Spectranetics FY10 net loss remains flat, but upward swing in Q4

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Spectranetics has reported a flat net loss for its financial results for the 2010 fiscal year, which ended Dec. 31, 2010, and net income gains in the 2010 fourth quarter, compared with the 2009 fourth quarter.

The net loss in 2010 was $13.06 million, compared with a net loss of $13.37 million, in 2009. The Colorado Springs, Colo.-based company noted that its net loss in 2010 includes an increase in the valuation allowance of $6.1 million against the deferred tax asset.

Overall, the revenue for 2010 rose 3 percent to $117.9 million, from $114.8 million in 2009. On a geographic basis, revenue in the U.S. was $101 million during 2010, an increase of 4 percent from 2009. International revenue totaled $16.9 million, a decrease of 6 percent from 2009.

For the yearly returns, its lead management revenue in 2010 was up 12 percent (14 percent in the U.S.) to $41.2 million, laser equipment revenue increased 5 percent to $7.2 million and service and other revenue increased 1 percent to $9.4 million—all compared with 2009. Its vascular intervention revenue declined 3 percent (2 percent in the U.S.) to $60.2 million. Within Vascular Intervention sales, atherectomy was down 1 percent, crossing solutions decreased 4 percent and thrombectomy decreased 8 percent—all compared with 2009.

Spectranetics reported that its net income for the 2010 fourth quarter was approximately $513,000, compared with a net loss of $5.74 million in the 2009 fourth quarter. Revenue for the fourth quarter of 2010 was $29.3 million—a decrease of 1 percent—compared with revenue of $29.7 million for the fourth quarter of 2009.

For specific products, the company reported that its lead management revenue increased 6 percent (14 percent in the U.S.) to $10.6 million, laser equipment revenue increased 10 percent to $2.2 million and service and other revenue was essentially flat at $2.5 million—all compared with the fourth quarter of 2009. Vascular intervention sales declined 8 percent (7 percent in the U.S.) to $14.1 million and include three product lines: atherectomy (including peripheral and coronary), which decreased 4 percent, crossing solutions, which decreased 10 percent, and thrombectomy, which decreased 14 percent—all compared with the 2009 fourth quarter.