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Spectranetics Achieves Third Quarter Revenue Of $39.8 Million

Stocks in this article: SPNC

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

  • Vascular Intervention revenue growth of 13% as reported (12% growth on a constant currency basis 1), led by U.S. peripheral atherectomy revenue growth of 20%
  • Lead Management revenue growth of 16% as reported (15% constant currency)
  • U.S. revenue increased 10% to $32.5 million; International revenue increased 29% to $7.2 million (26% constant currency)
  • Gross margin reached 75%, up from 73% a year ago

"The third quarter of 2013 reflects strong commercial and operational execution. We extended our track record of double digit revenue growth and significantly improved our gross margin," said President and Chief Executive Officer, Scott Drake. "We have enrolled 216 patients in EXCITE ISR, bringing us closer to our goal of achieving the in-stent restenosis indication and proving clinical superiority. We remain on track with our plans to accelerate revenue growth as we execute several compelling growth drivers, including lead management market development, meaningful new product launches, pursuit of the ISR indication and expansion of our sales footprint."

Revenue for the three months ended September 30, 2013 rose 13% as reported (12% constant currency) to $39.8 million, from $35.2 million in the 2012 period. Vascular Intervention revenue increased 13% (12% constant currency) to $19.0 million; Lead Management revenue increased 16% (15% constant currency) to $16.1 million; and laser system, service and other revenue increased 5% (both as reported and constant currency) to $4.7 million.

_________________

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

Geographically, revenue in the United States was $32.5 million, an increase of 10% from the three months ended September 30, 2012. International revenue totaled $7.2 million, an increase of 29% as reported (26% constant currency), from the three months ended September 30, 2012.

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