Spectranetics 2Q earnings up 3 percent

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The Spectranetics Corp. today reported revenue for the second quarter of $30 million, up 3 percent compared with the second quarter of 2009.

Pre-tax income for the second quarter of 2010 was $124,000, compared with a pre-tax loss of ($2.3) million in the second quarter of 2009.

Net income for the second quarter of 2010 was $91,000, or $0.00 per diluted share, compared with a net loss of $2.3 million, or $0.07 per share, in the second quarter of 2009.

Adjusted net income for the second quarter of 2010 was $31,000, or $0.00 per diluted share, compared with an adjusted net loss of $1.2 million, or $0.04 per share, in the second quarter of 2009.

Revenue for the first half of 2010 rose 5 percent to $59.0 million, from $56.3 million for the first half of 2009. Year-to-date 2010 Vascular Intervention revenue was up 1percent to $31.6 million.

Cash, cash equivalents and current investment securities totaled $21.9 million at June 30, 2010, compared with $19.1 million at Dec. 31, 2009.

In addition, the Company holds $6.7 million of auction-rate securities at June 30, 2010, a decrease from $9.8 million at Dec. 31, 2009 due primarily to the sale of one of the auction rate security positions during the first quarter of 2010.