makesumgravy
16 years ago
Press Release Source: Vascular Solutions, Inc.
Vascular Solutions Announces Record Second Quarter Results; Net Revenue Increases 15 Percent to $15.2 Million
Wednesday July 23, 4:05 pm ET
MINNEAPOLIS, July 23, 2008 (PRIME NEWSWIRE) -- Vascular Solutions, Inc. (NasdaqGM:VASC - News) today reported financial results for the second quarter ended June 30, 2008. Highlights of the second quarter and other recent events include:
* Achieved record net revenue of $15.2 million in the second quarter,
up 15% from the second quarter of 2007 and above the top end of
guidance for the quarter.
* Achieved adjusted net income of $867,000, or $0.05 per diluted
share, an increase of 25% from adjusted net income of $691,000 in
the second quarter of 2007.
* Settled all existing patent litigation concerning the Vari-Lase(r)
vein products by entering into separate settlement agreements with
VNUS Medical Technologies and the bankruptcy estate of Diomed.
* Won a $4.5 million jury verdict from Marine Polymer Technologies
in April, which was subsequently entered into judgment and
increased by the court to $5.1 million to include interest
through the date of judgment, subject to appeal.
* Achieved positive cash flow of $995,000, not including the
one-time payments for the settlement of patent litigation.
* Launched four new products, consisting of the MICRO Elite(tm)
snare, Gandras(tm) catheter, Axis(tm) guidewire and Jiffy(tm)
guidewire in the second quarter.
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Commenting on the results, Vascular Solutions Chief Executive Officer Howard Root said: ``The second quarter represented the completion of an important transformation for Vascular Solutions. With the conclusion of all three pieces of litigation through settlement or victory at trial, our high legal expenses and uncertainties should now disappear, leaving our strong revenue growth and financial management to become apparent in bottom-line results and profitability. Since 2004 we have consistently grown our net revenue and built an organization that has proven it can develop, manufacture, launch and support multiple clinically-based vascular devices, only to have those results masked by the costs and uncertainties of litigation. I look forward to the opportunity to demonstrate the soundness of our business without the distraction of litigation, starting now.''
Net revenue from hemostat products (primarily consisting of the D-Stat Dry(tm), D-Stat(r) Flowable, Thrombi-Gel(r), Thrombi-Pad(tm) and D-Stat Radial(tm) products) was $6.0 million during the second quarter, a decline of 11% from the second quarter of 2007. ``In the second quarter of 2007, our partner King Pharmaceuticals placed a $725,000 stocking order for their initial launch of the Thrombi-Gel and Thrombi-Pad products, which is the reason for the reduction in revenue as expected from the prior year. Sequentially, our hemostat product revenue increased by 2% in the second quarter, as our sales force implemented new programs to enhance our effectiveness in growing sales of our D-Stat Dry(tm) in the competitive hemostatic patch market, which we expect to continue to show excellent sequential results,'' commented Mr. Root.
Net sales of extraction catheters (primarily consisting of the Pronto(r) V3 extraction catheter) were $3.7 million in the second quarter, an increase of 40% over the second quarter of 2007. ``The benefit of thrombus aspiration in STEMI cases has been demonstrated in multiple clinical studies presented and published over the last year, which has driven the growth of the thrombus aspiration market. With our full range of Pronto V3, Pronto LP, Pronto 035 and Pronto-Short catheters, we are continuing to lead the thrombus aspiration market in options for the physician. We believe that the thrombus aspiration market will continue to increase substantially and that Pronto sales will continue to grow faster than the market, with the important Japanese market cleared and ready for launch of the Pronto V3 in the third quarter,'' Mr. Root stated.
Net sales of vein products (primarily consisting of the Vari-Lase endovenous laser console and kits) were $2.4 million in the second quarter, an increase of 16% over the second quarter of 2007. ``The turmoil in the varicose vein market resulting from litigation is now behind us, while several of our competitors in the laser area are still involved or are now just getting involved in the patent litigation quagmire. Entering the third quarter we are well positioned for continued growth in the endovenous laser market through our stable and clinically-advanced nationwide direct sales force providing first-in-class products and customer support,'' commented Mr. Root.
