
Conference Call Webcast Live Today at 1:30 pm Pacific/4:30 pm Eastern
BOTHELL, WA - April 25, 2011 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in bedside and point-of-care ultrasound, today reported financial results for the first quarter ended March 31, 2011.
REVENUE
Revenue for the first quarter of 2011 was $71.1 million, an increase of 27% compared to $56.0 million in the first quarter of 2010. Revenue from VisualSonics, Inc., acquired in June 2010, was $8.2 million for the quarter.
Foreign currency rates had a 2% favorable impact on first quarter revenue results.
FIRST QUARTER HIGHLIGHTS
- Strong performance by the US Enterprise channel, which grew 71% compared to the prior year;
- VisualSonics successfully launched the Vevo® LAZR Photoacoustics Imaging system at the American Association of Cancer Research, receiving positive feedback and interest among scientific researchers.
- Significantly increase demand generation and the profile of the company,
- Deliver our most ambitious wave of new innovations in the company's thirteen year history, and
- Continue to expand our geographic reach to fully penetrate key market opportunities internationally.
- Management is now targeting operating expenses of $195 - $197 million with the majority of the year-over-year increase occurring in the second and third quarters,
- We are updating our 2011 revenue growth target to 15-20% versus the previously announced 13-18% range, and
- If current 2011 foreign exchange forecasts for a weakening U.S. dollar hold, we estimate that there will be a potential $2 million increase to operating expenses offset by a potential $5 million increase to revenues; due to the volatility of foreign exchange rates, this impact is not reflected in management's updated targets.