SOURCE: Given Imaging

April 10, 2006 17:31 ET

Given Imaging Announces Preliminary First Quarter Results

YOQNEAM, ISRAEL -- (MARKET WIRE) -- April 10, 2006 -- Given Imaging Ltd. (NASDAQ: GIVN) announced today that it expects to report sales of approximately $20.2 million for the first quarter of 2006, less than its previously guided revenue for this quarter of $21 to $23 million. The shortfall in sales occurred in the United States and resulted primarily from the impact of a 50% increase in our sales force during the first quarter and the accompanying training and territory re-alignment adjustments required which reduced the sales force's effective selling time during this period. As a result of the shortfall in revenues, the company's EPS for the quarter will be below guidance.

The company expects to release its first quarter results on May 8, 2006 followed by a conference call with management on May 9, 2006.

2006 Guidance

Despite the shortfall in Q1, at this time management continues to believe that the Company will meet its guidance for the year.

First Quarter Conference Call Details

To participate in the teleconference to discuss first quarter 2006 results scheduled for May 9 at 9am Eastern Time, please dial 877-502-9274 fifteen minutes before the conference begins. International callers should dial 913-981-5584. The call will also be webcast live at www.givenimaging.com. A replay of the call will be available for thirty days on the company's website, or until May 15, 2006 by dialing 888-203-1112. International callers should dial 719-457-0820. The replay participant code is 8798034.

About Given Imaging

Given Imaging is redefining gastrointestinal diagnosis by developing, producing and marketing innovative, patient-friendly products for detecting gastrointestinal disorders. The company is developing a complete line of PillCam™ video capsules for detecting disorders of the gastrointestinal tract. The company's technology platform is the Given® Diagnostic System, featuring the PillCam video capsule, a disposable, miniature video camera contained in a capsule, which is ingested by the patient. The PillCam™ SB capsule is a naturally ingested method for direct visualization of the entire small intestine. It is currently marketed in the United States and in more than 50 other countries and has benefited more than 300,000 patients worldwide. The PillCam™ ESO video capsule, which provides visual examination of the esophagus, has been cleared for marketing by the FDA. Additional capsules for visualization of the stomach and colon are under development. Given Imaging's headquarters, manufacturing and R&D facilities are located in Yoqneam, Israel; it has direct sales and marketing operations in the United States, Germany and France, and local offices in Japan, Spain and Australia. For more information, visit http://www.givenimaging.com.

This press release contains forward-looking statements about Given Imaging, including projections about our business, our future revenues and our future profitability, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, statements in the future tense, words such as "anticipates," "estimates," "expects," "intends," "plans," "believes," and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify such forward-looking statements. Those forward-looking statements are not guarantees of future performance and actual results could differ materially from our current expectations as a result of numerous factors, including but not limited to the following: changes in regulatory environment, our success in implementing our sales, marketing and manufacturing plan, protection and validity of patents and other intellectual property rights, the impact of currency exchange rates, the effect of competition by other companies, the outcome of future litigation, the reimbursement policies for our product from healthcare payors, quarterly variations in operating results, the possibility of armed conflict or civil or military unrest in Israel and other risks disclosed in our filings with the U.S. Securities Exchange Commission.

Contact Information

  • For further information contact:
    Fern Lazar / David Carey
    Lazar Partners Ltd.
    Phone: 1-866-GIVEN-IR
    Email Contact
    Email Contact

    Yuval Yanai
    Given Imaging Ltd.