The Spectranetics Corporation (SPNC, Financial) is a manufacturer of medical devices that assist in the treatment of peripheral arterial disease and also with the removal of coronary leads used for implanted devices such as pacemakers and defibrillators. Shares were up 46% in the quarter. Most of the company's devices use disposable products that lead to a highly recurring revenue stream. The company is on the verge of opening up large new markets with the expected 2014 approval of a new laser based device that can open up arteries that have previously been stented. If approved, it will be the only device on the market that has this capability.
From Ron Baron (Trades, Portfolio)'s Baron Funds fourth quarter 2013 letter to shareholders.