Net sales of access products (primarily consisting of micro-introducer kits and specialty guidewires), were $1.4 million in the second quarter, an increase of 146% over the second quarter of 2007. ``We have added substantially to our product offerings in the access product category in the second quarter. Most notably, we launched the MICRO Elite snare as the exclusive U.S. distributor for Radius Medical Technologies, with results in the second quarter that almost matched our expectations for the entire year. We have now added to our relationship with Radius by launching their EXPRO Elite(tm) snare, which we project will further boost our access products sales growth in the second half of 2008,'' Mr. Root added.
Net sales of specialty catheters (primarily consisting of the Langston(r) dual lumen catheters and Twin-Pass(r) dual access catheters), were $1.1 million in the second quarter of 2008, an increase of 31% over the second quarter of 2007. ``Our U.S. direct sales force and international distributors have both continued to drive growth with all of our specialty catheters, and the April launch of our new Gandras(tm) catheter for pelvic artery catheterizations and the expanded sales of our Gopher(tm) catheter have added to our impressive second quarter sales number. Our next specialty catheter which is expected to launch in the fourth quarter has the potential to add $5 million in annualized sales to this category,'' Mr. Root added.
Gross margin across all product lines was 64.0% in the second quarter of 2008, down from 66.4% in the second quarter of 2007 principally due to product selling mix and the on-going royalty payable to VNUS Medical Technologies on U.S. sales of Vari-Lase laser consoles and kits. Based on projected selling mix across products, gross margin on product sales for the third quarter of 2008 is expected to increase to between 64% and 66%.
Net loss for the second quarter was $468,000, or $0.03 per share, compared to net income of $695,000, or $0.04 per share, in the second quarter of 2007. Included in the net loss for the second quarter of 2008 was $3.1 million in litigation expense resulting from past royalties payable to VNUS Medical related to Vari-Lase products sold in the U.S. through March 31, 2008, offset by a $1.659 million litigation gain resulting from the settlement agreement with the bankruptcy estate of Diomed. During the second quarter of 2008 the company expensed $356,000 of stock-based compensation expense. As adjusted (excluding the Diomed and VNUS settlements and stock-based compensation expense, and assuming a fully-taxed rate of 38%) net income was $867,000 or $0.05 per fully diluted share in the second quarter of 2008, increasing from adjusted net income of $691,000 or $0.04 per fully diluted share in the second quarter of 2007. In addition to the amounts payable in settlement, during the second quarter of 2008 the company incurred approximately $176,000 in legal expenses within general and administrative expenses related to trial preparation and settlement negotiations with VNUS Medical and post-trial motions in the Marine Polymer litigation.
Regarding future guidance, net revenue for the third quarter is expected to increase to between $15.3 million and $15.6 million. Corresponding adjusted net income in the third quarter is expected to be between $0.06 and $0.08 per fully diluted share. For the entire 2008, the company is reaffirming its guidance for net revenue and adjusted net income per share to be between $60 million and $62 million and $0.21 and $0.29, respectively. ``We believe that the progress we've already made in 2008 in eliminating the distraction of litigation and continuing to launch new products positions us very well for our continued sales growth and profitability,'' concluded Mr. Root.
makesumgravy
16 years ago
Vascular Solutions Announces First Quarter Results; Net Revenue Increases 16 Percent to $14.1 Million
MINNEAPOLIS, April 17, 2008 (PRIME NEWSWIRE) -- Vascular Solutions, Inc. (Nasdaq:VASC) today reported financial results for the first quarter ended March 31, 2008. Highlights of the first quarter and other recent events include:
* Achieved net revenue of $14.1 million, up 16% from $12.2 million
in the first quarter of 2007.
* Achieved net income of $235,000, or $0.01 per diluted share,
compared with a net loss of $5,534,000 in the first quarter
of 2007.
* Achieved positive cash flow of $354,000, the sixth consecutive
quarter of positive cash flow.
* Received a favorable $4.5 million jury verdict in the product
disparagement litigation with Marine Polymer Technologies.
* Settled patent litigation with Diomed Inc., resulting in a gain
of $1.659 million to be recorded in the second quarter of 2008.
Commenting on the results, Vascular Solutions Chief Executive Officer Howard Root said: "As we entered 2008 our most important objective was to resolve the litigation that has negatively affected our business for over the past three years. In the first four months of 2008 we have settled on favorable terms the litigation with Diomed and won a $4.5 million jury verdict in our litigation with Marine Polymer, with only the litigation against VNUS Medical remaining and scheduled for trial commencing on June 23. We are hopeful that by the middle of 2008 we will have removed the distraction and expense of all of our existing litigation, which should allow us to focus completely on continuing to grow our sales and launch new products."
