SonoSite revenues up, trims losses in Q2

Handheld-ultrasound developer SonoSite reported second-quarter revenues of $20.1 million, an increase of 21% compared with $16.6 million in the same period last year. For the quarter (end-June 30), the Bothell, WA-based vendor had a net loss of $1.3 million, compared with a net loss of $2.5 million in the second quarter of fiscal 2002.

For the first half of fiscal 2003, the firm said it had revenues of $37.3 million, a 27% increase compared with $29.4 million for the same period in 2002. It reported ongoing success with controlling expenses, posting a loss of $3.9 million, a decrease of nearly 40% compared with a net loss of $6.2 million for the first six months of fiscal 2002.

The company reported that its U.S. quarterly revenues rose 33% when benchmarked against the same period last year. It attributes this to positive response to its new Titan system, continued demand for its 180Plus product, and expansion into the vascular-access market with its Visual Procedures division.

Although European revenues rose 48% from a year ago for the period, they were below company expectations. The firm attributed the shortfall to a new healthcare reimbursement system in Germany as well as personnel and logistical issues in France and Spain during the Titan system launch.

The Japanese market saw an 89% downturn to date for the developer as a result of issues with its partner, Olympus. According to SonoSite, Olympus has undergone significant organizational changes that have affected Olympus’ capabilities to provide sufficient sales and marketing focus on its products. The company said it is working on additional distribution arrangements which it hopes to complete by this year.

By AuntMinnie.com staff writers
August 1, 2003

Related Reading

SonoSite revenues up, losses down for Q1, May 1, 2003

SonoSite debuts Titan, April 10, 2003

SonoSite notches profitable quarter, February 14, 2003

SonoSite hits milestone, February 3, 2003

SonoSite revenues climb, October 24, 2002

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