COLORADO SPRINGS, Colo., July 24, 2014 (GLOBE NEWSWIRE) -- The Spectranetics Corporation (Nasdaq:SPNC) today reported financial results for the three and six months ended June 30, 2014. Highlights of the quarter, all compared with the three months ended June 30, 2013 include:
* Revenue of $43.6 million, up 10%
* Vascular Intervention revenue of $22.5 million grew 19% (18% constant currency1), led by U.S. peripheral atherectomy revenue growth of 22%
* Lead Management revenue of $16.1 million increased 7% (6% constant currency)
* U.S. revenue grew 8% to $34.9 million; International revenue grew 22% (17% constant currency) to $8.7 million
* Gross margin increased to 76%, from 73%
* Closed AngioScore acquisition on June 30
“We had a strong second quarter with continued momentum in our vascular and international businesses. Lead management growth reflects our efforts to improve commercial execution and return to double digit growth in the fourth quarter. Two milestone achievements were recently accomplished in the form of the in-stent restenosis indication and the closing of the AngioScore acquisition. The growth prospects in front of us are profound and we are focused on execution,” said Spectranetics President and Chief Executive Officer, Scott Drake.
Net loss for the three months ended June 30, 2014 was $6.6 million, or $0.16 per share, compared with a net loss of $728,000, or $0.02 per share, for the three months ended June 30, 2013. Non-GAAP net loss1, which excludes acquisition-related items, for the three months ended June 30, 2014 was $2.4 million, or $0.06 per share, compared with a non-GAAP net loss of $0.3 million, or $0.01 per share, for the three months ended June 30, 2013. Adjusted EBITDA1 was $780,000 for the three months ended June 30, 2014 compared with $2.1 million for the three months ended June 30, 2013. For full article, please click here.
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