vascular solutions inc (VA4) Snapshot

Vascular Solutions Inc. Presents at Benchmark Company, LLC One-on-One Investor Conference, May-30-2013 . Venue: The Pfister Hotel, 424 E. Wisconsin Avenue, Milwaukee, Wisconsin, United States.

Vascular Solutions Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, total revenue was $26.064 million against $23.793 million a year ago. Operating earnings was $2.904 million against $3.127 million a year ago. Earnings before income tax was $2.888 million against $3.129 million a year ago. Net earnings was $2.125 million or $0.13 per diluted share against $1.909 million or $0.12 per diluted share a year ago. Adjusted revenue was $26.414 million, operating earnings was $3.679 million, EPS was $0.16. Operating income in the first quarter of 2013 was negatively impacted by $317,000 in additional taxes resulting from the new U.S. medical device excise tax that was effective January 1, 2013. The company generated $4.9 million in cash from operations and used cash of approximately $1.8 million on capital expenditures and $1.1 million to purchase shares that vested under outstanding restricted stock awards to satisfy income tax withholding requirements. On an adjusted basis, net income was $2.6 million, an increase from $1.9 million in the year ago quarter. For 2013, Vascular Solutions is maintaining guidance for net revenue of between $106 million and $110 million. The mid-point of this range represents an increase of 10% from $98.4 million in 2012. Also for 2013, Vascular Solutions continues to expect net earnings, adjusted to exclude the effects of the Guardian product recall, of between $0.66 and $0.70 per fully diluted share, which at the mid-point represents growth of 13% from $0.60 in 2012. On a GAAP basis, this adjusted earnings guidance corresponds to net earnings of between $0.62 and $0.66 per fully diluted share. Both the adjusted and GAAP earnings per share guidance for 2013 include between $1.3 million and $1.5 million for the U.S. medical device excise tax, and an assumed 36% effective income tax rate. For the second quarter of 2013, Vascular Solutions is providing guidance for net revenue of between $26.5 million and $27.5 million, which at the mid-point would represent growth of 9% from $24.7 million in the second quarter of 2012. Net earnings for the second quarter of 2013 are projected to be between $0.16 and $0.17 per fully diluted share, representing an increase of 12% at the mid-point compared to $0.15 in the second quarter of 2012. The company's net earnings guidance for the second quarter of 2013 includes $0.35 million for the U.S. medical device excise tax, and an assumed 38% effective income tax rate.

Vascular Solutions Inc., Q1 2013 Earnings Call, Apr 23, 2013