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 Favourable 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 favourable 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]
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]
New Color Flow, New Remote Control, New Workflow Integration Capabilities Sonosite Demonstrating SonoGT at SCCM Congress in Nashville, February 1-3.
BOTHELL, WA- January 30, 2009- Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for point-of-care medicine, announced today that its new SonoGT™ Global Target technology is now available on Sonosite's award-winning, mountable S Series™ ultrasound tools.
The new performance platform delivers enhanced color flow sensitivity, wireless connectivity, including a remote control for hands-free system control and workflow integration for multiple point-of-care application markets. First introduced for Sonosite's versatile M-Turbo® systems in October 2008, Sonosite now brings the powerful SonoGT engine to effectively transform the S Series product line into the S-Turbo Series™. Sonosite plans to begin customer shipments of the new S Series systems with SonoGT technology in February.… [Read more]
BOTHELL, WA - November 21, 2008 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound at the point-of-care, today announced that HealthTrust Purchasing Group has awarded Sonosite a contract for portable ultrasound. The contract covers Sonosite's M-Turbo®, S Series™ and MicroMaxx® product lines. "We are very pleased to contract with one of the nation's most respected health purchasing groups," said Kevin M. Goodwin, Sonosite President and CEO. "Sonosite's products provide medical professionals with the power of ultrasound visualization and the benefits of hand-carried portability in an easy-to-use, rugged design that comes with the industry's only standard 5-year warranty." Sonosite's portable ultrasound products provide point-of-care imaging across multiple clinical applications. Using Sonosite hand-carried ultrasound, the HealthTrust membership will have access at the point-of-care to ultrasound diagnostic imaging and real-time visual guidance for interventional procedures.
About HealthTrust Purchasing Group… [Read more]
BOTHELL, WA- March 16, 2009 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for point-of-care medicine, announced today the first remote control for veterinary ultrasound machines and a new transducer for reproductive and musculoskeletal applications in horses and other large animals. The company has begun customer shipments of the new transducer and plans to begin shipping the SonoRemote™ control in the spring. The new L52x/10-5 MHz transducer is the eighth transducer to join Sonosite's suite of veterinary probes and is compatible with both Sonosite's M-Turbo® and S-VetMed™ ultrasound products.
For ultimate exam convenience and efficiency, the SonoRemote control is based on Bluetooth® wireless technology, can be voice or touch activated and can adjust system controls from within a radius of 10 meters. "A wireless remote control is a ground-breaking innovation for veterinarian ultrasonography. The freedom that Sonosite's remote control will provide during an equine ultrasound exam will significantly improve clinical efficiency and safety," said Diane Isbell, DVM, Livermore, California. "With the SonoRemote control, I will be able to maintain a safe working distance between my patient, the ultrasound system and me while efficiently working through my examination.… [Read more]
BOTHELL, WA - December 30, 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 27th Annual JP Morgan Healthcare Conference being held at the Westin St. Francis Hotel in San Francisco from January 12-15, 2009. Mr. Goodwin's presentation will be webcast live on January 12th beginning at 3:00 pm 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]
BOTHELL, WA- January 12, 2009- Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, introduced today the S-Women's Health ultrasound tool. The newest product in Sonosite's S Series™ product line is an innovative, custom-designed solution to enable women's health clinicians to provide comprehensive care in the patient exam room. It joins the M-OB/Gyn Office™ and the S-Gyn™ ultrasound tools as part of Sonosite's innovative suite of products for women's health.
"The S-Women's Health is great to have in the exam room because if a patient comes in with a lump, I am able to quickly and easily determine if it is something like fibrocystic thickening, or if it requires additional evaluations," said Deanna J. Attai, MD, FACS, Centre for Breast Care in Burbank, California. "When you consider the quality and affordability of the system and the fact that you can pick it up and take it to the operating room, you just can't get a better tool for your practise than the S-Women's Health system."… [Read more]
Conference Call Webcast Live Today at 1:30 pm Pacific/4:30 pm Eastern
BOTHELL, WA - October 27, 2009 - 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, 2009.
REVENUE
Revenue in the third quarter of 2009 was $53.6 million, a decrease of 13% compared to the third quarter of 2008. For the nine months of 2009, revenue was $157.7 million, a decrease of 9% compared to the nine months of 2008. Overall revenue included $3.0 million for the quarter and nine months just ended from the recently acquired CardioDynamics International Corporation (CDIC). Excluding CDIC, revenue in the third quarter was $50.6 million, a decrease of 18% compared to the third quarter of 2008, and $154.7 million for the nine months just ended. Foreign exchange had zero effect on third quarter revenue, but had a negative impact of $6.7 million or 4% for the nine months just ended.
OPERATING INCOME AND CASH FLOW
Overall, “reported” third quarter operating income was $2.3 million, including charges from CDIC of $3.1 million related to operating results as well as acquisition and integration. Operating income in the third quarter excluding CDIC was $5.4 million, a 10.7% operating margin versus a $3.0 million or 5.6% operating margin in the second quarter 2009.
Cash Flow… [Read more]
Agreement Affirms Value of Patents and Establishes Innovative Research Foundation
BOTHELL, WA - October 19, 2009 - Sonosite, Inc. (Nasdaq:SONO), the world leader and specialist in hand-carried ultrasound for the point-of-care, announced today that the company has resolved all pending patent litigation with General Electric Company (GE). This includes the lawsuit filed by GE in 2008 in the federal district court in Madison, Wisconsin (case no. 08-cv-298-bbc) to invalidate Sonosite's US Patent No. 5,722,412 (the '412 patent) and a pending appeals in the Federal Circuit (case nos. 2008-1567, 2008-1568) of certain rulings in a patent infringement case filed by GE in the same Wisconsin court in 2007.
The settlement also resolves a revocation action filed by GE in the Federal Patent Court in Germany relating to the '412 patent. Under the terms of the settlement agreement, GE will make an up front payment to Sonosite of $21 million and pay an ongoing royalty on US sales and production of hand-carried ultrasound systems weighing less than ten pounds in exchange for a perpetual nontransferable worldwide license to the '412 patent family. Sonosite will receive these royalties until the '412 patent expires in 2016.… [Read more]
Company Reports Per-Share Profit of $0.06 for Fourth Quarter 2002; 2002 Worldwide Revenues Total $73.0 Million, Revenue Growth of 64% vs. Fourth Quarter 2001 and 60% Year Over YearBOTHELL, WA, February 13, 2003 - Sonosite, Inc. (Nasdaq: SONO), the creator of the hand-carried ultrasound market, today released financial results for the fourth quarter and full year ended December 31, 2002. For the quarter, Sonosite reported revenues of $25.1 million compared to $15.3 million for the fourth quarter of 2001. For 2002, Sonosite reported revenues of $73.0 million compared to $45.7 million in 2001.Sonosite reported a net profit of $869,000, or $0.06 per share, for the quarter compared to a net loss of $2.4 million, or $0.21 per share, for the comparable quarter in the prior year. Gross margins increased for the eighth consecutive quarter to 60.3 percent, compared to 57.6 percent in the fourth quarter of 2001. For the year, the net loss decreased to $7.7 million, or $0.59 per share, compared to a net loss of $16.4 million, or $1.59 per share, for 2001. As of December 31, 2002, cash, cash equivalents and investment securities totaled $65.8 million.… [Read more]