MINNEAPOLIS, Dec. 19 /PRNewswire-FirstCall/ -- Vascular Solutions, Inc. today announced changes in its management team and re-affirmed its previously issued sales guidance for the fourth quarter of 2005.
Effective immediately, James Hennen, the company’s Chief Financial Officer, will assume additional responsibilities as the company’s Vice President of Finance and Corporate Secretary. Mr. Hennen originally joined Vascular Solutions in 2002. Supporting Mr. Hennen in the finance department, Timothy Slayton has joined Vascular Solutions in the newly created position of Controller and principal accounting officer. Mr. Slayton is a CPA and joined Vascular Solutions from McGladrey & Pullen, LLP where he most recently served as Audit Manager.
Michael Nagel, the company’s Vice President of Sales, has left the company to pursue other interests. Mark Valls, who has been with the company since 2000 and was promoted to Director of U.S. Sales in July 2005 will continue managing Vascular Solutions’ entire U.S. sales force across all of the company’s product lines. Management of the company’s international distributor network and German sales subsidiary will remain unchanged.
Howard Root, Chief Executive Officer of Vascular Solutions, commented: “Our management team must grow and change to respond to the current and planned rapid growth in our sales and products. With the additional requirements of Sarbanes-Oxley, our finance department required expansion going into 2006 and, with the addition of Tim, we have addressed this need. Likewise, our sales management team will continue to evolve as our worldwide product portfolio expands. In today’s transition of our sales management team we benefit from the presence of an existing director-level sales team that has already demonstrated its ability to direct our worldwide sales efforts. We have benefited greatly from Mike Nagel’s contributions to the formation of Vascular Solutions and its growth over the last eight years, and we wish him well in his future endeavors.”
Vascular Solutions also re-affirmed its previously issued guidance for sales in the fourth quarter of 2005. The company expects to report between $9.2 million and $9.5 million in net sales for the fourth quarter ending December 31, 2005, a greater than 35% growth over the fourth quarter of 2004 and greater than 7% sequential increase from the third quarter. Results for the fourth quarter and full year 2005 are expected to be announced after the close of trading on Thursday, January 26, 2006.
About Vascular Solutions
Vascular Solutions, Inc. is a medical device company that focuses on developing unique solutions for unmet clinical opportunities within Interventional radiology and Interventional cardiology. New products introduced since the second half of 2003 include the Vari-Lase(R) endovenous laser product line for the treatment of varicose veins, the D-Stat Dry(TM) hemostatic bandage for the rapid control of topical bleeding, the Pronto extraction catheter for the mechanical extraction of soft thrombus and the Langston(TM) dual lumen catheter for the measurement of aortic stenosis. The Company’s other major products include the Duett(TM) sealing device to rapidly seal the puncture site following catheterization procedures and the D-Stat(R) Flowable hemostat for the local management of active bleeding.
The information in this press release contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements. Important factors that may cause such differences include those discussed in our Annual Report on Form 10-K for the year ended December 31, 2004 and other recent filings with the Securities and Exchange Commission. The risks and uncertainties include, without limitation, risks associated with the need for adoption of our new products, limited working capital, lack of profitability, exposure to intellectual property claims, dependence on key vendors, exposure to possible product liability claims, the development of new products by others, doing business in international markets, limited manufacturing experience, the availability of third party reimbursement, and actions by the FDA.
For further information, connect to http://www.vascularsolutions.com .
Vascular Solutions, Inc.
CONTACT: Howard Root, CEO, or James Hennen, CFO, both of VascularSolutions, Inc., +1-763-656-4300
Web site: http://www.vascularsolutions.com/
