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Spectranetics Corp. (SPNC) Posts Record Revenue and Significant Achievements for Q1

Medical device manufacturer Spectranetics Corp. today reported financial results for the quarter ended March 31, 2011, posting record revenue, FDA approval for trials of its EXCITE In-Stent Restenosis, regulatory approval for its Lead Locking Device in Japan, as well as other achievements for the quarter.

Revenue for the first quarter of 2011 increased 5 percent to $30.4 million compared with revenue of $29.0 million for the first quarter of 2010. The net loss for the first quarter of 2011 was $154,000, or $0.00 per share, compared with a net loss of $958,000, or $0.03 per share, in the first quarter of 2010. The net loss in the first quarter of 2010 included $353,000 in special items.

“Our performance in the first quarter reflected meaningful progress on the key initiatives that support our plan to accelerate revenue growth while establishing profitability in 2011. We delivered sequential growth in Vascular Intervention revenue and 14 percent revenue growth over the prior year in Lead Management – which is consistent with the financial objectives we outlined earlier this year,” Jason D. Hein, senior vice president of Sales, Marketing and Business Development stated in the press release.

Hein also noted the company’s placement of 41 laser systems with new customers during the first quarter of 2011, a sales level the company hasn’t reached in nearly three years. Hein said Spectranetics expects the laser systems to continue to contribute to improving revenue throughout the rest of the year.

Spectranetics also affirmed its previously provided outlook, without revision, and maintained its primary focus for 2011 of improving revenue growth while establishing profitability. Revenue is anticipated to be within the range of $122.5 million to $126.5 million, a 4-7 percent increase over 2010 revenue.

To improve manufacturing efficiencies in 2012 and beyond, the company said it plans on implementing several important initiatives, with a focus on marketing and sales.

“It remains our key objective to return to sustained double-digit revenue growth in 2012. Our strategy to achieve this is centered on marketing and sales execution to capitalize on the continued expansion of our addressable markets, new product introductions in 2012, international growth, particularly in Europe and Japan, and a renewed focus on clinical research as demonstrated by the planned initiation of the EXCITE ISR randomized clinical trial this quarter,” Shar Matin, senior vice president of Operations, Product Development, and International, stated.

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