Spectranetics Corp. posted third-quarter sales of $28.8 million for the three months ended Sept. 30, up 7.5 percent compared with $26.8 million during the same period last year. But the company swung to a $2.5 million net loss for the quarter, compared with $183,000 in net income during Q3 2008:
Spectranetics Reports Third Quarter Revenue Up 7% to $28.8 Million
Profitability Achieved, Excluding Special Items
Conference Call Begins at
Revenue for the third quarter of 2009 was
The pre-tax loss for the third quarter of 2009 was
“Several important milestones were reached this quarter that reflect our focus on positioning the Company for continued revenue growth and careful management of our cost structure. We received 510k clearance and initiated a limited market release for our Turbo-Tandem™ device. We also filed a 510k application with the
Third Quarter Revenue Review
Vascular intervention revenue rose 7% to
On a geographic basis, revenue in
Reflecting the Company’s emphasis on sales to existing accounts, laser placements to new customers were anticipated to decline compared with prior year levels. During the quarter ended
Year-to-Date Financial Results
Revenue for the first nine months of 2009 rose 10% to
Year-to-date 2009 vascular intervention revenue was
On a geographic basis, revenue in
The pre-tax loss for the first nine months of 2009 was
Cash, cash equivalents and current investment securities totaled
The Company continues to expect revenue growth during 2009 in both the vascular intervention and lead management business units.
Vascular intervention revenue is anticipated to increase approximately 8% to 9% in 2009 as compared with 2008. Lead management revenue growth in 2009 as compared with 2008 is anticipated to approximate 27% to 28%.
Gross margin is expected to be approximately 71% in 2009.
While management expects to incur a pre-tax loss for 2009, a pre-tax profit is anticipated in the second half of 2009 after adjusting for the special items discussed under Reconciliation of Non-GAAP Financial Measures immediately following the financial tables.
Management will host an investment-community conference call today beginning at
A telephone replay will be available for 48 hours following the conclusion of the call by dialing (800) 642-1687 for domestic callers, or (706) 645-9291 for international callers and entering reservation code 36171056. The web site replay will be available for 14 days following the completion of the call.
The Company’s Vascular Intervention (VI) products include a range of peripheral and cardiac laser catheters for ablation of occluded arteries above and below the knee and within coronary arteries. The Company also markets aspiration catheters for the removal of thrombus and support catheters to facilitate crossing of coronary and peripheral arterial blockages.
The Lead Management (LM) product line includes excimer laser sheaths and
cardiac lead management accessories for the removal of pacemaker and
defibrillator cardiac leads.
For more information, visit www.spectranetics.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties may include adverse results of the
Use of Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP),