Intravascular ultrasound developer Volcano credited its execution of sales, market development, and clinical strategies for double-digit growth in revenues in 2010.
Volcano achieved a 29% gain in revenues to $294.1 million last year, compared with $227.9 million in 2009. Net income totaled $5.2 million, compared with a net loss of $29 million in 2009.
In the fourth quarter, Volcano reported revenues of $81.2 million, compared with $71 million in the fourth quarter of 2009. Revenues were negatively affected by approximately $3 million related to the transition of a distributor relationship in Japan.
The company reported a net loss of $1.7 million, compared with a net loss of $12.1 million in the same quarter of 2009. Net loss was due, in part, to $4.9 million in expenses related to Volcano's litigation with LightLab Imaging and litigation costs of $2.8 million.
Volcano also forecast revenues between $347 million and $352 million in 2011.
