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TheStreet Open House

Spectranetics Achieves Fourth Quarter Revenue Of $41.9 Million

Stocks in this article: SPNC

COLORADO SPRINGS, Colo., Feb. 27, 2014 (GLOBE NEWSWIRE) -- The Spectranetics Corporation (Nasdaq:SPNC) today reported financial results for the quarter and year ended December 31, 2013. Highlights of the quarter (all compared with the quarter ended December 31, 2012) include:

  • Vascular Intervention revenue growth of 23%, led by U.S. peripheral atherectomy revenue growth of 35%
  • Lead Management revenue growth of 6% (5% constant currency 1)
  • U.S. revenue increased 12% to $34.5 million; International revenue increased 25% to $7.4 million (22% constant currency)
  • Gross margin reached 75%, up from 73% a year ago

"In the fourth quarter, we extended our track record of double digit revenue growth through strong commercial and operational execution by our team," said President and Chief Executive Officer, Scott Drake. "We are pleased to have achieved the statistical endpoints of the EXCITE ISR adjunct analysis; we anticipate filing our 510(k) within the next 45 days. This is an important milestone toward achieving the in-stent restenosis indication and providing clinical data that changes clinical practice. We are executing on several compelling growth drivers across our business, including lead management market development, meaningful new product launches, pursuit of the ISR indication and expansion of our commercial footprint."

Revenue for the three months ended December 31, 2013 rose 14% to $41.9 million, from $36.8 million in the 2012 period. Vascular Intervention revenue increased 23% to $20.6 million, Lead Management revenue increased 6% (5% constant currency) to $16.3 million, and laser system, service and other revenue increased 8% to $5.1 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 $34.5 million, an increase of 12% from the three months ended December 31, 2012. International revenue totaled $7.4 million, an increase of 25% as reported (22% constant currency), from the three months ended December 31, 2012.

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