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Spectranetics loss widens in 3Q as expenses rise

Wed, 10/27/2010 - 1:45pm
The Associated Press

COLORADO SPRINGS, Colo. (AP) — Medical device maker Spectranetics Corp. said Wednesday that its third-quarter loss widened as expenses climbed and revenue grew just 3 percent.

For the July-September quarter, Spectranetics, which makes single-use medical devices used in cardiovascular procedures, reported a loss of $12.7 million, or 38 cents per share. This compares with a loss of $2.5 million, or 8 cents per share, in the same quarter last year.

When excluding special items such as a $6.1 million valuation allowance against a deferred tax asset, the company earned $1.5 million, or 4 cents per share.

Revenue rose to $29.6 million from $28.8 million last year, with disposable products revenue essentially flat at $25.2 million and service and other revenue increasing 6 percent to $2.3 million.

Laser revenue jumped 50 percent to $2.1 million.

But operating expenses rose 18 percent, due mainly to $6.5 million in legal costs.

Analysts polled by Thomson Reuters, who generally exclude one-time items from their estimates, expected the company to break even on $30.2 million in revenue.

For the fourth quarter, the company forecasts revenue in the range of $29.1 million to $30.1 million, below Wall Street's forecast of $32.2 million.

Spectranetics said it anticipates being profitable on an adjusted pretax basis for the fourth quarter and full year, excluding special items.

Shares fell 18 cents, or 3.7 percent, to close at $4.68.

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