DALLAS, Oct. 27 /PRNewswire-FirstCall/ -- Advanced Neuromodulation
Systems, Inc. (NASDAQ:ANSI) (ANS) today announced operating results
for the third quarter and first nine months of 2005. Third Quarter
Results For the three months ended September 30, 2005, revenue
increased 25.6% to a record $39,337,000 from $31,330,000 for the
third quarter of 2004. Sales of neuro products increased 28.3% to a
record $36,199,000 for this year's third quarter compared to
$28,223,000 for last year's third quarter, reflecting higher sales
of ANS' Eon(TM), Genesis(TM), and GenesisXP(TM) implantable spinal
cord stimulation (SCS) systems for the treatment of chronic pain.
Gross margin for this year's third quarter was 74.6% compared to
73.1% for the third quarter of 2004. Net income for the third
quarter of 2005 increased 12.9% to $5,353,000, or $0.26 per diluted
share, from $4,742,000, or $0.23 per diluted share, for the third
quarter of 2004. At September 30, 2005, ANS had total cash and
marketable securities of approximately $158.9 million. ANS has no
debt. Nine Month Results For the nine months ended September 30,
2005, revenue increased 24.8% to a record $110,366,000 from
$88,451,000 for the first nine months of 2004. Neuro sales
increased 24.6% to a record $99,771,000 compared to $80,084,000 for
the same period last year. Net income for the first nine months of
2005 was a record $69,007,000, or $3.31 per diluted share. This
compares to net income for the first nine months of 2004 of
$13,034,000, or $0.62 per diluted share. Net income for this year's
first nine months included a pre-tax gain of $85,244,000 from the
sale of Cyberonics, Inc. common stock acquired in August 2004. St.
Jude Medical Tender Offer On October 16, 2005, St. Jude Medical,
Inc. and ANS announced that the Boards of Directors of both
companies have unanimously approved a definitive agreement whereby
St. Jude Medical will acquire ANS for $61.25 per ANS share in cash,
for a total of approximately $1.3 billion. St. Jude Medical has
commenced a tender offer for all of the outstanding shares of ANS
common stock. The transaction is subject to customary closing
conditions and regulatory approvals, as well as the valid tender of
a majority of the outstanding shares of ANS common stock, on a
fully-diluted basis. The transaction is expected to close by the
end of the year. About Advanced Neuromodulation Systems ANS
(http://www.ans-medical.com/ ) designs, develops, manufactures and
markets implantable systems used to manage chronic intractable pain
and other disorders of the central nervous system. Forward-Looking
Statements Any statements made regarding the proposed transaction
between St. Jude Medical, Inc. and Advanced Neuromodulation
Systems, Inc. are forward-looking statements, which are subject to
risks and uncertainties, such as those described under or
incorporated by reference in Item 8.01 of St. Jude Medical's
Current Report on Form 8-K filed on October 17, 2005, and in Item
8.01 of ANS' Current Report on Form 8-K filed on October 17, 2005,
and in the Outlook and Uncertainties section in ANS' Quarterly
Report on Form 10-Q for the quarter ended June 30, 2005 (see page
25) and ANS' Annual Report on Form 10-K for the year ended December
31, 2004 (see page 26). Actual results may differ materially from
anticipated results. Additional Information This press release
constitutes neither an offer to purchase nor a solicitation of an
offer to sell shares of ANS. St. Jude Medical has filed a tender
offer statement with the Securities and Exchange Commission (SEC)
and ANS has filed a solicitation/recommendation statement with
respect to the offer. ANS shareholders are advised to read the
tender offer statement regarding the acquisition of ANS referenced
