Vascular Solutions Inc.'s first-quarter revenue grew 15 percent to a record $29.9 million, the Maple Grove-based maker of products used in coronary and peripheral vascular procedures reported Tuesday.
U.S. product sales rose 14 percent to $25 million while international sales grew faster — up 18 percent to $4.8 million. Overall net income for the quarter was $2.8 million or 17 cents per share, up from $2.1 million or 13 cents per share in the first quarter last year.
But Vascular Solutions said it has revised earnings guidance for 2014 due to higher-than-expected legal costs for the year. The company expects its earnings for the year to be between 71 and 75 cents per share, a 12 percent increase over the 65 cents per share it reported for all of 2013.
Sales hit the midpoint of its expected quarterly sales range of $29.5 million to $30.5 million. First-quarter sales of the company's GuideLiner catheter, one of its principal products, rose 40 percent as the company successfully introduced the product in Japan. GuideLiner sales also benefited because a competing catheter from Boston Scientific was off the market due to a preliminary injunction issued in December by the U.S. District Court in Minnesota.
Vascular Solutions won a temporary injunction over patent infringement issues with Boston Scientific's Guidezilla guide extension catheter. A federal circuit ruling recently reversed that injunction; costs associated with that patent infringement case and other legal expenses contributed to the reduced guidance figures for the rest of 2014.
Vascular Solutions established its revenue guidance for 2014 before the preliminary injunction so Vascular Solutions is maintaining its sales guidance for the year.