Revenues of $32.3 Million; 132,000 Procedures; 47 Laser Placements;
Over 500 Lasers Now Installed Worldwide IRVINE, Calif., Oct. 25
/PRNewswire-FirstCall/ -- IntraLase(R) Corp. (NASDAQ:ILSE),
manufacturer of the ultra-fast laser that is revolutionizing
refractive and corneal surgery, today reported record revenues and
procedure volume for the third quarter ended September 30, 2006.
Highlights from IntraLase's third quarter included: * record
revenues of $32.3 million; * record number of procedures with
132,000 IntraLase procedures sold worldwide; * addition of a
significant new international corporate center customer; *
penetration of new international markets; * an increase of cash and
marketable securities of $3.3 million; * tremendous excitement
generated with the launch of the IntraLase Enabled Keratoplasty(TM)
application at the ESCRS in London during the quarter. Revenues
increased 41% to $32.3 million versus $22.9 million in the third
quarter of 2005. This growth was led by global sales of the 4th
Generation IntraLase(R) FS laser, with the company placing for sale
or lease 47 lasers versus 34 lasers in the third quarter of 2005
and 52 lasers in the second quarter of 2006. The record revenue
number included sales of 132,000 procedures in the third quarter of
2006, a 59% increase over the third quarter of 2005 and an 11%
sequential increase over the second quarter of 2006. Third quarter
net income was $3.0 million, including $2.1 million in non-cash,
stock-based compensation expense, compared to net income of $2.4
million in the third quarter of 2005, which included $120,000 of
non-cash, stock-based compensation expense. Third quarter earnings
per fully diluted share were $0.09, versus $0.08 for the third
quarter of 2005. Cash and marketable securities increased by $3.3
million, to $100.8 million from $97.4 million at June 30, 2006.
"IntraLase continued to grow and capture market share during the
third quarter, particularly in the international markets," said
Robert J. Palmisano, President and CEO of IntraLase Corp. "Our
record number of procedures was driven by our rapidly growing
installed base of 518 lasers worldwide." Mr. Palmisano continued,
"We also successfully launched the IntraLase Enabled Keratoplasty
application during the third quarter, which was very well received
at the European Society of Cataract and Refractive Surgeons
Conference in London." Revenues for the first nine months of 2006
were $94.5 million, an increase of 41% over the comparable period
of 2005. The company sold or leased 148 lasers in the first nine
months of 2006, a 32% increase over the 112 sold or leased in the
comparable period of 2005. Procedure sales during the first nine
months of 2006 of 363,000 procedures increased 49% from the same
period in 2005. Net income for the first nine months of 2006 was
$11.7 million, including $4.9 million in non-cash stock-based
compensation expense, compared to net income of $5.7 million, which
included $1.2 million in non-cash stock-based compensation expense
in the first nine months of 2005. Earnings per fully diluted share
for the first nine months of 2006 were $0.38, versus $0.18 for the
same period in 2005. New International Corporate Center Customer
IntraLase also announced that it signed an agreement with a new
international corporate center customer. Optical Express, a U.K.
based laser eye treatment specialist with 20 clinics has acquired
multiple IntraLase lasers. Professor David Moulsdale, Chairman and
CEO of Optical Express, stated, "At Optical Express, our surgeons
continue to be leaders in advanced developments and techniques
within the refractive surgery industry. After careful analysis and
consultations with many global surgeons, Optical Express has
decided to fully integrate the IntraLase technology throughout our
laser vision sites." Mr. Moulsdale continued, "It is obvious that
IntraLase will play a major role in the future of laser vision
correction." Mr. Palmisano added, "We are truly excited to have
Optical Express as a customer. They pride themselves on using the
latest techniques, and numerous clinical studies support the
advantages of our bladeless technology. We look forward to helping
Optical Express bring better visual outcomes to their patients."
