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Spectranetics Achieves Second Quarter Revenue Of $39.5 Million

Stocks in this article: SPNC

13% Increase Over Q2 2012

Raises 2013 Revenue Outlook

COLORADO SPRINGS, Colo., July 24, 2013 (GLOBE NEWSWIRE) -- The Spectranetics Corporation (Nasdaq:SPNC) today reported financial results for the three and six months ended June 30, 2013. Highlights of the quarter (all compared with the quarter ended June 30, 2012) include:

  • Vascular Intervention revenue growth of 8% as reported (9% growth on a constant currency basis 1), led by U.S. peripheral atherectomy revenue growth of 19%
  • Lead Management revenue growth of 11%
  • U.S. revenue increased 11% to $32.3 million; International revenue increased 22% to $7.1 million
  • Completed $92 million common stock offering
  • 2013 revenue outlook raised from $153.0 - $155.5 million to $155.5 - $157.5 million

"The second quarter of 2013 reflects consistent double digit revenue growth, driven by our focus areas," said President and Chief Executive Officer, Scott Drake. "We placed 48 lasers this quarter, surpassing our previous record from the fourth quarter 2012 of 42 laser placements, which bodes well for future revenue growth. We have improved enrollment in EXCITE ISR, with 184 patients currently enrolled, bringing us closer to our goal of achieving the in-stent restenosis indication and proving clinical superiority. Our long term objective is unchanged - accelerating revenue growth and gross margin expansion yielding meaningful operating leverage over time."

Revenue for the three months ended June 30, 2013 rose 13% both on an as reported and a constant currency basis, to $39.5 million, from $35.0 million in the 2012 period. Vascular Intervention revenue increased 8% to $18.9 million (9% constant currency); Lead Management revenue increased 11% to $15.1 million; and laser system, service and other revenue increased 34% to $5.5 million.

Net loss for the three months ended June 30, 2013 was $728,000, or a loss of $0.02 per diluted share, compared with net income of $636,000, or $0.02 per diluted share, for the three months ended June 30, 2012. Earnings before interest, taxes, depreciation, amortization, acquisition-related costs and contingent consideration expense, and the medical device excise tax ("Adjusted EBITDA") 2 was $2.7 million for the three months ended June 30, 2013 compared with $3.3 million for the three months ended June 30, 2012.

Year-To-Date Financial Results

Revenue for the six months ended June 30, 2013 rose 13% (both as reported and on a constant currency basis) to $77.1 million, from $68.3 million for the six months ended June 30, 2012. Vascular Intervention revenue increased 7% to $36.1 million, Lead Management revenue increased 16% to $30.2 million, and laser system, service and other revenue increased 27% to $10.9 million.

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