-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AG6fUcp4De3AImdEGQ7HTAjJiE9wgtw8UEo3m6PRY2PwgEMSP0QwjO/qbTYzRxXh 1Fmqb/tKRvU2UtFswDo4hg== 0000891618-03-002007.txt : 20030423 0000891618-03-002007.hdr.sgml : 20030423 20030423161543 ACCESSION NUMBER: 0000891618-03-002007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030423 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VISX INC CENTRAL INDEX KEY: 0000837991 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 061161793 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10694 FILM NUMBER: 03660246 BUSINESS ADDRESS: STREET 1: 3400 CENTRAL EXPRESSWAY CITY: SANTA CLARA STATE: CA ZIP: 95051 BUSINESS PHONE: 4087332020 MAIL ADDRESS: STREET 1: VISX INC STREET 2: 3400 CENTRAL EXPRESSWAY CITY: SANTA CLARA STATE: CA ZIP: 95051-0703 FORMER COMPANY: FORMER CONFORMED NAME: TAUNTON TECHNOLOGIES INC DATE OF NAME CHANGE: 19901212 8-K 1 f89453e8vk.htm FORM 8-K Visx, Inc., Form 8-K
Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

April 23, 2003

Date of Report (Date of earliest event reported)

VISX, INCORPORATED

(Exact name of registrant as specified in its charter)
         
Delaware   1-10694   06-1161793
 
 
(State or other
jurisdiction of
incorporation)		   (Commission
File Number) 		  (IRS Employer
Identification No.)

3400 Central Expressway, Santa Clara, California 95051-0703

(Address of principal executive offices)

(408) 733-2020

(Registrant’s telephone number, including area code)

 

Item 9. Regulation FD Disclosure
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1

Table of Contents

Item 9.   Regulation FD Disclosure

          On April 23, 2003, the Company issued an earnings release announcing its financial results for the quarter ended March 31, 2003. A copy of the earnings release is attached as Exhibit 99.1. The information contained in the attached Exhibit 99.1 and contained in Item 9 of this Current Report is being furnished pursuant to “Item 12. Results of Operations and Financial Condition” of Form 8-K in accordance with SEC Release Nos. 33-8216 and 34-47583.

          The information contained in the attached Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
    VISX, INCORPORATED
 
     
 
           Date: April 23, 2003   By: /s/ TIMOTHY R. MAIER
Timothy R. Maier
Executive Vice President and
Chief Financial Officer

 