Penetration of New International Markets During the third quarter
of 2006, IntraLase continued to expand its international footprint,
selling lasers for the first time in Argentina and Taiwan, in
addition to selling additional lasers into existing international
markets. Guidance for 2006 IntraLase expects 2006 revenues to be
slightly higher than $130 million, net income of approximately $20
million and earnings per fully diluted share of approximately
$0.64, including approximately $6.5 million in stock based
compensation. Revenues are expected to be slightly higher than the
previous guidance of $130 million and net income slightly lower
than the estimated $22 million and earnings per fully diluted share
of $0.70, inclusive of $6.0 million of stock based compensation.
Conference Call IntraLase will host a conference call today at
11:00 a.m. Eastern Time to provide information on its financial
results. The call will be webcast live and can be accessed on the
IntraLase web site at http://www.intralase.com/. A replay of the
webcast will be available for a one-week period following the call.
The webcast is also being distributed to both institutional and
individual investors. Individual investors can access the call at:
http://www.fulldisclosure.com/. Institutional investors can access
the call via a password-protected event management site at
http://www.streetevents.com/. The call may also be accessed by
telephone at (800) 510-0219 and for international parties at (617)
614-3451 by entering the confirmation code 40878316 between 10:50
a.m. and 11:00 a.m. Eastern Time. A telephone rebroadcast may also
be accessed for a one-week period by calling (888) 286-8010 and for
international parties (617) 801-6888 by entering confirmation code
16958375. About Optical Express Based in the United Kingdom,
Optical Express was founded in 2002. Optical Express has 20 clinics
in the United Kingdom and their surgeons have experience performing
over 400,000 procedures. For more information, visit the company's
website at http://www.opticalexpress.com/ About IntraLase Corp.
IntraLase designs, develops, and manufactures an ultra-fast laser
that is revolutionizing refractive and corneal surgery by creating
safe and more precise corneal incisions. Delivering on the promise
of ophthalmic laser technology, the IntraLase FS laser, related
software, and disposable devices replace the hand-held
microkeratome blade used during LASIK surgery. The unsurpassed
accuracy of IntraLase's computer-controlled femtosecond laser has
been shown to improve safety profiles and visual outcomes when used
during LASIK. Additionally, the IntraLase FS laser creates
precision-designed intracorneal incisions that when combined can be
used during lamellar and penetrating keratoplasty, and intrastromal
ring implantation. IntraLase is presently in the process of
commercializing applications of its technology in the treatment of
corneal diseases that require corneal transplant surgery. The
company's proprietary laser and disposable patient interfaces are
presently marketed throughout the United States and 32 other
countries. IntraLase is headquartered and manufactures its products
in Irvine, California. For additional information, visit the
company's web site: http://www.intralase.com/. Forward-Looking
Statements Statements contained in this press release that are not
historical information are forward-looking statements as defined
within the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the use of words
such as "believe," "expect," "anticipate," "intend," "plan,"
"estimate," "project," or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could," or
"may." Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected or implied. Those risks and uncertainties
include, but are not limited to: the degree of continued acceptance
of LASIK surgery; potential complications revealed by long-term
follow up; the extent of adoption of our product offering by LASIK
surgeons; general economic conditions; changes in federal tax laws
governing the ability of potential LASIK patients to use pre-tax
dollars to pay for LASIK surgery; the scope of government
regulation applicable to our products; patients' willingness to pay
for LASIK surgery; our ability to compete against our competitors;
the effectiveness of our measures to ensure full payment of
procedure fees; the occurrence and outcome of product liability
suits against us; our ability to adequately protect our
intellectual property; whether we become subject to claims of
infringement or misappropriation of the intellectual property
rights of others; the continued availability of supplies from
single-source suppliers and manufacturers of our key laser
components; the ability of our managers, operations, and facilities
to manage our growth; the success of our expansion into markets
outside the United States; whether we lose any of our key
executives or fail to attract qualified personnel; or if our new
products or applications fail to become commercially viable.
