Medical device maker Volcano Corp. on Feb. 22 said fourth-quarter revenue rose 14 percent over the year earlier as the company continued to gain market share.

The San Diego-based company said quarterly sales rose to $92.7 million, up from $81.2 million in the fourth quarter of 2010. A 20 percent revenue increase in Volcano’s core medical segment business helped to offset a 70 percent drop-off in its industrial business.

Net income in the fourth quarter grew to $29.4 million, or 54 cents per share, reversing a year-earlier net loss of $1.7 million, or 3 cents per share. Those results, however, include a gain of $22 million, or 40 cents per share, related to the release of a portion of the company’s deferred tax valuation allowance.

For the full year of 2011, Volcano said revenues rose 17 percent to $343.5 million from $294.1 million in 2010, while annual net income rose to $38.1 million, or 70 cents per share, from $5.2 million, or 10 cents per share.

Looking ahead, the company expects revenues for 2012 to be in the range of $392 million to $399 million, an increase of 14 to 16 percent from last year.

Volcano makes and sells products that help doctors diagnose coronary and vascular disease and perform medical procedures.

President and CEO Scott Huennekens cited a number of key factors driving growth, including an increasing volume of data showing improved patient outcomes from doctors’ use of Volcano’s image-guided therapy technology.

“The increasing focus on documenting medical necessity for procedures is creating additional momentum for our technologies," Huennekens said.

Volcano shares, trading on Nasdaq under the symbol VOLC, closed Feb. 23 at $28.12.

—Kelly Quigley