Conceptus Expects 2011 Net Sales $126-$128M vs $132M Est

Conceptus, Inc. (Nasdaq: CPTS) today announced updated financial guidance for 2011.

The Company expects 2011 net sales to be in the range of $126 million to $128 million, compared with previous guidance for 2011 of $132 million to $136 million and 2010 net sales of $141 million. As a result, the Company expects 2011 adjusted EBITDA levels to be lower than the guidance range previously provided on October 25, 2011, but is not prepared to provide a specific update at this time.

"We have experienced positive year-over-year domestic growth for three consecutive months starting with September, which we primarily attribute to improving OB/GYN patient visits and early success with our direct-to-consumer advertising campaign," said Gregory Lichtwardt, chief financial officer of Conceptus. "However, U.S. sales growth in November was lower than we had projected and we have decided to defer the regular annual announcement of a price increase for next year which we anticipate may change our customers' historical December buying practices. Further, the continuing deterioration in the European economic environment has resulted in increased softness in procedure volumes in France and Spain, which are our two largest overseas markets. While we remain bullish about the long-term Essure business, we believe it is prudent to adjust our 2011 net sales guidance at this time."

The Company expects to provide 2012 financial guidance in late February concurrent with announcing full year 2011 financial results.