New ETF Book by Larry Connors - Click here to read more
In an October 28 release, Spectranetics reported that revenue for the third quarter of 2009 was $28.8 million, up 7 percent compared with revenue of $26.8 million for the third quarter of 2008.
The pre-tax loss for the third quarter of 2009 was $2,492,000, compared with pre-tax income of $615,000 for the third quarter of 2008. The pre-tax loss during the third quarter of 2009 includes $3,133,000 of special items, consisting of $602,000 of costs associated with the federal investigation; $1,090,000 of costs associated with previously announced ongoing litigation, which is unrelated to the federal investigation; $1,075,000 relating to the discontinuation of the marketing and sales of the Safe-Cross product line; and $366,000 of employee termination and lease abandonment costs. Pre-tax income during the third quarter of 2008 included $422,000 of costs associated with the federal investigation. Excluding these special items in both periods, adjusted pre-tax income was $641,000 in the third quarter of 2009, compared with adjusted pre-tax income of $1,037,000 in the third quarter of 2008. A further description of these special items and a reconciliation of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP is provided immediately following the financial tables under Reconciliation of Non-GAAP Financial Measures.
"Several milestones were reached this quarter that reflect our focus on positioning the Company for continued revenue growth and careful management of our cost structure. We received 510k clearance and initiated a limited market release for our Turbo-Tandem device. We also filed a 510k application with the FDA for the treatment of in-stent restenosis in leg arteries. During the quarter, we completed a restructuring of the Company's organization that we expect to result in annual savings of approximately $1.7 million," said Emile J. Geisenheimer, Chairman, President and CEO. "Further, we achieved $28.8 million of revenue in the third quarter, which is historically our weakest quarter of the year."
Vascular intervention revenue rose 7 percent to $15.4 million, lead management revenue increased 29 percent to $9.8 million, laser equipment revenue declined 43 percent to $1.4 million, and service and other revenue declined 6 percent to $2.2 million, all compared with the third quarter of 2008. Vascular intervention sales include three product lines -- atherectomy, which decreased 3 percent, crossing solutions, which increased 23 percent, and thrombectomy, which increased 26 percent, all compared with the third quarter of 2008.
On a geographic basis, revenue in the United States was $24.5 million during the quarter ended September 30, an increase of 6 percent from the prior year third quarter. International revenue totaled $4.3 million, an increase of 18 percent from the third quarter of last year.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
