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The Company deales in the development of HCU systems for use in a variety of medical specialties in a range of clinical settings.
SonoSite is a world leader in hand-carried ultrasound (HCU) specializing in development of HCU systems for use in a variety of medical specialties and a range of clinical settings. The company's HCU devices are designed for applications where ultrasound has not typically been used, such as emergency medicine, surgery, critical care, internal medicine and vascular access procedures as well as for imaging in traditional applications, such as radiology, cardiology, vascular medicine and obstetrics/gynecology.Its products include MicroMaxx System, SonoSite 180PLUS, SonoHeart ELITE system and SonoSite TITAN system selling in over 75 countries. It derives 54% of its revenue from the U.S. market alone. The company sells its products through direct sales representatives, clinical application specialists and independent third-party distributors.The worldwide market for traditional ultrasound imaging is estimated at $4 billion. As the market for high-performance HCU systems develops, competition has been increasing as potential and existing competitors enter the portable market or modify their existing products to more close approximate portability. The company’s competitors in the portable market include Siemens, GE Healthcare, Philips, Biosound, Medison America and Zonare Medical Systems. Ending 2005 the company was a market leader with nearly 40% share of the HCU market and GE had about 25% share.Revenue reflects a compound annual growth rate (CAGR) of 35.7% during 2001-05 with the introduction of innovative products expanding the product line. Revenues for the initial three quarters of 2006 witnessed a 15% growth rate on the back on 16.2% growth in domestic sales and nearly 18% in international markets. Assuming increased use of HCUs for visual screening, strategic product pricing and increased sales penetration in China and Japan, the management expects the top-line to rise by 18-20% in 2007 making it a likely outperformer.
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