Spectranetics skips into the black for Q2

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Spectranetics has managed to rise out of net losses in last year’s second quarter, compared with positive net income for this year's second quarter, which ended June 30.

Net income for the second quarter of 2010 was $91,000, compared with a net loss of $2.3 million in the second quarter of 2009, reported the Colorado Springs, Colo.-based company.

Spectranetics recorded overall revenue for the second quarter of 2010 that was $30 million, up 3 percent compared with revenue of $29 million for the second quarter of 2009.

“Our lead management products continued their strong growth rate, increasing 14 percent over last year’s second quarter. Further, the recently introduced Turbo-Tandem achieved sales of $1.4 million in the second quarter, helping drive peripheral atherectomy product sales up 8 percent,” said Emile J. Geisenheimer, chairman, president and CEO. “Notwithstanding $300,000 of costs associated with a voluntary QuickCat product recall, we achieved a pre-tax profit for the second quarter.”

Specifically, its vascular intervention revenue rose slightly ($588) to $16.1 million, lead management revenue increased 14 percent to $10 million, laser equipment revenue declined 19 percent to $1.6 million and service and other revenue rose 2 percent to $2.3 million, all compared with the second quarter of 2009. Vascular Intervention sales include three product lines — atherectomy (including peripheral and coronary), which increased 5 percent, crossing solutions, which decreased 5 percent, and thrombectomy, which decreased 5 percent, all compared with the second quarter of 2009.