Spectranetics' loss widens in Q3

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Spectranetics has reported widening net losses among its financial results for the 2010 third quarter, which ended Sept. 30, compared with the 2009 third quarter.

The net loss for the third quarter of 2010 was $12.7 million, compared with a net loss of $2.5 million in the third quarter of 2009. The company noted that the net loss in the 2010 third quarter includes an increase in the valuation allowance of $6.1 million against its deferred tax asset.

Overall revenue for the 2010 third quarter was $29.6 million, up 3 percent compared with revenue of $28.8 million for the third quarter of 2009, the company said.

The Colorado Springs, Colo.-based Spectranetics said its lead management revenue increased 8 percent to $10.6 million, laser equipment revenue increased 50 percent to $2.1 million and service and other revenue rose 6 percent to $2.3 million—all compared with the third quarter of 2009.

Its vascular intervention sales declined 6 percent to $14.6 million and include three product lines: atherectomy (including peripheral and coronary), which decreased 6 percent; crossing technologies, which was essentially flat; and thrombectomy, which decreased 19 percent, all compared with the third quarter of 2009.

On a geographic basis, revenue in the U.S. was $25.5 million in the third quarter of 2010, an increase of 4 percent from the prior year’s third quarter. International revenue was $4.1 million, a decrease of 4 percent from the third quarter of 2009.

The company expects to be profitable on an adjusted pre-tax basis for the fourth quarter and full year, excluding special items.