Certain of these risks and uncertainties, in addition to other
risks, are more fully described in the company's quarterly report
on Form 10-Q for the period ending June 30, 2006, as filed with the
Securities and Exchange Commission on August 1, 2006. These
forward-looking statements are made only as of the date of this
press release, and the company assumes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events, or otherwise. IntraLase Corp. Condensed
Consolidated Statement of Operations Three Months Ended Nine Months
Ended September 30, September 30, September 30, September 30, 2006
2005 2006 2005 Revenues - product revenues (1) $32,292,884
$22,887,794 $94,526,864 $67,071,736 Costs of goods sold (2)
14,552,672 10,526,099 42,545,747 31,492,389 Gross Margin 17,740,212
12,361,695 51,981,117 35,579,347 Operating expenses: Research and
development (2) 4,431,294 2,792,796 11,715,998 8,391,190 Selling,
general and administrative (2) 11,452,216 7,873,064 31,318,270
23,410,896 Total operating expenses 15,883,510 10,665,860
43,034,268 31,802,086 Income from operations 1,856,702 1,695,835
8,946,849 3,777,261 Interest and other income, net 1,207,072
771,257 3,197,171 2,103,232 Income before provision for income
taxes 3,063,774 2,467,092 12,144,020 5,880,493 Provision for income
taxes 110,186 77,183 400,753 184,591 Net income $2,953,588
$2,389,909 $11,743,267 $5,695,902 Net income per share - basic
$0.10 $0.09 $0.41 $0.21 Net income per share - diluted $0.09 $0.08
$0.38 $0.18 Weighted average shares outstanding - basic 28,623,353
27,621,700 28,448,739 27,222,794 Weighted average shares
outstanding - diluted 31,201,878 31,216,624 31,149,795 31,158,180
(1). Revenues from product sales are as follows: Laser revenues
$14,149,510 $11,050,416 $44,037,012 $32,537,211 Per procedure
disposable patient interface revenues 15,166,875 9,736,561
42,832,020 28,871,608 Maintenance revenues 2,976,499 2,100,817
7,657,832 5,662,917 $32,292,884 $22,887,794 $94,526,864 $67,071,736
(2). Amounts include stock-based compensation, as follows: Costs of
goods sold $167,231 $23,097 $443,446 $86,226 Research and
development 536,904 15,286 1,259,022 193,415 Selling, general and
administrative 1,369,514 81,581 3,206,425 925,829 $2,073,649
$119,964 $4,908,893 $1,205,470 IntraLase Corp. Condensed
Consolidated Balance Sheet September 30, December 31, 2006 2005
Assets: Cash, cash equivalents and marketable securities
$75,751,673 $46,198,665 Accounts receivable, Net 22,158,094
13,575,776 Inventories, Net 15,053,472 13,471,961 Other current
assets 3,604,878 3,190,412 Total current assets 116,568,117
76,436,814 Marketable securities 25,000,000 44,000,000 Other
long-term assets 23,805,702 19,190,743 Total long-term assets
48,805,702 63,190,743 Total $165,373,819 $139,627,557 Liabilities
and Stockholders' Deficit: Total current liabilities $22,622,867
$16,510,633 Total long-term liabilities 4,706,590 5,144,360 Total
liabilities 27,329,457 21,654,993 Stockholders' equity 138,044,362
117,972,564 Total $165,373,819 $139,627,557 DATASOURCE: IntraLase
Corp. CONTACT: Krista Mallory, Director, Investor Relations and
Corporate Communications of IntraLase Corp., +1-949-859-5230, ext.
260, Web site: http://www.intralase.com/
http://www.fulldisclosure.com/ http://www.streetevents.com/
Copyright
Intralase (NASDAQ:ILSE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Intralase (NASDAQ:ILSE)
Historical Stock Chart
From Oct 2023 to Oct 2024