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Spectranetics Achieves Fourth Quarter Revenue Of $36.8 Million

Stocks in this article: SPNC

13% Increase Over Q4 2011 Provides Outlook for 2013

COLORADO SPRINGS, Colo., Feb. 21, 2013 (GLOBE NEWSWIRE) -- The Spectranetics Corporation (Nasdaq:SPNC) today reported financial results for the three and twelve months ended December 31, 2012. Highlights of the quarter (all compared with the quarter ended December 31, 2011) include:

  • Lead Management revenue growth of 29%, 30% on a constant currency basis 1
  • Vascular Intervention revenue growth of 5%, 6% on a constant currency basis, led by U.S. peripheral atherectomy growth of 15%
  • U.S. revenue increased 14% to $30.8 million
  • International revenue increased 8% to $5.9 million, 11% growth on a constant currency basis

"The fourth quarter of 2012 marks our fifth consecutive quarter of double digit revenue growth on a constant currency basis," said President and Chief Executive Officer, Scott Drake. "We set the goal more than a year ago to be a reliable, profitable double digit growth company—and in 2012, we have cleared this bar. As we look forward to 2013, we have reason to be excited about our prospects—our core markets are growing in the range of 10% and we are gaining share. We are providing our outlook for 2013, which anticipates continued success. Over the long term, we are striving to drive further revenue acceleration and continued margin expansion, which will culminate in meaningful operating leverage over time."

Net income for the fourth quarter of 2012 was $673,000, or $0.02 per diluted share, compared with net income of $355,000, or $0.01 per diluted share, for the fourth quarter of 2011. Non-GAAP adjusted net income for the fourth quarter of 2012 was $984,000, or $0.03 per diluted share, and for the fourth quarter of 2011 was $1.3 million, or $0.04 per diluted share. Non-GAAP adjusted net income excludes special items described later in this release under the heading "Reconciliation of Non-GAAP Financial Measures."

1Constant currency is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" later in this release.

2012 Financial Results

Revenue for the twelve months ended December 31, 2012 rose 10% (11% on a constant currency basis) to $140.3 million, from $127.3 million in 2011. Vascular Intervention revenue increased 8% (9% on a constant currency basis) to $67.3 million; Lead Management revenue increased 19% (20% on a constant currency basis) to $55.2 million; and laser system, service and other revenue decreased 4%, both on an as reported and constant currency basis, to $17.8 million.

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