Net revenue from hemostat products (primarily consisting of the D-Stat Dry(tm), D-Stat(r) Flowable, Thrombi-Gel(r), Thrombi-Pad(tm) and D-Stat Radial(tm) products) was $5.9 million during the first quarter, an increase of 2% over the first quarter of 2007. "First quarter sales of our D-Stat Dry patch encountered resistance from aggressive free sampling programs initiated by two of our patch competitors," commented Mr. Root. "We believe that this sampling will have a limited long-term effect and that new programs we are initiating with our direct sales force will enhance our attention on growing sales of the D-Stat Dry in the second quarter," Mr. Root added.
Net sales of extraction catheters (primarily consisting of the Pronto(r) V3 extraction catheter) were $3.4 million in the first quarter, an increase of 20% over the first quarter of 2007. "In the first quarter we performed the initial launch of our new low profile, or LP, version of the Pronto catheter with excellent clinical success, and have now broadened our production and sales of the LP in the second quarter," commented Mr. Root. "We also are beginning to benefit from newly published clinical studies demonstrating the benefit of thrombus aspiration in acute myocardial infarction. We believe the market for aspiration catheters is increasing as the benefit of soft thrombus aspiration becomes more well-known, which we believe was one of the contributors to our above-forecast sales of the Pronto V3 catheter in the first quarter," Mr. Root added.
Net sales of vein products (primarily consisting of the Vari-Lase(r) endovenous laser console and kits) were $2.2 million in the first quarter, an increase of 23% over the first quarter of 2007. "While we deal with the market disruption caused by the bankruptcy filings of two of our competitors in the laser vein market and we work to conclude our litigation in this product category, our sales force is maintaining our competitive position and our R&D team is broadening our portfolio of products, both of which we believe will position us well for continued growth in the endovenous laser market," commented Mr. Root.
Net sales of specialty catheters (primarily consisting of the Langston(r) dual lumen catheters, Twin-Pass(r) dual access catheters and Skyway(r) support catheters) were $1.1 million in the first quarter of 2008, an increase of 30% over the first quarter of 2007. "The first quarter represented a return to sales growth for our specialty catheter product line and set the stage for further sales growth throughout 2008," commented Mr. Root. "In April we fully launched our new Gandras(tm) catheter for pelvic artery catheterizations, and we have three additional specialty catheter products in the R&D pipeline that we expect to launch in 2008," Mr. Root added.
Net sales of access products (primarily consisting of micro-introducer kits and specialty guidewires) were $929,000 in the first quarter, an increase of 69% over the first quarter of 2007. "In the first quarter we continued to increase sales of our micro-introducer kits and also expanded sales of our new Guardian(r) hemostasis valve," commented Mr. Root. "Looking forward, we have two new guidewires and two new specialty versions of introducer sheaths that we expect to expand to U.S.-wide sales in the second quarter," Mr. Root added.
Gross margin across all product lines was 66.7% in the first quarter of 2008, slightly below expectations principally due to product selling mix in general and lower than expected sales of D-Stat Dry in particular. Based on projected selling mix across products, gross margin on product sales for the second quarter of 2008 is expected to increase to approximately 67% to 68%.
Net income for the first quarter was $235,000 or $0.01 per share, compared to a net loss of $5,534,000 or $0.37 per share in the first quarter of 2007. Net loss in the first quarter of 2007 resulted primarily from the Diomed litigation verdict that was issued in March 2007. During the first quarter of 2008 the company expensed $26,000 in estimated expenses relating to the Diomed judgment and $523,000 of stock-based compensation expense. As adjusted (excluding the Diomed judgment expenses and stock-based compensation expense, and assuming a fully-taxed rate of 38%) net income was $540,000 or $0.03 per fully diluted share in the first quarter of 2008, increasing from adjusted net income of $363,000 or $0.02 per fully diluted share in the first quarter of 2007. During the first quarter of 2008 the company incurred approximately $617,000 in legal expenses, primarily related to the Marine Polymer trial that resulted in the favorable $4.5 million jury verdict issued on April 7.
