LAWRENCE, Mass., May 8, 2012 /PRNewswire/ --
Highlights:
- Total Revenue Increases 13% to $57.0 million
- Home Revenue Increases 13% to $29.6 million
- Company Converts Outstanding Debt to Equity with Strategic Partner, Asahi Kasei Medical Co., Ltd. and Announces System One Collaboration in Japan
NxStage® Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today reported financial results for the first quarter ended March 31, 2012, with total revenue at the top end of its guidance range.
(Logo: http://photos.prnewswire.com/prnh/20110503/MM94799LOGO )
Revenue for the first quarter of 2012 increased 13 percent to $57.0 million, compared with revenue of $50.6 million for the first quarter of 2011. The higher revenues were driven by increased adoption of the NxStage System One.
Home revenue for the first quarter of 2012 increased 13 percent to a record $29.6 million compared with revenues of $26.0 million for the first quarter of 2011.
Critical Care revenue increased 32 percent to $9.8 million for the first quarter of 2012 compared with revenues of $7.4 million for the first quarter of 2011. Revenue in the In-Center market increased to $17.6 million for the first quarter of 2012 compared with revenues of $17.1 million for the first quarter of 2011.
“NxStage delivered another solid quarter in Q1, reflecting strong, healthy underlying trends across our business,” stated Jeffrey H. Burbank, Chief Executive Officer of NxStage Medical, Inc. “More importantly, we’re advancing key strategic initiatives designed to strengthen and expand NxStage’s growth and add long-term shareholder value. We remain confident and are reaffirming our guidance for 2012.”
NxStage reported a net loss of $5.1 million or $(0.09) per share for the first quarter of 2012 compared with a net loss of $6.0 million or $(0.11) per share for the first quarter of 2011.
For the first quarter of 2012, the Company reported Adjusted EBITDA, adjusted for stock-based compensation, deferred revenue recognized, manufacturing transition costs and other non-cash expenses, of $1.8 million compared with $1.1 million for the first quarter of 2011. (See the exhibits for a reconciliation of this non-GAAP measure.)
Separately, the Company announced that Asahi Kasei Medical Co., Ltd. converted all of its $45.2 million outstanding debt and accrued interest with NxStage, into newly issued common stock shares of NxStage at a price of $18.41 per share on May 4, 2012. The Companies are also collaborating to develop the Japanese market opportunity for the NxStage System One.
“This transaction speaks to the continued level of confidence that Asahi has in NxStage, and puts NxStage in its strongest financial position in its history. The NxStage brand has never been stronger, and with this we believe we are well positioned to go after compelling opportunities ahead,” stated Burbank.
Guidance:
For the second quarter of 2012, the Company is forecasting revenues to be between $57 million and $58 million, a net loss in the range of $5.0 million to $6.0 million, including $1.0 million for the write-off of the unamortized debt discount related to the Asahi debt conversion, or $(0.09) to $(0.10) per share, and Adjusted EBITDA in the range of $1.0 million to $2.0 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.
Conference Call:
NxStage will also host a conference call today, Tuesday, May 8, 2012 at 9:00 a.m. Eastern Time to discuss its first quarter financial results. To listen to the conference call, please dial 877-392-9886 (domestic) or 707-287-9329 (international). The call will also be webcast LIVE and can be accessed via the investor relations section of the Company’s website at www.nxstage.com.
A replay of the conference call will be available 2 hours after the completion of the call through May 22, 2012. To access the replay dial 855-859-2056 (domestic) or 404-537-3406 (international) and reference conference ID 71590875. An online archive of the conference call can be accessed via the investor relations section of the Company’s website at www.nxstage.com.
About NxStage
NxStage Medical, Inc. (Nasdaq: NXTM) is a medical device company, headquartered in Lawrence, Massachusetts, USA, that develops, manufactures and markets innovative products for the treatment of ESRD and acute kidney failure. For more information on NxStage and its products, please visit the company’s website at www.nxstage.com.
