Despite an increase in net losses for the fourth quarter of 2008, Spectranetics showed increased profits for the 2008 fiscal year, which ended Dec. 31.
For the fourth quarter, Spectranetics reported a net loss of $1.1 million, compared with a net loss of $89,000 in the fourth quarter of 2007. The net loss for 2008 was $4 million, inclusive of after-tax IPR &D costs of $2.4 million, compared with net income of $7.2 million in 2007. Net income in 2007 included a $6.6 million income tax benefit associated with establishing a deferred tax asset for the estimated amount of net operating losses expected to be offset with future taxable income, according to the Colorado Springs, Colo.-based company.
Revenue for the fourth quarter was $26.6 million, up 11 percent, compared with revenue of $23.9 million for the fourth quarter of 2007. Spectranetics said its worldwide installed base of laser ablation systems increased to 850 as of Dec. 31, (672 in the United States), which included net laser placements of 25 units in the fourth quarter of 2008, compared with 30 net placements in the fourth quarter of 2007.
The company said its revenue for the full year 2008 rose 26 percent to $104 million, from $82.9 million for the full year 2007.