Medical device maker Volcano Corp. posted a fourth-quarter loss Thursday, saying research charges and other costs outweighed growth in revenue.
Volcano took a loss of $12.1 million, or 25 cents per share. A year ago Volcano it reported a profit of $1.4 million, or 3 cents per share. The latest quarter included $14 million in charges related to acquired research and development programs, and Volcano’s selling, general, and administrative expenses grew to $31.8 million from $22 million. Research and development costs also edged higher.
Excluding one-time charges, the company said it earned 14 cents per share. Analysts were looking for a loss of 2 cents per share, according to Thomson Reuters. Revenue grew 44 percent to $71 million. Wall Street was expecting $68.4 million.
In afternoon trading, Volcano shares rose $1.13, or 5.1 percent, to $23.11. Earlier they reached an all-time high of $23.56.
For the full year, the company said its loss more than doubled to $29 million, or 60 cents per share, from $13.7 million, or 29 cents per share. Revenue climbed 33 percent, to $277.9 million from $171.5 million.
Volcano is projecting a profit of 5 to 10 cents per share in 2010 on $277 million to $288 million in revenue. Analysts are expecting 7 cents per share and revenue of $279 million. Excluding stock-based compensation costs, the company said it expects to earn 30 to 35 cents per share.