Healthcare Industry News: Volcano
News Release - October 6, 2008
Volcano Corporation Announces the Relocation of Corporate Headquarters to San DiegoSAN DIEGO, Oct. 6 (Healthcare Sales & Marketing Network) -- Volcano Corporation (Nasdaq: VOLC ), a leader in the development, manufacturing and sales of products for the diagnosis and treatment of coronary and peripheral artery disease, today announced the relocation of its corporate headquarters from Northern California's Rancho Cordova to San Diego. The new corporate headquarters is located in the Carmel Valley area of San Diego and now houses corporate executives, marketing, finance, accounting, corporate human resources, legal and catheter engineering. The company intends to expand its operations in San Diego in the future. The company's core research and development, manufacturing, operations, quality and local human resources functions will remain in Volcano's facilities in Rancho Cordova, CA.
Volcano Corporation received its initial venture capital financing from San Diego-based Domain Associates in 2001 and went public in 2006. Volcano has grown its revenue over the four-year period ending December 31, 2007 at a compounded annual growth rate of 29 percent. For the first six months of fiscal 2008, the company recorded revenues of $78.1 million, a 32 percent increase over the first six months of fiscal 2007. Volcano currently has now has more than 800 employees. The company's operations are global with approximately 50 percent of its revenue generated outside of the United States with well over 1,000 hospitals worldwide using its products on a regular basis. Currently, more than 3,500 Volcano Intravascular Ultrasound (IVUS) and Functional Measurement (FM) systems are installed worldwide.
"Volcano has experienced significant growth over the last several years," stated Scott Huennekens, President and CEO. "We have grown from a start-up receiving its initial venture funding seven years ago into a global public company with market capitalization of approximately $750 million as of Friday, October 3, 2008. Attracting and retaining talented people has always been a priority for Volcano and will be the single most important contributor to Volcano's success during our next stage of growth." Mr. Huennekens added, "The pool of high performing marketing, engineering, finance, and clinical/regulatory professionals in Southern California and San Diego specifically should complement our existing core of talented personnel around the world. Additionally, our ability to work closely with leading interventional cardiology research institutions in Southern California, such as Scripps, UCSD, and Cedars Sinai, is a huge positive as we develop and bring new products to the market."
"Volcano's culture is characterized by an energetic, entrepreneurial, collaborative and fun environment which fits with the fabric and atmosphere of San Diego. We think our culture will flourish here and will help us continue to fuel advancements to help patients and physicians and grow as a company," said Vince Burgess, Executive Vice President of Marketing and Business Development for Volcano.
Volcano offers a broad suite of medical devices designed to facilitate endovascular procedures in the coronary and peripheral arteries, enhance the diagnosis of heart disease and guide optimal less invasive therapies to patients. Since its inception, the company's products have been used in over half a million patients. The company's intravascular ultrasound (IVUS) product line includes ultrasound consoles that can be integrated directly into any modern cath lab. Volcano IVUS offers unique features, including both single-use phased array and rotational IVUS imaging catheters, and advanced functionality options such as VH® IVUS tissue characterization. Volcano's IVUS catheters are essentially miniaturized ultrasound cameras on the end of small catheters that are fed through the patient's arteries into the heart, allowing real-time, high resolution direct visualization of atherosclerotic plaques. These catheters also help guide deployment of angioplasty balloons and placement of stents to open clogged arteries. Volcano also provides functional measurement (FM) consoles and single-use pressure and flow guide wires for assessing the severity of occluded arteries to determine if a stent or balloon angioplasty is necessary.
The company is also developing a line of single-use image guided therapy products that include IVUS combined with angioplasty balloons and stents. Future developments also include ultra-high resolution Optical Coherence Tomography (OCT), which uses laser light to image the vasculature and Forward Looking IVUS systems and catheters intended to facilitate the reopening and treatment of completely occluded arteries.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding Volcano's business that are not historical facts may be considered forward-looking statements, including statements regarding the ability of VH® IVUS to measure the effects of investigational compounds, the ability to identify and characterize composition and to define patient strategy to improve patient outcomes. Forward-looking statements involve risks and uncertainties and are based on management's current expectations. Actual results could differ materially from these forward-looking statements as a result of certain factors, including the risks and uncertainties related to the results of clinical studies and other factors discussed in Volcano's filings with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the time they are made. Volcano undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, changed assumptions or otherwise. Actual results or experience could differ materially from the forward-looking statements.
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