SonoSite Celebrates 10 Year Anniversary as First Quarter Revenue Rises Approximately 22%
08 April 2008 - 7:30PM
Business Wire
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 �Ten years ago, with a prototype and a vision,
we challenged the conventional wisdom of ultrasound in medicine,�
said Kevin M. Goodwin, SonoSite President and CEO. �Since then, we
have built a company and a new industry category that brings the
benefits of high resolution ultrasound visualization to the
point-of-care across medicine, globally. With over 40,000 of our
systems used in hospital and non-hospital settings around the
world, ultrasound is now being leveraged every day as a tool to
deliver better, faster, safer and less expensive care by a broad
range of medical specialists including emergency physicians,
intensivists, anesthesiologists, medics, sports medicine physicians
and others. As the recognized leader and innovator of hand-carried
ultrasound, SonoSite has been changing the practice of medicine by
bringing visualization to the point of patient care across hospital
departments and in the physician�s office. The company shipped the
industry�s first hand-carried ultrasound system in 1999 and
revenues have grown from $10 million to over $200 million in 2007.
Preliminary First Quarter Results �We are encouraged by the strong
start to the year,� Mr. Goodwin said. �Our international group
continues to lead our growth while the US remains steady in its
progress. Separately, regarding SG&A cost controls, we will
take a one-time charge in the first quarter of approximately
$600,000 for integration of the former MarketBridge physician
office channel and the elimination of overhead within our SG&A
structure. We expect a profitable first quarter, including the
one-time charge.� First Quarter Conference Call Information First
quarter 2008 financial estimates are preliminary. SonoSite plans to
report complete first quarter financial results on April 28, 2008
after the close of the financial markets at 1:00 pm Pacific Time
(PT). Management will host a conference call beginning at 1:30 pm
PT on April 28, 2008 that will be webcast on the company�s website
at www.sonosite.com. A replay of the audio webcast will be
available the same day beginning at 4:30 pm PT until May 26, 2008
midnight PT, by dialing (719) 457-0820 or toll free (888) 203-1112.
The confirmation code 8481608 is required to access the replay. 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. 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. Forward-looking Information and the Private Litigation
Reform Act of 1995 Certain statements in this press release
relating to the market acceptance of our products, possible future
sales relating to expected orders, and our future financial
position and operating results are �forward-looking statements� for
the purposes of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on the opinions and estimates of our
management at the time the statements are made and are subject to
risks and uncertainties that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. These statements are not guaranties of future
performance and are subject to known and unknown risks and
uncertainties and are based on potentially inaccurate assumptions.
Factors that could affect the rate and extent of market acceptance
of our products, the receipt of expected orders, and our financial
performance include our ability to successfully manufacture, market
and sell our ultrasound systems, our ability to accurately forecast
customer demand for our products, our ability to manufacture and
ship our systems in a timely manner to meet customer demand,
variability in quarterly results caused by the timing of large
project orders from governmental or international entities and the
seasonality of hospital purchasing patterns, timely receipts of
regulatory approvals to market and sell our products, regulatory
and reimbursement changes in various national health care markets,
constraints in government and public health spending, the ability
of our distribution partners and other sales channels to market and
sell our products, the impact of patent litigation, our ability to
execute our acquisition strategy, the effect of transactions and
activities associated with our issuance of senior convertible debt
in July 2007 on the market price of our common stock, and as well
as other factors contained in the Item 1A. �Risk Factors� section
of our most recent Annual Report on Form 10-K, as updated by our
most recent quarterly reports filed on Form 10-Q filed with the
Securities and Exchange Commission. We caution readers not to place
undue reliance upon these forward-looking statements that speak
only as to the date of this release. We undertake no obligation to
publicly revise any forward-looking statements to reflect new
information, events or circumstances after the date of this release
or to reflect the occurrence of unanticipated events.
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