in this news release, and the related solicitation/recommendation
statement. The tender offer statement and the
solicitation/recommendation statement contain important information
that should be read carefully before any decision is made with
respect to the offer. These documents are available to all
shareholders of ANS at no expense to them. These documents are also
available at no charge on the SEC's web site at http://www.sec.gov/
. Shareholders may also obtain copies of these documents without
charge by requesting them from ANS in writing at 6901 Preston Road,
Plano, Texas 75024, or by phone at 972-309-8000. ADVANCED
NEUROMODULATION SYSTEMS, INC. and SUBSIDIARIES Condensed
Consolidated Statements of Income (Unaudited) Three Months Ended
Nine Months Ended September 30, September 30, 2005 2004 2005 2004
Net revenue $39,337,376 $31,330,408 $110,366,066 $88,451,122 Cost
of revenue 10,003,026 8,414,174 28,925,278 23,751,017 Gross profit
29,334,350 22,916,234 81,440,788 64,700,105 Operating expenses:
Sales and marketing 12,411,385 9,791,838 34,553,480 27,810,611
Research and development 4,524,520 2,911,698 12,314,218 8,096,308
General and administrative 4,258,188 2,974,620 11,609,568 7,998,316
Amortization of other intangibles 662,773 626,191 1,960,300
1,824,838 21,856,866 16,304,347 60,437,566 45,730,073 Income from
operations 7,477,484 6,611,887 21,003,222 18,970,032 Other income
(expense): Gain on sale of investment in common stock of
Cyberonics, Inc. --- --- 85,244,301 --- Foreign currency
transaction gain (loss) (5,793) 81,009 (170,608) 26,156 Investment
income 957,473 482,850 2,595,591 964,021 951,680 563,859 87,669,284
990,177 Income before income taxes 8,429,164 7,175,746 108,672,506
19,960,209 Income taxes 3,076,645 2,433,791 39,665,465 6,926,251
Net income $5,352,519 $4,741,955 $69,007,041 $13,033,958 Basic
income per share: Net income $0.27 $0.23 $3.46 $0.65 Number of
basic shares 19,800,456 20,189,242 19,948,489 20,075,233 Diluted
income per share: Net income $0.26 $0.23 $3.31 $0.62 Number of
diluted shares 20,938,453 21,032,695 20,857,866 21,116,735 ADVANCED
NEUROMODULATION SYSTEMS, INC. and SUBSIDIARIES Condensed
Consolidated Balance Sheets (Unaudited) September 30, December 31,
2005 2004 Assets Current assets: Cash and marketable securities
$158,882,578 $124,016,064 Receivable, trade net 29,791,124
25,322,813 Receivable, investment income and other 1,722,025
638,987 Inventories 25,362,383 23,923,851 Deferred income taxes
2,072,228 2,029,091 Prepaid expenses and other current assets
1,967,525 1,888,957 Total current assets 219,797,863 177,819,763
Net property, equipment and fixtures 35,149,222 33,175,329 Minority
equity investments in preferred stock 1,104,000 1,104,000 Goodwill,
patents, tradenames, purchased technology & other assets, net
34,709,388 35,388,049 Total assets $290,760,473 $247,487,141
Liabilities and Stockholders' Equity Current liabilities: Accounts
payable $3,237,598 $3,206,516 Accrued salary and employee benefit
costs 3,732,694 2,390,721 Accrued commissions 3,060,412 2,656,112
Income taxes payable 8,299,711 708,412 Deferred revenue 107,028
165,861 Other accrued expenses 1,043,682 342,075 Total current
liabilities 19,481,125 9,469,697 Deferred income taxes 6,055,263
14,734,487 Non-current deferred revenue 616,849 718,820 Total
stockholders' equity 264,607,236 222,564,137 Total liabilities and
stockholders' equity $290,760,473 $247,487,141 DATASOURCE: Advanced
Neuromodulation Systems, Inc. CONTACT: investors, Neil Berkman
Associates, +1-310-277-5162, or , for Advanced Neuromodulation
Systems, Inc.; or Chris Chavez, President & CEO of Advanced
Neuromodulation Systems, Inc., +1-972-309-8000 Web site:
http://www.ans-medical.com/
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