Regarding future guidance, net revenue for the second quarter is expected to be between $14.5 million and $15.0 million, reflecting expected growth across all five product categories. Corresponding adjusted net income in the second quarter is expected to be between $0.04 and $0.06, not including the expected gain of $1.659 million pre-tax, or $1.028 million after-tax, from the litigation settlement with Diomed, and including the projected litigation expenses associated with the trial with VNUS Medical commencing on June 23. For the entire 2008, the company is adjusting its guidance for net revenue and adjusted net income per share to between $60 million and $62 million and $0.21 and $0.29, respectively. "We believe that the progress we've already made in 2008 in eliminating the distraction of litigation and continuing to launch new products positions us very well for our continued sales growth and profitability," concluded Mr. Root.
Conference Call & Webcast Information
Vascular Solutions will host a live webcast starting at 3:30 p.m., Central Time today to discuss the information contained in this press release. The live web cast may be accessed on the investor relation's portion of the company's web site at www.vascularsolutions.com. Web participants are encouraged to go to the web site at least 15 minutes prior to the start of the call to download and install any necessary audio software. An audio replay of the call will be available until Thursday, April 24, 2008 by dialing 1-888-203-1112 and entering conference ID# 3779475. A recording of the call will also be archived on the company's web site, www.vascularsolutions.com until Thursday, April 24, 2008. During the conference call the company may answer one or more questions concerning business and financial developments and trends, the company's view on earnings forecasts and new product development and financial matters affecting the company, some of the responses to which may contain information that has not been previously disclosed.
VASCULAR SOLUTIONS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data) Three Months Ended
March 31,
2008 2007
(unaudited)
Revenue: $ 13,737 $ 12,019
Product revenue
License and collaboration revenue 377 135
----------------------
Total revenue 14,114 12,154
Product costs and operating expenses:
Cost of goods sold (1) 4,581 3,929
Collaboration expenses 181 --
Research and development (1) 1,467 1,492
Clinical and regulatory (1) 851 760
Sales and marketing (1) 5,212 4,762
General and administrative (1) 1,542 949
Litigation 26 5,675
Thrombin qualification -- 111
----------------------
Operating income (loss) 254 (5,524)
Interest expense (24) (44)
Interest income 92 91
----------------------
Income (loss) before tax $ 322 $ (5,477)
Income taxes 87 57
----------------------
Net income (loss) $ 235 $ (5,534)
======================
Net income (loss) per
share - basic $ 0.02 $ (0.37)
----------------------
Weighted average shares used in
calculating - basic 15,413 15,074
----------------------
Net income (loss) per
share - diluted $ 0.01 $ (0.37)
----------------------
Weighted average shares used
in calculating - diluted 15,839 15,074
----------------------
(1) Includes stock-based compensation
charges of:
Costs of goods sold $ 72 $ 37
Research and development 42 42
Clinical and regulatory 45 23
Sales and marketing 198 97
General and administrative 166 87
----------------------
$ 523 $ 286
----------------------
VASCULAR SOLUTIONS, INC.
CONDENSED BALANCE SHEETS
March 31, December 31,
2008 2007
(unaudited) (see Note)
ASSETS
Current assets:
Cash and cash equivalents $ 5,640 $ 5,286
Restricted cash 5,473 5,473
Accounts receivable, net 6,892 7,363
Inventories 8,655 8,307
Prepaid expenses 884 810
-------------------
Total current assets 27,544 27,239
Property and equipment, net 3,630 3,846
Intangible assets, net 193 193
-------------------
Total assets $31,367 $31,278
===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Total current liabilities $12,340 $12,709
Total long-term liabilities 5,541 5,744
Shareholders' equity:
Total shareholders' equity 13,486 12,825
-------------------
Total liabilities and shareholders' equity $31,367 $31,278
===================
Note: Derived from the audited financial statements at that date.
Use of Non-GAAP Measures
Management uses non-GAAP measures to establish operational goals, and believes that non-GAAP measures may assist investors in analyzing the underlying trends in the company's business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. In this press release, the company has reported a non-GAAP measure called adjusted net income which excludes certain expenses relating to the qualification of a new supply of thrombin, litigation and stock-based compensation, but includes assumed taxes on net income using a 38% tax rate for 2008 and a 39% tax rate for 2007.
