Spectranetics reports 7 percent revenue increase

Spectranetics Corp. recorded revenue of $32.2 million during the second quarter, a 7 percent increase above last year for the same period.

“The second quarter results reflect continued progress on our key growth initiatives,” said Jason Hein, senior vice president of sales, marketing and business development. “Laser placements remain strong.”

The company’s lead management revene increased 15 percent, while its vascular intervention products were up 8 percent over the first quarter levels. International revenue grew 42 percent over last year. That growth was driven by product sales in both Euopre and Japan.

The company recently started enrolling people in a trial for in-stent restenosis and will have 30 clinical sites by the end of the year.

Net income for the second quarter of 2011 was $584,000, compared with net income of $91,000 in the second quarter of 2010.

Revenue for the first half of 2011 rose 6 percent to $62.6 million, from $59.0 million for the first half of 2010.

On a geographic basis, revenue in the United States was $52 million during the six months, an increase of 2 percent from the comparable period last year. International revenue totaled $10.6 million, an increase of 29 percent.

The Company’s primary focus in 2011 is to improve the revenue growth rate while establishing profitability. Revenue is anticipated to be within the range of $122.5 million to $126.5 million, which represents an increase over 2010 revenue of 4 percent to 7 percent

Spectranetics develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The company’s products are sold in over 40 countries and are used to treat arterial blockages in the heart and legs as well as the removal of pacemaker and defibrillator leads.

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