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Medical device tax helps push Spectranetics further into the red in Q1

Wed, 04/24/2013 - 12:49pm
Mass Device

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.

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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.

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