Spectranetics Q1 net loss narrows on higher revenues

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Spectranetics has reported narrowed losses for its financial results for the 2010 first quarter, which ended March 31.

The net loss for the 2010 first quarter was $958,000, compared with the $2.84 million in the previous-year first quarter, according to the Colorado Springs, Colo.-based company.

Revenue for the first quarter of 2010 was $29 million, up 6 percent compared with revenue of $27.3 million for the first quarter of 2009, Spectranetics reported. The pre-tax loss for the first quarter of 2010 was $924,000, a reduction from a $2.89 million pre-tax loss during the first quarter of 2009.

“Continued discipline in the area of expense management combined with ongoing revenue growth is a key focus as we strive to achieve our stated goal of profitability for the full year 2010,” said Emile J. Geisenheimer, chairman, Spectranetics' president and CEO.

According to the company, vascular intervention revenue rose 1 percent to $15.5 million, lead management revenue increased 21 percent to $9.9 million, laser equipment revenue declined 9 percent to $1.3 million and service and other revenue declined 5 percent to $2.3 million, all compared with the first quarter of 2009.

Vascular intervention sales include three product lines—atherectomy (including peripheral and coronary), which increased 2 percent, crossing technologies, which decreased 1 percent, and thrombectomy, which increased 7 percent, all compared with the first quarter of 2009.