-----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, B6tUnhOffNjJu1pD3xQOGQNqKL3XFGooa1ZVqMYV0DPbYkN9d4fB8eoynGs/NeXi lF7xu7Z1WCokX8Bcf3vF5w== 0000891092-04-001821.txt : 20040422 0000891092-04-001821.hdr.sgml : 20040422 20040422080830 ACCESSION NUMBER: 0000891092-04-001821 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040422 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LASERSCOPE CENTRAL INDEX KEY: 0000851737 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 770049527 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18053 FILM NUMBER: 04746765 BUSINESS ADDRESS: STREET 1: 3052 ORCHARD DR CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 4089430636 8-K 1 e17585_8k.txt CURRENT REPORT 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 Date of Report: APRIL 22, 2004 Commission File Number: 000-18053 LASERSCOPE (Exact name of Registrant as specified in its charter) CALIFORNIA 77-0049527 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 3070 ORCHARD DRIVE SAN JOSE, CA 95134-2011 (Address of principal executive offices) (408) 943-0636 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name or former address, if changed since last report) ITEM 7(c). EXHIBITS 99.1 Press release dated April 22, 2004 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 22, 2004, Laserscope issued a press release announcing its financial results for the quarter ended March 31, 2004. A copy of the release is attached as Exhibit 99.1 and incorporated by reference herein. The information in this Form 8-K and the Exhibit attached hereto is being furnished pursuant to Item 12, Results of Operations and Financial Condition. It shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, regardless of any general incorporation language in such filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. LASERSCOPE (Registrant) Date: April 22, 2004 By: /s/ Dennis LaLumandiere ------------------------------------- Dennis LaLumandiere Vice President, Finance, Chief Financial Officer and Secretary INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION - ------- ----------------------------------- 99.1 PRESS RELEASE DATED APRIL 22, 2004. EX-99.1 3 e17585ex99-1.txt PRESS RELEASE Exhibit 99.1 Laserscope Reports Record Revenues for 2004 First Quarter 51% Revenue Increase Driven by Strong GreenLight PVP Sales First Quarter Highlights: * Revenues increased 51% to $18.8 million quarter-over-quarter * Gross margin increased to 56% * GreenLight PV(TM) fiber volumes increased by 355% quarter-over-quarter * Cash balance grew to $8.7 million from $7.2 million at the end of 2003 SAN JOSE, Calif., April 22 /PRNewswire-FirstCall/ -- Laserscope (Nasdaq: LSCP), a pioneer in the development and commercialization of medical lasers and advanced fiber-optic devices, today reported record revenues of $18.8 million for its first quarter ended March 31, 2004, a 51% increase from $12.5 million in the year-ago quarter. Sequentially, revenues increased 5% from $17.8 million for the quarter ended December 31, 2003. First quarter 2004 net income was $2.2 million, or $0.10 per diluted share, compared with net income of $135,000, or $0.01 per diluted share, in the same quarter last year, and net income of $1.5 million, or $0.07 per diluted share, for the fourth quarter of 2003. "We had a stellar quarter, driven primarily by strong growth in our GreenLight PVP(TM) urology business," said Eric Reuter, President and Chief Executive Officer of Laserscope. "Our innovative procedure for the treatment of Benign Prostatic Hyperplasia (BPH), or enlarged prostate, continues to gain traction at a rapid pace both domestically and internationally. Recent substantial increases to the Medicare reimbursement rate for this procedure done in outpatient hospitals in the United States should further encourage utilization of our treatment going forward." Gross margin for the first quarter of 2004 was approximately 56%, compared with approximately 50% for the first quarter of fiscal 2003 and approximately 54% for the fourth quarter of 2003, primarily as the result of changes in product mix and better ASPs for the company's GreenLight lasers. Selling, general and administrative expenses were $6.7 million, or 36% of revenues, in the first quarter of 2004, compared with $5.1 million, or 41% of revenues, in the year-ago quarter. Increased SG&A spending resulted primarily from higher sales and marketing expenses relating to the company's GreenLight PV products, as well as higher direct selling expenses for domestic aesthetic products. The company strengthened its balance sheet during the quarter. At March 31, 2004, the company had no short-term bank borrowings and a cash position of $8.7 million, up from $7.2 million at the end of 2003. "During the first quarter, we sold a total of 49 GreenLight PV laser systems and increased sequential fiber volume by 19% to 6,403 fibers, compared to 39 systems and 5,364 fibers sold in the fourth quarter," continued Mr. Reuter. "This performance was accomplished in spite of the normal seasonality experienced during the Holiday period and is further indication of the accelerating adoption of the PVP procedure. Additionally, our GreenLight PV system backlog remained strong at 19 systems at the end of the first quarter, the same as at the end of the fourth quarter of 2003. "Although first quarter revenues in our aesthetics business were up only about 4% compared to the prior year, we have a very strong aesthetic backlog, especially for our newest Gemini Laser," said Mr. Reuter. "The Gemini, which was recently FDA-approved for the treatment of acne, permanent hair