Medical device tax helps push Spectranetics further into the red in Q1
Spectranetics blames the newly implemented medical device tax as partly responsible for the company's shift from black ink for 4 straight quarters to a net loss in Q1 2013.
Colorado-based medical device maker Spectranetics (NSDQ:SPNC) broke out the red ink in 2013, blaming the swing partly on the newly implemented medtech excise tax, which requires that companies pay a 2.3% levy on all U.S. sales of applicable medical devices.
Spectranetics shifted from a net positive the last 4 quarters to a net loss for its 1st quarter of 2013, which the company said was due in part to the $522,000 it paid in compliance with the newly implemented tax. Other costs that slashed the company's bottom line included $366,000 in contingent consideration and acquisition-related intangible asset amortization.