On March 28, 2007, the jury in a litigation initiated by Diomed Holdings, Inc. concerning the company's Vari-Lase business returned a verdict that Vascular Solutions contributed to and induced infringement of a patent held by Diomed and awarded monetary damages in the amount of $4.1 million with respect to Vascular Solutions' activities. Through the quarter ended March 31, 2008 the company has expensed $5.826 million as an estimate of litigation expenses in this matter, representing the amount of the jury's verdict together with management's estimate of Vascular Solutions' attorneys' fees, court costs, additional damages with respect to Vari-Lase sales in the U.S. through April 11, 2007 and pre-judgment interest. The Company entered into a settlement with Diomed in April 2008 dismissing all claims and appeals by each side for a one-time payment of $3.586 million. The Company will record a litigation gain of $1.659 million in the second quarter of 2008. Due to the one-time nature of the litigation expense or gain, management believes it is useful to exclude the litigation expenses and gain from adjusted net income.
Beginning January 1, 2006 the company has been recognizing stock-based compensation expense, which has been excluded from adjusted net income to provide comparable financial information to prior periods. The company incurred stock-based compensation expense of $523,000 in first quarter of 2008.
Management uses the adjusted net income measure in its internal analysis and review of operational performance. Management includes the litigation and thrombin qualification expenses in its cash projections. Management believes that this adjusted net income measure provides investors with useful information in comparing the company's performance over different periods, particularly when comparing this period to periods in which the company did not incur any expenses relating to these expenses. By using this non-GAAP measure management believes that investors get a better picture of the performance of the company's underlying business. Management encourages investors to review the company's net income prepared in accordance with GAAP to understand the company's performance taking into account all relevant factors, including those that may only occur from time to time but have a material impact on the company's financial results.
makesumgravy
16 years ago
February 4, 2008 - 4:05 PM EST
Vascular Solutions Announces Fourth Quarter Results; Net Revenue Increases 25 Percent to Record $14.4 Million
MINNEAPOLIS, Feb. 4, 2008 (PRIME NEWSWIRE) -- Vascular Solutions, Inc. (Nasdaq:VASC) today reported financial results for the fourth quarter ended December 31, 2007. Highlights of the fourth quarter and other recent events include:
- Achieved record net revenue of $14.4 million, up 25% from $11.5
million in the fourth quarter of 2006.
- Achieved net income of $519,000, or $0.03 per diluted share,
compared to net income of $90,000 in the fourth quarter of 2006.
- Achieved positive cash flow of $853,000, the fifth consecutive
quarter of positive cash flow.
- Received regulatory clearance for three new products -- the low
profile Pronto(r) LP extraction catheter, the international QXT(tm)
extraction catheter, and the Vari-Lase(r) WireFiber(tm) endovenous laser
fiber.
- Re-affirmed annual revenue guidance and increased adjusted earning
guidance for 2008.
Commenting on the results, Vascular Solutions Chief Executive Officer Howard Root said: "The fourth quarter was an excellent continuation of the progress we've made to build a sustainable, profitable medical device company. Our focus on a multiple product portfolio with rapid product development and innovation is resulting in consistent growth. Through several new product launches and further improvement in the performance of our sales force, we expect to continue our 20% or greater quarterly sales growth through 2008 and for the foreseeable future."
Net revenue from hemostat products (primarily consisting of the D-Stat Dry(tm), D-Stat(r) Flowable, Thrombi-Gel(r), Thrombi-Pad(tm) and D-Stat Radial(tm) products) was $6.2 million during the fourth quarter, an increase of 14% over the fourth quarter of 2006. "Fourth quarter net sales of our D-Stat Dry continued to increase both sequentially and year-over-year, and will benefit in 2008 from a new contract with a large group purchasing organization that was signed in the fourth quarter," commented Mr. Root. "D-Stat Flowable sales substantially increased in the fourth quarter due to continued expansion in its use as a pocket protector in pacemaker and ICD implants, resulting in its first $1 million sales quarter. Looking forward, in the first quarter of 2008 we are launching two new versions of our Dry that were approved in the fourth quarter to further drive sales growth of hemostat products," Mr. Root added.
Net sales of extraction catheters (primarily consisting of the Pronto V3 extraction catheter) were $2.9 million in the fourth quarter, an increase of 22% over the fourth quarter of 2006. "In the fourth quarter we expanded the launch of our 035 larger version of the Pronto catheter, with excellent clinical success," commented Mr. Root. "In late December we received 510(k) clearance for the launch of our new low profile, or LP, version of the Pronto in the U.S., and in early January we received CE mark clearance to launch our new low cost QXT extraction catheter in international markets," Mr. Root added.
