After a couple of years of revenue losses and trouble with the federal government, Colorado Springs-based Spectranetics says it’s on its way to returning to profits and growth.
The medical laser manufacturer lost $154,000 in the first quarter of the year, that’s more than 80 percent less than the $958,000 lost just a year earlier. That loss included money paid to settle federal investigation and lawsuits into the company’s overseas business practices.
Revenue for the company rose to $30.4 million, mostly due to growth from laser equipment, services and other products.
“Our performance in the first quarter reflected meaningful progress on the key initiatives that support our plan to accelerate revenue growth while establishing profitability in 2011,” said Jason Hein, the company’s vice president of sales, marketing and business development.
The company said it forecasts revenue growth of between 4 percent and 7 percent from 2010 this year and its profit margin would remain unchanged at 71 percent from last year, when the company made a pretax profit of $2.5 million.
The company is still looking for a CEO – and has appointed a three-person search committee. The company is currently being run by three executives: Hein, Guy Childs, the CFO and Shar Matin, its senior vice president of operations. Its former CEO, Emile Geisenheimer retired November of last year.
The search could take as long as six more months.