Advanced Neuromodulation Systems Increases Revenue and Earnings Guidance.Business Editors DALLAS--(BUSINESS WIRE)--Jan. 9, 2003 Reflecting continued strong sales of its implantable neurostimulation devices, Advanced Neuromodulation Systems Advanced Neuromodulation System is a subsidiary of St. Jude Medical, Inc based in Plano, Texas. Among the products ANS makes and sells include spinal cord stimulators for intractable pain. , Inc. (ANS (ANS Communications, Inc, Purchase, NY) An ISP, Internet backbone and provider of private data network services, founded in 1990 as Advanced Network & Services, Inc., by IBM, MCI and Merit (consortium of Michigan universities). ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANSI (American National Standards Institute, New York, www.ansi.org) A membership organization founded in 1918 that coordinates the development of U.S. voluntary national standards in both the private and public sectors. It is the U.S. member body to ISO and IEC. ) today increased its revenue and earnings guidance for 2002 and 2003. "ANS' impressive revenue and earnings growth is the result of the enthusiastic response among a growing base of physicians and their patients to our Genesis(TM) and Genesis XP(TM) Totally Implantable Pulse Generator implantable pulse generator Cardiac pacing A pacemaker used for permanent pacing, which is placed inside a pocket under the skin; the leads are positioned in or on the heart (IPG IPG Implantable pulse generator, see there ) Spinal Cord Stimulators Spinal Cord Stimulator (SCS) or Dorsal Column Stimulator (DCS) is an implantable medical device used to treat chronic pain of neurologic origin. An electric impulse generated by the device near the dorsal surface of the spinal cord provides a paresthesia ("tingling") ," said President and Chief Executive Officer Chris Chavez. ANS expects revenue for the fourth quarter ended December 31, 2002 to increase by at least 66%, including a near doubling of neuro segment revenue, to the range of $17,400,000 to $17,800,000, and net income per share to increase by about 150% to approximately $0.18 to $0.19 per diluted share. For the fourth quarter of 2001, ANS reported revenue of $10,471,000 and net income of $680,000, or $0.07 per diluted share. For the year ended December 31, 2002, ANS expects revenue to increase by about 50%, including about a 66% increase in neuro segment revenue, to the range of $56,600,000 to $57,000,000, and net income per share to increase by about 260% to approximately $0.54 to $0.55 per diluted share. For 2001, ANS reported revenue of $37,916,000 and net income of $0.15 per diluted share. Final financial operating results for the fourth quarter and the year ended December 31, 2002 are, of course, subject to completion of the Company's financial audit and any required audit adjustments. For 2003, the company added that it currently expects revenue in the range of $71,000,000 to $75,000,000 and net income in the range of $0.78 to $0.83 per diluted share. Previously, ANS anticipated revenue for 2003 in the range of $69,000,000 to $72,000,000 and net income in the range of $0.75 to $0.79 per diluted share. Industry analysts estimate that the spinal cord spinal cord, the part of the nervous system occupying the hollow interior (vertebral canal) of the series of vertebrae that form the spinal column, technically known as the vertebral column. stimulation market, including both radio frequency (RF) and IPG systems, currently approximates $300 million and is growing 20% annually. The broader neuromodulation market also is expected to grow from approximately $700 million in 2002 to $1.1 billion by 2005. "The strong financial performance we anticipate shows that ANS is on the right track to continue to participate in our industry's rapid growth," Chavez said. About Advanced Neuromodulation Systems Advanced Neuromodulation Systems designs, develops, manufactures and markets implantable systems used to manage chronic intractable pain intractable pain Refractory pain Pain medicine Persistent pain which does not respond to at least 3 dosease of parenteral analgesics given over a 12-24 hr period; pain that does not respond to appropriate doses of opioid analgesics. and other disorders of the central nervous system. Forbes magazine recently recognized ANS as one of America's 200 Best Small Companies. Additional information is available at www.ans-medical.com. "Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements contained in this document that are not based on historical facts are "forward-looking statements." Terms such as "plan," "should," "would," "anticipate," "believe," "intend," "estimate," "expect," "predict," "scheduled," "new market," "potential market applications" and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: completion of the Company's financial audit and any adjustments required thereby; continued market acceptance of the Genesis(TM) IPG; continued market acceptance of the Genesis XP(TM) IPG; continued market acceptance of our Renew(R) system following the launch of the Genesis IPG and Genesis XP IPG; completion of research and development projects in an efficient and timely manner; obtaining regulatory approvals on a timely and cost-efficient basis to permit the introduction of new products; the satisfactory completion of clinical trials and/or market tests prior to the introduction of new products; the adequacy, acceptability and timeliness of component supply; the approval of new products by reimbursement agencies like insurance companies, HMOs, Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. ; the efficacy of the Company's products for new applications; attracting interest from potential partners to develop other applications for our neuromodulation technology platforms; competition; and other risks detailed from time to time in the Company's SEC filings. Consequently, if such management assumptions prove to be incorrect or such risks or uncertainties materialize, anticipated results could differ materially from those forecast in forward-looking statements. |
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