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Spectranetics Fourth Quarter Revenue Increases 11% To $32.5 Million

The Spectranetics Corporation (NASDAQ: SPNC) today reported financial results for the quarter and full year ended December 31, 2011. Highlights of the fourth quarter of 2011 include (all compared with the prior year fourth quarter):
  • Revenue of $32.5 million represents 11% growth
  • Vascular Intervention revenue grew 13%
  • Lead Management revenue increased 12%
  • International revenue grew 19%; 18% growth on a constant currency basis 1

“This quarter’s performance reflects our focus on accelerating revenue growth through sales execution and driving operational excellence. Our expectation of continued growth allows for incremental investments while maintaining profitability. We are making targeted investments in our product portfolio, physician training, clinical evidence, and peripheral artery disease awareness. These actions are directly in line with our stated goal of growing faster than the markets in which we compete and serve,” said Chief Executive Officer Scott Drake.

Operational highlights in the fourth quarter of 2011 include:
  • Entry into a distribution agreement and limited US launch for the TAPAS™ device; CE mark expected Q1 2012
  • First human use of next generation laser sheath (GlideLight™) in Europe; FDA review in process
  • Gross margin expanded to 72.9%, an improvement of 240 basis points
  • Mitigated significant legal exposure and expense, including the recently announced Medtronic settlement and expense cap agreements with former employees of the company
  • FDA and BSI audits both resulted in zero non-conformances
  • Positive interim results from the PATENT study

“Operational rigor led to these achievements. Our company is in a stronger position to pursue our vision,” said Mr. Drake.

Reported net loss for the fourth quarter of 2011 was $2.0 million or $0.06 per share, compared to net income of $0.5 million, or $0.02 per diluted share, for the fourth quarter of 2010. Non-GAAP adjusted net income for the fourth quarter of 2011 was $1.3 million, or $0.04 per diluted share, compared with non-GAAP adjusted net income for the fourth quarter of 2010 of $1.4 million, or $0.04 per diluted share. The non-GAAP adjusted net income for both periods excludes special items described in “Reconciliation of Non-GAAP Financial Measures” later in this release.

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