This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Spectranetics Achieves First Quarter Revenue Of $37.7 Million

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."

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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