Aug 28, 2002
Guidant Updates Investors on the Strength of the Company's Business
Company Raises Third Quarter 2002 Sales and Earnings Per Share Guidance
Indianapolis, Ind. - Guidant Corporation (NYSE and PCX: GDT), a world leader in the treatment of cardiac and vascular disease, will host its previously announced mid-quarter conference call today at 3:00 p.m. EDT. During the call, Guidant will update investors on the continued strength of the company''s business during the quarter, and the resulting upward revisions to previously disclosed third quarter financial guidance.
On the call, Ginger Graham, advisor to the president and Guidant executive responsible for leading the transition of the previously announced agreement to acquire Cook Group Incorporated, will provide an update as to the progress made toward timely closure of the acquisition. John Capek, Ph.D., president, Vascular Intervention, will review advancements in Guidant''s vascular intervention clinical programs and strong sales performance in the quarter. Fred McCoy, president, Cardiac Rhythm Management, will provide an overview of the successful U.S. launch of the CONTAK CD®/EASYTRAK® system for heart failure patients, and continued physician enthusiasm for implantable defibrillator therapy stemming from the results of the landmark MADIT II clinical trial.
Third Quarter 2002 Financial Guidance
Keith Brauer, vice president, finance, and CFO, will discuss current sales momentum and its resulting impact on third quarter financial expectations. "As a result of solid quarter-to-date sales and performance, we are raising our third quarter guidance to sales of $800-$825 million and adjusted earnings per share of $0.52-$0.55," stated Brauer. "For now, we are not changing our sales and adjusted earnings per share guidance for full-year 2002, which were previously disclosed at $3.0-3.2 billion and $2.00-2.06 respectively." As in previous practice, the company will review fourth quarter guidance during its third quarter earnings call in October.
Webcast Information
A live webcast of Guidant''s conference call will be accessible through Guidant''s website at www.guidant.com/webcast or at CCBN's individual investor center at www.companyboardroom.com. The webcast will be archived on both websites for future on-demand replay.
Guidant Corporation pioneers lifesaving technology, giving an opportunity for better life today to millions of cardiac and vascular patients worldwide. The company, driven by a strong entrepreneurial culture of more than 10,000 employees, develops, manufactures and markets a broad array of products and services that enable less invasive care for some of life''s most threatening medical conditions. For more information visit www.guidant.com.
This release includes forward-looking statements concerning financial guidance and business prospects. The statements are based on assumptions about many important factors, including general business conditions and competition, including the timing of new product introductions and market growth rates; economic conditions, including exchange rates; litigation developments and the factors listed on exhibit 99 to Guidant''s most recent 10-Q. As such, they involve risks that could cause actual results to differ materially. The company does not undertake to update its forward-looking statements. System requirements for the webcast include Internet Explorer 5.0 (or higher) or Netscape Navigator 4.0 (or higher). Users also should have the most recent version of Windows Media Player, which can be downloaded for free at http://www.microsoft.com/windows/windowsmedia/en/download/. Users may experience varying levels of performance based on their connection speed, system capabilities and presence of a corporate firewall. To ensure a connection, users should go to the program five to 15 minutes before its start.