reduction and wrinkle reduction, is now approved for a total of 21 different procedures, and can perform over 90% of all aesthetic laser procedures available in a physician's office. We are seeing strong preliminary acceptance and demand for the product in the market. "We are continuing to successfully execute on our business plan in both our urology and aesthetics businesses and have built considerable momentum over the last several quarters. We believe we are on track for a strong year." Guidance In recognition of strengthening adoption of the company's GreenLight PVP treatment for enlarged prostate and the recently launched Gemini aesthetic laser system, Laserscope is revising its financial forecast for fiscal year 2004 as follows: * Revenue is expected to be approximately $86 million in 2004, up from a previous forecast of $70 million. * Gross margin, as a percentage of 2004 revenues, is expected to be in the range of 57% to 60% for the full year. * Net income per share is expected to be in the range of $0.50 - $0.55 per diluted share assuming a tax rate of approximately 13%, up from a previous forecast of $0.32 - $0.34 per diluted share. The Company expects continued growth in profitability with the highest growth occurring in the traditionally strong fourth quarter. * GreenLight fiber sales worldwide are expected to be in the range of 31,000 - 33,000 for the full year. Management Conference Call Management of Laserscope will hold a conference call on Thursday, April 22, 2004, at 8:00 am PT / 11:00 am ET to discuss the results for the quarter. To listen to the call, please dial 800-240-7305 (303-205-0066 for international callers) at least five minutes prior to the start time. Investors will also have the opportunity to listen to the conference call live on the Internet through Laserscope's Web site at www.laserscope.com or Thomson/CCBN's Web site at www.fulldisclosure.com. Investors should go to either Web site a few minutes early, as it may be necessary to download audio software to hear the conference call. A replay of the call will be available through April 29, 2004 by dialing 800-405-2236 (303-590-3000 for international callers), passcode 576973. A replay of the webcast will also be available at Laserscope's Web site. Additional information on Laserscope, including an archive of corporate press releases is also available on the Company's Web site. About Laserscope Laserscope designs, manufactures, sells and services on a worldwide basis an advanced line of medical laser systems and related energy delivery devices for the office, outpatient surgical center, and hospital markets. More information about Laserscope can be found on the Company's web site at www.laserscope.com. Except for historical information presented, the matters discussed in this announcement may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. These risks are detailed from time to time in the Company's public disclosure filings with the U.S. Securities and Exchange Commission (SEC). Copies of Laserscope's public disclosure filings with the SEC, including the most recent Annual Report on Form 10-K and the most recent forms 10-Q are available upon request from its Investor Relations Department. For further information please contact: Eric Reuter, President & CEO, or Dennis LaLumandiere, CFO, both of Laserscope, +1-408-943-0636; or analysts, Tricia Ross, or general inquiries, Laurie Berman, both of Financial Relations Board, +1-310-407-6555, for Laserscope. -Tables to Follow - Laserscope GreenLight PV(TM) Fiber Sales (Units) 2004 Q1 U.S. Hospitals & Clinics 1,599 U.S. Mobile Service Providers 3,419 International Customers 1,385 Total 6,403 2003 Q1 Q2 Q3 Q4 Year U.S. Hospitals & Clinics 466 589 931 1,333 3,319 U.S. Mobile Service Providers 775 1,671 1,654 2,515 6,615 International Customers 165 815 829 1,516 3,325 Total 1,406 3,075 3,414 5,364 13,259 LASERSCOPE FINANCIAL SUMMARY (Unaudited) Condensed Consolidated Statements of Income Three Months Ended March 31, (thousands except per share amounts) 2004 2003 Net revenues $18,750 $12,456 Cost of sales 8,164 6,191 Gross margin 10,586 6,265 Operating expenses: Research and development 1,239 1,008 Selling, general and administrative 6,733 5,064 7,972 6,072 Operating income 2,614 193 Interest and other income (expense), net (69) (36) Income before income taxes 2,545 157 Provision for income taxes 331 22 Net income $2,214 $135 Basic net income per share $0.11 $0.01 Diluted net income per share $0.10 $0.01 Shares used in basic per share calculations 20,342 16,899 Shares used in diluted per share calculations 22,682 18,858 Condensed Consolidated Balance Sheets March 31, December 31, (thousands) 2004 2003 Assets Current assets: Cash & cash equivalents $8,700 $7,158 Accounts receivable, net 12,754 12,711 Inventories 14,681 13,368 Prepayments and other current assets 1,465 1,315 Total current assets 37,600 34,552 Property and equipment, net 1,596 1,645 Other assets 852 831 Total assets $40,048 $37,028 Liabilities and Shareholders' Equity Current liabilities $13,830 $13,830 Shareholders' equity 26,218 23,198 Total liabilities and shareholders' equity $40,048 $37,028 SOURCE Laserscope -0- 04/22/2004 /CONTACT: Eric Reuter, President & CEO, or Dennis LaLumandiere, CFO, both of Laserscope, +1-408-943-0636; or analysts, Tricia Ross, or general inquiries, Laurie Berman, both of Financial Relations Board, +1-310-407-6555, for Laserscope/ /Web site: http://www.laserscope.com / /Audio: http://www.fulldisclosure.com / (LSCP) CO: Laserscope ST: California IN: BIO HEA MTC CPR ECP SU: ERN CCA ERP -----END PRIVACY-ENHANCED MESSAGE-----