COLORADO SPRINGS, Colo., April 23, 2014 (GLOBE NEWSWIRE) -- The Spectranetics Corporation (Nasdaq:SPNC) today reported financial results for the three months ended March 31, 2014, which are in-line with preliminary results announced on April 7, 2014. Highlights of the quarter, all compared with the three months ended March 31, 2013 include:
- Revenue of $39.6 million, up 5%
- Vascular Intervention revenue grew 16%, led by U.S. peripheral atherectomy revenue growth of 29%
- Lead Management revenue decreased 4% (5% constant currency 1)
- Laser, Service & Other revenue decreased 5% (6% constant currency)
- U.S. revenue grew 3% to $31.8 million; International revenue grew 14% (11% constant currency) to $7.8 million
- Gross margin of 73.9%, an increase from 72.6%
"In the first quarter, we continued our track record of strong performance in the Vascular Intervention business, highlighted by U.S. peripheral atherectomy growth of 29%. We are taking immediate action to return Lead Management to growth in the second half of 2014, driven by a return to double digit growth in the fourth quarter. We are confident in the long-term strength of this business, due to the ramp up of our newly hired sales teammates, launch of mechanical tools and improved commercial execution. Traction in our Vascular business is steadfast. Early success with the EXCITE In-Stent Restenosis trial and the submission of our 510(k) filing for the ISR indication are critical steps to accelerating top line growth, expanding gross margins and achieving meaningful operating leverage," said Spectranetics President and Chief Executive Officer, Scott Drake.
1Constant currency is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" later in this release.Revenue for the three months ended March 31, 2014 increased 5% to $39.6 million, from $37.7 million in the 2013 period. Vascular Intervention revenue increased 16% to $20.0 million; Lead Management revenue decreased 4% (5% constant currency) to $14.5 million and Laser System, Service and Other revenue decreased 5% (6% constant currency) to $5.1 million.