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Mon, Feb. 8, 12:57 PM
- The FDA issues 510(k) clearance for Spectranetics' (SPNC -1.4%) Bridge Occlusion Balloon for temporary vessel occlusion in cardiac lead extraction procedures. The device is designed to significantly reduce blood loss in the rare event of a tear, including the superior vena cava (SVC), providing a bridge to surgical intervention.
- A tear in the SVC occurs in less than 1% of lead extraction procedures. If one does occur, the Bridge Occlusion Balloon and stop up to 90% of the blood loss for at least 30 minutes.
Dec. 7, 2015, 4:31 PM
- Spectranetics (NASDAQ:SPNC) establishes a new $110M credit facility led by Midcap Financial and Silicon Valley Bank. The facility, consisting of a $60M term loan and $50M revolving line of credit, is structured to provide sufficient liquidity through the U.S. launch of the Stellarex drug-coated balloon and beyond. It replaces the company's previous credit facility with Wells Fargo Bank.
- The 60-month term loan is interest-only for the first 24 months with an option to extend an additional 12 months contingent on the achievement of certain targets. The interest rate is Libor plus 7.50%. Borrowings under the revolver will bear interest at Libor plus 4.45%.
- The company purchased Stellarex for $30M from Covidien in November 2014.
- Previously: Spectranetics buys Covidien's DCB platform (Nov. 3, 2014)
Oct. 23, 2015, 12:46 PM
Oct. 23, 2015, 10:23 AM
- The Spectranetics (SPNC +16%) Q3 results: Revenues: $61.7M (+4.9%); COGS: $15.8M (+7.5%); R&D Expense: $15.9M (+109.2%); SG&A: $34.1M (-3.9%); Operating Loss: ($12.4M) (-5.1%); Net Loss: ($14.5M) (-4.3%); Loss Per Share: ($0.34) (-3.0%); Quick Assets: $41.7M (-56.3%); CF Ops: ($10.2M) (-200.0%).
- 2015 Guidance: Revenue: $242M - 248M from $240M - 250M; Net Loss: ($65M) - ($69M) (unch); Net Loss Per Share: ($1.53 - $1.62) (unch); Non-GAAP net loss: ($40M) - ($44M) from ($41M) - ($45M); Non-GAAP net loss per share: ($0.94 - $1.04) from ($0.96 - $1.07).
Oct. 22, 2015, 4:14 PM
- The Spectranetics (NASDAQ:SPNC): Q3 EPS of -$0.17 beats by $0.09.
- Revenue of $61.7M (+4.9% Y/Y) beats by $1.83M.
- Shares +6.4%.
Oct. 21, 2015, 5:35 PM
- ACTG, ALGN, ALTR, AMZN, ATHN, BAS, BCR, BJRI, BYD, CHE, COF, CYN, CYT, DV, EGHT, ETFC, FET, FII, FSL, FTNT, GHL, GIMO, GOOG, HBHC, HURN, IG, JNPR, LHO, LOGM, LSTR, MKTO, MSFT, MXIM, N, NTGR, P, PACB, PEB, PFG, QLGC, QLIK, QSII, RMD, SHOR, SIVB, SKX, SMCI, SPNC, SRCL, SWN, SYK, SYNA, T, TRN, UCTT, VRSN, WRE
Aug. 21, 2015, 10:16 AM
- Evoke Pharma (EVOK +2.7%) initiated with Buy rating and $13 (197% upside) price target by Brean Capital.
- Biocept (BIOC +7.5%) initiated with Buy rating and $4 (86% upside) price target by H.C. Wainwright.
- Juno Therapeutics (JUNO -3.8%) initiated with Outperform rating and $73 (94% upside) price target by FBR.
- Neos Therapeutics (NEOS -2.1%) initiated with Outperform rating and $35 (52% upside) price target by RBC Capital Markets.
- Trovagene (TROV +1.3%) initiated with Outperform rating and $9 (64% upside) price target by Leerink.
- AMAG Pharmaceuticals (AMAG -0.4%) upgraded to Buy from Restricted with a price target of $80 (31% upside) by Jefferies.
- Spectranetics (SPNC -0.4%) upgraded to Strong Buy from Buy with a $24 (46% upside) price target by Needham.
Jul. 24, 2015, 12:45 PM
Jul. 24, 2015, 9:36 AM
- The Spectranetics (SPNC -35.4%) Q2 results: Revenues: $61.7M (+41.5%); COGS: $15.9M (+51.4%); R&D Expense: $16.7M (+193.0%); SG&A: $35.6M (+24.9%); Operating Loss: ($5.3M) (+8.6%); Net Loss: ($7.2M) (-35.8%); Loss Per Share: ($0.17) (-30.8%); Quick Assets: $49.3M (-48.4%); CF Ops: ($10.1M) (-818.2%).
- 2015 Guidance: Revenue: $240M - $250M; Net Loss: ($65M) - ($69M) from ($78M) - ($82M); Net Loss Per Share: ($1.53 - $1.62) from ($1.84 - $1.93); Non-GAAP net loss: ($41M) - ($45M) (unch); Non-GAAP net loss per share: ($0.96 - $1.07) (unch).
Jul. 23, 2015, 5:43 PM
Jul. 23, 2015, 4:20 PM
- The Spectranetics (NASDAQ:SPNC): Q2 EPS of -$0.22 beats by $0.09.
- Revenue of $61.7M (+41.6% Y/Y) misses by $0.53M.
- Shares -11.4%.
Jul. 22, 2015, 5:35 PM
- ABAX, ACTG, ALGN, ALTR, AMZN, ATHN, BCR, BJRI, BLDR, BYD, CA, CB, CBI, CHE, CLGX, CLS, COF, CPHD, CTCT, CYN, DGII, ETFC, FET, FII, FLEX, FSL, GHL, GIMO, HBHC, HWAY, IG, JNPR, LOGM, LSTR, MITK, MKTO, MSCC, MXIM, N, NANO, NTGR, P, PEB, PFG, PFPT, PMCS, QLIK, RGA, RHI, RSG, RT, SBUX, SIVB, SPNC, SRCL, STAG, SWKS, SYK, T, TRIP, TRN, UIS, V, VRSN, WIRE, WRE
Jul. 2, 2015, 9:41 AM
- The U.S. District Court for the Northern District of California rules in favor of Spectranetics (SPNC +0.9%) subsidiary AngioScore in its lawsuit seeking damages from former board member Eitan Konstantino for breach of fiduciary duty. The Court found that Mr. Konstantino did, indeed, breach his fiduciary duty and two companies he founded, TriReme Medical and Quattro Vascular, aided and abetted the breach. In addition, a third company he founded, QT Vascular, is liable for the acts of TriReme and Quattro.
- The Court awarded AngioScore $20.034M plus disgorgement from Mr. Konstantino of all the benefits he accrued from his breach, including amounts he received for assigning his intellectual property rights to the Chocolate balloon catheter, royalties on past and future sales of the Chocolate balloon and all of his shares and options in QT Vascular. Under the indemnification agreement between AngioScore and Mr. Konstantino, AngioScore will seek to recover attorney fees and costs previously advanced to Mr. Konstantino.
- The dispute arose from Mr. Konstantino's development of the Chocolate balloon catheter via companies he formed in 2009, three years after leaving AngioScore in 2006. AngioScore claimed that it owned the patents covering the product.
Apr. 24, 2015, 12:45 PM
Apr. 23, 2015, 4:15 PM
- The Spectranetics (NASDAQ:SPNC): Q1 EPS of -$0.30 misses by $0.07.
- Revenue of $57.4M (+44.9% Y/Y) misses by $2.8M.
Mar. 18, 2015, 6:31 PM
- Guy Childs, Spectranetics' (NASDAQ:SPNC) CFO since 2003, plans to "transition from his current role."
- Childs, 48, will remain CFO until a successor is hired. Afterwards, he'll "continue to serve as an officer of the Company in a Vice President role that will include treasury, investor relations and financial planning."
The Spectranetics Corp develops, manufactures, markets and distributes single-use medical devices. Its products are used to cross, prepare, and treat arterial blockages in the legs and heart and to remove pacemaker and defibrillator cardiac leads.
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