Table of Contents

EXHIBIT INDEX

     
Exhibit No   Description
 
99.1   Press release of the Company dated April 23, 2003

  EX-99.1 3 f89453exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 VISX ANNOUNCES FIRST QUARTER 2003 EARNINGS RESULTS LICENSE REVENUE INCREASES 20% FROM FOURTH QUARTER SANTA CLARA, CALIFORNIA, APRIL 23, 2003 - VISX, INCORPORATED (NYSE Symbol: EYE) today announced financial results for the first quarter ended March 31, 2003. First quarter revenues were $34,433,000 compared with $36,585,000 for the comparable period of the prior year. Net income was $5,476,000, or $0.11 per diluted share, in the first quarter of 2003 compared with net income of $6,503,000, or $0.12 per diluted share, in the comparable period of the prior year. Liz Davila, chairman, president, and CEO of VISX, stated, "I am pleased to report that we exceeded our expectations in license revenue growth for the quarter. We saw a 20% increase from the previous quarter, exceeding our expectation of 10 to 15%. We shipped 107 WaveScan Systems, providing further confirmation that our customers are excited about our new CustomVue procedure, a new laser vision correction procedure that has the potential to improve vision beyond contacts and glasses." Davila continued, "In these difficult economic times, we look to measures such as market share and profitability to ensure that we are managing our business effectively. We saw healthy operating margins of 24% this quarter, and for the past three years, we have achieved 60% market share. We are excited about our prospects for the future, where, in spite of the current economic downturn, we have an opportunity to improve our financial results as our customers shift to the new CustomVue procedure." OTHER HIGHLIGHTS: - VISX completed a global litigation settlement and patent cross-license agreement with Nidek, resolving all litigation between the parties worldwide. The Company experienced legal savings of approximately $2 million in the first quarter and estimates total fiscal year savings of over $5 million as a result of this settlement. VISX now has license agreements with Alcon, Bausch & Lomb, LaserSight, Nidek, Schwind, WaveLight, and Zeiss-Meditech. - VISX purchased all technology related to its WaveScan product from 20/10 Perfect Vision. WaveScan provides the diagnostic evaluation for CustomVue procedures. FINANCIAL OUTLOOK: For the second quarter of 2003, VISX believes that revenue will continue to be impacted by the difficult economic environment as well as delayed sales due to the anticipation of its new CustomVue procedure that is currently awaiting FDA approval. It anticipates higher marketing and R&D expenses in the quarter. As a result, the Company believes that revenues will be in the range of $31 to $32.5 million and EPS is expected to be in the six to eight cent range for the quarter. VISX remains cautious about its outlook for 2003. Assuming the laser vision correction procedure volume is similar to 2002, the Company anticipates that FDA approval to market its CustomVue procedure could provide modest incremental revenue in 2003 and yield favorable revenue comparisons for 2003 compared with 2002. The revenue contribution from CustomVue procedures is expected to grow significantly in 2004 and beyond. CONFERENCE CALL: VISX management will discuss its first quarter results and future business outlook on a conference call at 5:00 p.m. eastern time on April 23, 2003. The call will be Webcast live at www.visx.com and will be available for a period of one week following the call. A telephone rebroadcast of the call will also be available for one week following the conclusion of the call. To access the rebroadcast via telephone, call 800-633-8284 and enter reservation number 21140124. ABOUT VISX CUSTOMVUE VISION CORRECTION: CustomVue laser vision correction employs a diagnostic laser system that analyzes the optical errors in the eye. Much like a fingerprint, each person's visual error is unique and can now be captured through the use of the VISX WaveScan System. The information is digitally recorded, transferred to the VISX STAR S4 System and the CustomVue vision correction procedure is customized based on the specific refractive errors of the individual. This means that the CustomVue procedure has the potential to improve vision beyond correction with contacts and glasses. ABOUT VISX: VISX is a worldwide market leader in the design, manufacture, and sale of laser vision correction systems. Ophthalmologists have performed over 5 million procedures using VISX Systems, reducing or eliminating completely the need for contacts or glasses. Additional information on VISX can be found on the worldwide web at www.VISX.com. This press release contains certain forward-looking statements based on current expectations, forecasts, and assumptions of VISX that involve risks and uncertainties. Forward-looking statements in this release, including statements that financial results may improve in spite of an economic downturn as our customers shift to the new CustomVue procedure, that we expect fiscal year savings of over $5 million as a result of the Nidek settlement, that we anticipate receiving FDA approval in the second quarter for CustomVue procedures, that our revenue in the second quarter is projected be in the range of $31 to $32.5 million and EPS will be in the range of six to eight cents, that similar procedure volume could yield favorable revenue comparisons for 2003 compared with 2002, and that the revenue contribution from CustomVue procedures is expected to grow significantly in 2004 and beyond, are based on information available to the Company as of the date hereof. The Company's actual results could differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with the Company's business, which include the fact that market acceptance of our products is uncertain and depends on broad acceptance by physicians and patients, that adverse economic conditions may cause our revenues to decline, that expenses are relatively fixed in the short term and declines in revenue would have an immediate impact on earnings per share, that the FDA process is lengthy and expensive and approval is never certain, and that delays or an inability to obtain FDA approval could negatively impact the Company's future financial results. Further information on risk factors is contained in the Company's most recent filings with the Securities and Exchange Commission, including VISX's Annual Report and Form 10K for the year ended December 31, 2002. The Company assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. Editors' Note: VISX, VISX WaveScan, WaveScan, VISX STAR S4, VISX CustomVue, and CustomVue are trademarks of VISX, Incorporated. - TABLES TO FOLLOW - VISX, INCORPORATED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share amounts)
THREE MONTHS ENDED (Unaudited) ------------------------ 03/31/2003 03/31/2002 ---------- ----------- System sales ........................ $ 9,926 $ 9,915 License, service and other revenue .. 24,507 26,670 ------ ------ Total revenues ............... 34,433 36,585 ------ ------ Cost of revenues .................... 13,185 12,604 Marketing, general and administrative 9,093 10,518 Research, development and regulatory 4,046 4,245 ------ ------ Total costs and expenses ..... 26,324 27,367 ------ ------ Income from operations ....... 8,109 9,218 Interest and other income, net ...... 943 1,531 ------ ------ Income before income taxes ... 9,052 10,749 Provision for income taxes .......... 3,576 4,246 ------ ------ Net income ................... $ 5,476 $ 6,503 ======= ======= Earnings per share Basic ........................ $ 0.11 $ 0.12 ======= ======= Diluted ...................... $ 0.11 $ 0.12 ======= ======= Shares used for earnings per share Basic ........................ 51,342 54,509 ======= ======= Diluted ...................... 51,805 55,581 ======= =======
CONDENSED CONSOLIDATED BALANCE SHEET (In thousands)
03/31/2003 12/31/2002 ---------- ---------- Cash, cash equivalents and short-term investments $129,885 $122,955 Accounts receivable ............................. 25,927 24,559 Inventories ..................................... 14,244 12,751 Other current assets ............................ 20,128 23,488 -------- -------- Current assets ........................... 190,184 183,753 Property and equipment, net ..................... 7,230 6,498 Long-term deferred tax and other assets ......... 9,440 10,341 -------- -------- Total assets ............................. $206,854 $200,592 ======== ======== Accounts payable ................................ $ 5,617 $ 4,341 Accrued liabilities ............................. 40,621 41,061 -------- -------- Current liabilities ...................... 46,238 45,402 Stockholders' equity ............................ 160,616 155,190 -------- -------- Total liabilities and stockholders' equity..... $206,854 $200,592 ======== ========
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