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13% Increase Over Q1 2012; Reiterates Outlook for 2013
Announces Expansion of PHOTOPAC Clinical Trial
COLORADO SPRINGS, Colo., April 23, 2013 (GLOBE NEWSWIRE) -- The Spectranetics Corporation (Nasdaq:SPNC) today reported financial results for the three months ended March 31, 2013. Highlights of the quarter (all compared with the quarter ended March 31, 2012) include:
Lead Management revenue growth of 22%
Vascular Intervention revenue growth of 5%, led by U.S. peripheral atherectomy growth of 16%
U.S. revenue increased 11% to $30.8 million
International revenue increased 27% to $6.9 million, 26% growth on a constant currency basis 1
"The first quarter of 2013 reflects continued double digit revenue growth, driven by our focus areas, which are gaining momentum," said President and Chief Executive Officer, Scott Drake. "We placed 39 lasers this quarter, more than 50% greater than a year ago. This follows a record fourth quarter of 42 laser placements, which bodes well for future revenue growth. We are steadfast in our endeavor to achieve the in-stent restenosis indication and prove clinical superiority. Treating this disease remains a large, untapped opportunity, and we are making significant strides with the EXCITE ISR study. Our long term goal is unchanged – accelerating revenue growth and margin expansion yielding meaningful leverage over time."
The Company also announced the expansion of the PHOTOPAC study from 50 patients to 125 patients. The study is a randomized, multi-center registry comparing laser atherectomy plus drug-coated balloon to drug-coated balloon alone in patients with complex in-stent restenosis. Professor Thomas Zeller, Principal Investigator, Herz-Zentrum Bad Krozingen, Germany, commented, "Spectranetics is pursuing a very important goal: to identify and prove an effective, durable solution for in-stent restenosis patients. I believe there is meaningful clinical benefit of first debulking with laser atherectomy prior to deploying a drug coated balloon. Expanding the size of PHOTOPAC increases the clinical relevance and confidence in a compelling outcome."
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