LAWRENCE, Mass., Feb. 25 /PRNewswire-FirstCall/ -- NxStage Medical, Inc. , a leading manufacturer of innovative dialysis products, today reported financial results for the three months and twelve months ended December 31, 2009, that include revenue and Adjusted EBITDA results above the top end of its guidance ranges.
Home revenues grew to $63.5 million for the full-year 2009 compared with revenues of $48.3 million for the full-year 2008. Home revenues increased to $17.5 million in the fourth quarter of 2009 compared with revenue of $13.5 million in the fourth quarter of 2008, representing a 30 percent increase.
Annual revenues in the In-Center market, from the Company's Medisystems business, were $62.9 million for the full-year 2009, compared with revenues of $61.9 million for the full-year 2008. Fourth quarter revenues were $16.0 million, in line with the Company's expectations and compared with $16.7 million in the fourth quarter of 2008.
NxStage reported a net loss of $43.5 million or ($0.93) per share for the full-year 2009 compared with a net loss of $51.2 million or ($1.23) per share for the full-year 2008. The Company reported a net loss of $8.7 million or ($0.19) per share for the fourth quarter of 2009 compared with a net loss of $9.8 million, or ($0.21) per share for the fourth quarter of 2008.
Guidance:
For the first quarter of 2010, the Company is forecasting revenues to be between $38 million and $39.5 million, a net loss in the range of $9.0 to $10.0 million or ($0.19) to ($0.21) per share, and an Adjusted EBITDA loss in the range of $1 to $2 million.
This release contains a non-GAAP financial measure, a reconciliation of the Company's non-GAAP financial measure to its most comparable GAAP financial measure is in the exhibits to this press release.
A replay of the conference call will be available 2 hours after the start of the call through March 11, 2010. To access the replay dial 888-286-8010 (domestic) or 617-801-6888 (international) and enter passcode 89582057. An online archive of the conference call can be accessed via the investor relations section of the Company's website at www.nxstage.com/ir.cfm.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward- looking statements. Examples of these forward-looking statements include statements as to the anticipated demand for the Company's products, anticipated operating results, including revenues, loss, gross margin and Adjusted EBITDA numbers, expectations regarding achievement of improved cash flow, and other expectations as to future operating results. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond NxStage's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements, including market acceptance and demand for NxStage's products, growth in home and/or daily hemodialysis, unanticipated difficulties in achieving operational efficiencies and cost reductions, changes in reimbursement for home and daily hemodialysis, changes in the regulatory environment, changes in the historical purchasing patterns and preferences of our major customers, including DaVita Inc., and certain other factors that may affect future operating results and which are detailed in NxStage's filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the period ended September 30, 2009.
Non-GAAP Financial Measure
The Company discloses a non-GAAP financial measure to supplement the Company's consolidated financial statements presented on a GAAP basis. This non-GAAP measure is not in accordance with, or an alternative for, generally accepted accounting principles in the United States and may be different from similar non-GAAP financial measures used by other companies. The non-GAAP financial measure disclosed by the Company is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Management uses Adjusted EBITDA (EBITDA adjusted for stock based-compensation, deferred revenue recognized, and other non-cash and non-recurring expenses) to understand operational cash usage. The Company believes this non-GAAP financial measure provides useful and supplementary information allowing investors greater transparency to one measure used by management. This non-GAAP financial measure is meant to supplement, and to be viewed in conjunction with, GAAP financial measures. This non-GAAP financial measure is reconciled to the most comparable GAAP financial measure below.
NxStage Medical, Inc.
