Friday, November 02, 2012

Colorado Springs: 'Spectranetics profit surges to five-year high'

Quoting from the October 30 Gazette article by Wayne Heilman:

"Spectranetics Corp. reported its highest quarterly profit in more than five years Tuesday on record revenue during the third quarter and raised its sales forecast for the second consecutive quarter.

The Colorado Springs-based medical laser manufacturer boosted earnings by nearly nine times during the July-to-September quarter to $905,000, or 3 cents a share, from $109,000, or 0 cents a share, a year earlier. Revenue rose 10 percent during the same period to $35.2 million with strong growth in the use of the company's lasers to remove infected pacemaker leads and clear blockages in leg arteries...

...The gains prompted Spectranetics management to boost its revenue for the year to between $138.5 million and $139.5 million from between $137 million and $139.5 million. The forecast represents a 9 percent to 10 percent gain from last year's sales number.

However, Guy Childs, the company's chief financial officer, repeated a warning he issued in April that a new 2.3 percent excise tax on all medical device sales would wipe out most of the company's profits next year. The tax is part of the landmark Patient Protection and Affordable Care Act. He repeated the warning, originally made during a panel discussion hosted by the Colorado Bioscience Association, during a conference call with stock analysts."

Link to the Gazette

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