Print
Email
Spectranetics Corp. (SPNC) filed Quarterly Report for the period ended 2011-09-30.
Spectranetics Corp. has a market cap of $252.2 million; its shares were traded at around $7.51 with a P/E ratio of 83.5 and P/S ratio of 2.1.
This is the annual revenues and earnings per share of SPNC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SPNC.
Highlight of Business Operations:
Laser equipment revenue was $2.0 million and $2.1 million for the three months ended September 30, 2011 and 2010, respectively. We sold seven laser systems in the third quarter of 2011 (four sales from inventory and three sale conversions from rental systems) as compared with six laser system sales in the same period of the prior year; however, average selling prices were lower in 2011 due to the lower sales price of sale conversions. Rental revenue decreased 3% year-over-year, primarily due to a decrease in Cap-Free (fee per procedure) revenue. Service and other revenue increased 8% at $2.5 million in the third quarter of 2011 compared with $2.3 million in the third quarter of 2010.(VI) disposables revenue compared with the year-ago period. Of the 7% increase, $0.9 million, or 1%, was related to changes in foreign currency exchange rates. Our product mix changed slightly year-over-year, with 85% of revenue coming from disposables in the first nine months of 2011 compared with 87% from disposables in the first nine months of 2010. Service and other revenue remained stable at 8% of total revenue in the first nine months of 2011 and 2010. Revenue from laser equipment sales and rentals increased to 7% of total revenue in the first nine months of 2011 compared with 6% of revenue in the first nine months of 2010.
VI disposables revenue, which includes products used in both the peripheral and coronary vascular systems, increased slightly to $46.4 million in the first nine months of 2011 as compared with $46.2 million in the first nine months of 2010. VI disposables revenue continued its turnaround, marked by three consecutive quarters of sequential improvement since the fourth quarter of 2010, due in part to the recent reimbursement ruling related to office-based atherectomy procedures discussed in Recent Developments above. VI sales include three product categories — atherectomy, which increased 2%; crossing solutions, which were flat; and thrombectomy, which decreased 3%, all compared with the first nine months of 2010. Crossing solutions product sales were flat year-over-year, in spite of increased competition. The decline in thrombectomy revenue is primarily due to a reduction in sales of the ThromCat®.
On a geographic basis, revenue in the United States was $78.9 million during the nine months ended September 30, 2011, an increase of 3% from the prior year period. International revenue totaled $15.9 million, an increase of 29% from the first nine months of 2010. The increase in international revenue was primarily due to a 32% increase in LM revenue, with increases in both Europe and APLA, as well as a 14% increase in VI revenue. In addition, we recorded six laser system sales in the first nine months of 2011 compared with two laser system sales in the prior year period. Fluctuations in foreign exchange rates also contributed $0.9 million to the current year revenue increase compared with the prior year period.
Operating expenses of $67.0 million in the first nine months of 2011 decreased 5% compared with $70.7 million in the first nine months of 2010. Operating expenses represented 71% of total revenue in the first nine months of 2011 as compared with 80% of total revenue in the first nine months of 2010. Operating expenses for the first nine months of 2011 included a litigation charge of $0.6 million, further described below. Operating expenses for the first nine months of 2010 included a number of special items, totaling $8.4 million, which are separately disclosed components within operating expenses in our statement of operations, further described below and in the quarterly discussion above.
Subscribe RSS
