BOTHELL, WA, September 25, 2003 - Sonosite, Inc. (Nasdaq: SONO), a leading point-of-care ultrasound company, today announced that the company has been named a 2003 "Fast Technology 50" company in Washington State by the accounting firm of Deloitte & Touche. The company also announced the hiring of three new executives to support Sonosite's worldwide growth. These announcements were made in conjunction with President and CEO Kevin Goodwin's presentation at the UBS Global Life Sciences Conference in New York City.
"Sonosite is recognized worldwide for its leadership in point-of-care ultrasound applications, with more than 12,000 systems in use in hospitals, doctors" offices and other healthcare environments, such as in the military," Goodwin said. "Our exponential growth can be attributed to the tremendous market need for and interest in mobile, hand-carried ultrasound systems. We anticipate sustaining growth by removing barriers to the use of ultrasound across the healthcare continuum and putting in place key people with the experience to drive our business forward."
Year Over Year Growth Recognized with "Fast Technology 50" Award
Deloitte & Touche ranked Sonosite fourth on the 2003 "Fast Technology 50" list in Washington State based on 7,406% growth in fiscal year revenues from 1998-2002. From the first product shipment on Sept. 17, 1999 to Dec. 31 2002, the company's revenue grew at a 94% CAGR. Other companies recognized included Microsoft, AT&T Wireless Services, and Expedia.
To qualify for the Fast 50 list, companies must have had operating revenues of at least $50,000 in 1998 and $1 million in 2002, be headquartered in Washington State, and own proprietary technology that contributes to a significant portion of the company's operating revenues or devote a high percentage of effort to research and development of technology.
New Executives Position Sonosite for Continued Success
Sonosite has hired three new executives to expand the company's reach in existing regions and markets, identify additional market opportunities, and manage the company's growth. Henry A. "Skip" Krause has joined the company as vice president of International Sales and Distribution, Kent Mueller as director of Strategic Marketing and Business Development, and Marla Koreis as the vice president of Human Resources.
Skip Krause will lead a new initiative for Sonosite's international business, which represents a significant growth opportunity for the company. Krause brings extensive knowledge of international markets to Sonosite as a result of over twenty years of experience in key positions in the international divisions of leading medical device companies, including Becton-Dickinson, Abbot Laboratories, and Spacelabs Medical.
Kent Mueller will develop and drive initiatives to promote the more rapid adoption of Sonosite's technology. In addition, Mueller will oversee the development of new markets and applications, initially in Europe and North America, and spearhead the evolution of the company's long-term strategy. Mueller previously held senior global marketing, business development and strategic planning roles at Baxter Healthcare and Brunswick.
Marla Koreis will oversee the company's human resources department and develop a robust infrastructure to support domestic and international growth. Her strategic objectives include acquiring and retaining world-class talent. Koreis" previous roles included director of Human Resources at ImageX, a business-to-business Internet company now owned by Kinko's, and vice president of Human Resources at SeaMed, a leading designer and manufacturer of advanced durable electronic medical equipment.
"I'm pleased to welcome Skip, Kent and Marla to Sonosite," Goodwin said. "Their addition to our leadership team further positions Sonosite for success now, and well into the future."
About Sonosite
Sonosite, Inc. (www.sonosite.com) is the innovator and world leader in hand-carried ultrasound, with an installed base of more than 20,000 systems. The Company, headquartered near Seattle, Washington is represented by eight subsidiaries and a global distribution netwok in over 75 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 approximately 450 people worldwide.