Net sales of vein products (primarily consisting of the Vari-Lase endovenous laser console and kits) were $2.7 million in the fourth quarter, an increase of 27% over the fourth quarter of 2006. "The clinical response to the Bright Tip(tm) version of the Vari-Lase fiber continues to be excellent, with now over 15,000 Bright Tip fibers sold since it was launched in April 2007 with no reports of recannalizations," commented Mr. Root. "On the litigation side, in January the Court ruled in our favor on the contempt motion that Diomed raised six months ago concerning continued sales of our Vari-lase consoles for use with our Bright Tip fibers. With this decision, the Court has now confirmed that we are able to continue selling our full range of Vari-Lase products unimpeded by the jury's verdict concerning U.S. sales of our since-discontinued bare-tipped fibers. We also have completed our appeal of the Diomed verdict, with an oral argument expected to be heard in the second quarter. Concerning the separate VNUS Medical patent litigation with Diomed and AngioDynamics as co-defendants, the trial has now been set to commence on June 23, 2008 and last approximately 4 weeks. In January we received 510(k) clearance for our new WireFiber laser fiber and last week performed a successful initial clinical evaluation. We continue to believe in the validity of our defenses to the VNUS litigation and our ability to react to the range of outcomes possible in any litigation," Mr. Root added.
Net sales of access products (primarily consisting of micro-introducer kits and specialty guidewires), were $892,000 in the fourth quarter, an increase of 77% over the fourth quarter of 2006. "In the fourth quarter we benefited from increased sales of the Guardian hemostasis valve that we launched in July. Looking forward, we have two new specialty versions of introducer sheaths that we recently launched at our national sales meeting and a new guidewire that we expect to launch in the beginning of the second quarter to drive 2008 growth in access products sales," Mr. Root added.
Net sales of specialty catheters (primarily consisting of the Langston(r) dual lumen catheters, Twin-Pass(r) dual access catheters and Skyway(r) support catheters), were $881,000 in the fourth quarter of 2007, an increase of $4,000 over the fourth quarter of 2006, and an increase of 20% sequentially from the third quarter. "With our major R&D work in vein products completed in 2007, we are now devoting additional effort to developing new and improved specialty catheters in 2008," commented Mr. Root. "In January we began an expanded launch of our Gopher catheter, and by the end of the first quarter we expect to launch our new Gandras catheter for pelvic artery catheterizations to drive 2008 sales growth of specialty catheters," Mr. Root added.
Overall gross margin across all product lines was 67.4% in the fourth quarter of 2007, slightly below expectations due to increased sales of vein products and a slight increase from 67.0% gross margin in the fourth quarter of 2006. Based on projected selling mix across products, overall gross margin on product sales for the first quarter of 2008 is expected to increase to approximately 68.0%.
Net income for the fourth quarter was $519,000 or $0.03 per share, compared to net income of $90,000 or $0.01 per share in the fourth quarter of 2006. During the fourth quarter of 2007 the company expensed $36,000 in estimated expenses relating to the Diomed judgment, $10,000 in thrombin qualification expenses and $381,000 of stock-based compensation expense. As adjusted (excluding the Diomed judgment expenses, thrombin qualification expenses and stock-based compensation expense, and assuming a fully-taxed rate of 39%) net income was $649,000 or $0.04 per fully diluted share in the fourth quarter of 2007, increasing from adjusted net income of $430,000 or $0.03 per fully diluted share in the fourth quarter of 2006. During the fourth quarter of 2007 the company incurred approximately $500,000 in legal expenses, primarily related to the preparation for the trial with VNUS Medical, the litigation with Marine Polymer Technologies that is scheduled for trial on March 10, 2008 and the appeal of the verdict in the litigation with Diomed.
Regarding future revenue and income guidance, net revenue for the first quarter is expected to be between $14.5 million and $14.8 million, an increase of approximately 20% over the first quarter of 2007. Corresponding adjusted net income in the first quarter is expected to be between $0.04 and $0.06, reflecting a continued high level of expenses related to litigation. For 2008, the company is reiterating its guidance for net revenue of between $61 million and $64 million and is increasing its guidance for adjusted net earnings per share of between $0.25 and $0.33. "We are very pleased with our results in the fourth quarter, and we continue to believe that our strategy of internally developing a variety of new clinically-based products sold by our focused direct sales force to our existing customers will allow us to achieve our next long term milestone, which is $100 million in annualized revenue in 2010. We believe that our future growth will benefit from several new products for significant market opportunities that we expect to launch in 2008," concluded Mr. Root.
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