Spectranetics buying Israeli medical device maker for $5.5 million
Spectranetics Corp., a Colorado Springs-based medical device manufacturer, announced today that it plans to buy Israeli medical-device maker Upstream Peripheral Technologies for $5.5 million, plus additional milestone payments. Upstream Peripheral Technologies, an affiliate of ARAN Research Development & Prototypes Ltd., has produced tools that streamline peripheral vascular procedures and minimize radiation exposure. The acquisition allows Spectranetics to expand its vascular intervention [...]
The former CEO of a company accused of importing medical devices that the U.S. government hadn’t cleared for use has been convicted of a single count of lying to federal investigators. A federal jury in Denver convicted former Spectranetics Corp. CEO John Schulte on Thursday of the lying charge but acquitted him of 11 other [...]
Continue reading …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 [...]
Continue reading …Spectranetics Corp. has hired Scott Drake as president and CEO, effective Aug. 10. Drake is leaving DaVita Inc., a provider of kidney care and dialysis, where he held the position of senior vice president of operations. He was responsible for business operations that generated about 20 percent of the company’s $6 billion revenue. He has [...]
Continue reading …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. [...]
Continue reading …Spectranetics fourth quarter 2010 earnings was its largest quarterly profit in more than three years. The Colorado Springs-based company made $513,000 during the quarter, compared to an operating loss for the same period in 2009. The 2009 loss represented a $5 million settlement with the federal government, ending uncertainty over allegations that the company illegal [...]
Continue reading …Three former executives at Spectranetics were indicted for apparently illegally importing unapproved medical devices, according to the office of Colorado U.S. Attorney John Walsh. George John Schulte, former CEO of the Colorado Springs-based company; Obinna Adhigije, former vice president of business development; and Trung Pham, former business development manager; were named in the indictment. Hernan [...]
Continue reading …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 [...]
Continue reading …Springs-based medical device maker Spectranetics has launched a voluntary recall of specific lots of its thrombus extraction catheter, marking yet another chapter in the saga of the company’s troubles. The catheter has been manufactured by Spectranetics since October, and the company said it has received and confirmed customer complaints. The company said the problem lies [...]
Continue reading …Colorado Springs-based Spectranetics has created a tool that allows doctors to practice pacemaker surgeries. The new simulation tool will augment traditional training for doctors performing laser-assisted lead extraction. Cardiac leads are thin wires that connect pacemakers to the heart – and occasionally can malfunction or become infected and need to be removed. Scar tissue can [...]
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