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Spectranetics Achieves Fourth Quarter Revenue Of $36.8 Million

Stocks in this article: SPNC

On a geographic basis, United States revenue was $117.4 million, an increase of 11% from 2011. International revenue was $22.8 million, an increase of 7% (13% on a constant currency basis) from 2011.

Net income for the twelve months ended December 31, 2012 was $2.2 million, or $0.06 per diluted share, compared with net income of $894,000 or $0.03 per diluted share, in the twelve months ended December 31, 2011. Non-GAAP adjusted net income for the twelve months ended December 31, 2012 was $2.5 million, or $0.07 per diluted share, and for the twelve months ended December 31, 2011 was $2.7 million, or $0.08 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."

2013 Outlook

Management projects that 2013 revenue will be in the range of $153.0 - $155.5 million, an increase of 9% - 11% from 2012.

Net income for 2013 is projected to be in the range of $0.0 - $0.5 million, or $0.00 - $0.01 per diluted share, including the impact of the Medical Device Tax which is estimated to be approximately $2.5 million for 2013. Projected net income also includes estimated non-cash amortization costs of approximately $1.6 - $2.0 million associated with the recently announced acquisition of the Quick-Access™ and Quick-Cross Capture™ devices.

Earnings before interest, taxes, depreciation, amortization, special items and the medical device tax (Adjusted EBITDA) is anticipated to be in the range of $13.5 - $14.5 million in 2013, compared with Adjusted EBITDA of $13.1 million in 2012. Adjusted EBITDA provides for comparability between periods and represents an additional measure of the operating performance of the business.

As a result of seasonal operating expenses that are higher in the first half of the year, investments in research, development and commercial programs, non-cash amortization costs associated with the previously announced acquisition, and the impact of the medical device tax, a net loss of up to $2.5 million is anticipated in the first half of 2013, mostly in the first quarter.

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