Spectranetics shares rise on Q4, FY2016 beat

Shares in Spectranetics (NSDQ:SPNC) rose today after the medical device maker beat expectations on Wall Street with its 4th quarter and fiscal year 2016 earnings report.

The Colorado Springs, Colo.-based company posted losses of $12.6 million, or 29¢ per share, on sales of $71.9 million for the 3 months ended Dec.31, with losses on the bottom-line growing 20.6% while sales grew 10.3% compared with the same period last year.

Adjusted to exclude 1-time items, losses per share were 20¢, significantly lower than the 30¢ consensus on The Street, where analysts were expecting revenue of $68.5 million.

For the full year, Spectranetics posted losses of $58.1 million, or $1.35 per share, on sales of $270.8 million, seeing losses on the bottom-line grow 2.3% while sales grew 10.1% compared with the previous fiscal year.

After adjusting to exclude 1-time items, losses per share were $1.03, a solid 10¢ below analysts on The Street’s expectations. The company fell short of revenue expectations, with analysts consensus at $296.2 million.

“I’m pleased with our fourth quarter results and the consistent performance of our team throughout 2016. The impact of our innovation pipeline is increasing and our clinical data puts us in a unique position in the marketplace. Looking ahead, 2017 is a very important year as we execute on new product launches and anticipate the approval and launch of Stellarex in the US. We have exciting prospects in both lead management and vascular intervention, and we are well positioned with our commercial team to capitalize on these opportunities,” CEO Scott Drake said in a press release.

For the upcoming year, Spectranetics expects to post revenue between $293 million and $306 million, with net losses between $57 million and $63 million and net loss per share of between $1.31 and $1.43.

Shares rose 5.7% today in response to the good news, closing at $28.05.

The post Spectranetics shares rise on Q4, FY2016 beat appeared first on MassDevice.

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