This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Spectranetics Fourth Quarter Revenue Increases 11% To $32.5 Million

Stocks in this article: SPNC

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.

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs