Vascular Solutions has reported higher net revenue and income in its financial results for the 2010 first quarter that ended March 31.
The Minneapolis-based company said its net income for the first quarter was $3.47 million, compared with a net income of $938,000 in the first quarter of 2009. The income included the $3.5 million received on Jan. 22, as payment of the monetary judgment in the product defamation litigation with Marine Polymer Technologies. Excluding solely the litigation gain of $3.5 million (pre-tax), net income increased by 35 percent in the first quarter of 2010 from the first quarter of 2009, Vascular Solutions reported.
Its net revenue of $18.2 million represented a 15 percent increase from the first quarter of 2009, the company said. The gains resulted in higher sales across product lines, including:
- Net sales of catheter products (consisting of a combination of the extraction catheter, specialty catheter and access product categories previously reported) were $8.9 million in the first quarter, an increase of 25 percent over the first quarter of 2009.
- Net sales of hemostat products (primarily consisting of the D-Stat Dry, D-Stat Flowable and D-Stat Radial products) were $6.4 million during the first quarter, an increase of 9 percent over the first quarter of 2009.
- Net sales of vein products (primarily consisting of the Vari-Lase laser console and kits) were $2.6 million in the first quarter, an increase of 7 percent over the first quarter of 2009.
Regarding future guidance, Vascular Solutions said its net revenue for the second quarter of 2010 is expected to be between $18.7 million and $19 million, and its guidance for 2010 is unchanged at between $76 million and $78 million in revenue.