Fri, Apr. 24, 12:45 PM
Thu, Apr. 23, 4:15 PM| Comment!
Wed, Mar. 18, 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."
Fri, Feb. 20, 9:46 AM
- Spectranetics (SPNC -5.1%) Q4 results: Revenues: $63M (+50.4%); COGS: $15.9M (+52.9%); R&D Expense: $9.3M (+60.3%); SG&A: $36.4M (+53.6%); Operating Loss: ($13.8M) (-866.7%); Net Loss: ($14.7M) (-999%); Loss Per Share: ($0.35) (-999%).
- FY2014 results: Revenues: $204.9M (+29.0%); COGS: $51.4M (+24.2%); R&D Expense: $28.7M (+29.9%); SG&A: $128.1M (+39.5%); Operating Loss: ($37M) (-999%); Net Loss: ($40.9M) (-999%); Loss Per Share: ($0.98) (-999%); Quick Assets: $95.5M (-25.6%).
- 2015 Guidance: Revenue: $258M - $265M; Net Loss: ($58M) - ($62M); Net Loss Per Share: ($1.36 - $1.46); Non-GAAP net loss: ($31.9M) - ($35.9M); Non-GAAP net loss per share: ($0.74 - $0.84).
Thu, Feb. 19, 4:07 PM| Comment!
Wed, Feb. 18, 5:35 PM
Nov. 28, 2014, 10:45 AM
- Medtronic (MDT +1.3%) secures EU approval for its $43B acquisition of Covidien plc (COV +1%) contingent on, as expected, Covidien selling Stellarex, its drug-coated angioplasty balloon. Spectranetics (SPNC +1.9%) agreed to purchase Stellarex several weeks ago for $30M. The FTC recently gave its blessing to the transaction as well.
- Previously: FTC clears Medtronic/Covidien marriage
- Previously: Spectranetics buys Covidien's DCB platform
Nov. 26, 2014, 3:57 PM
- The Federal Trade Commission approves the merger between Medtronic (MDT +1%) and Covidien plc (COV +1.2%) with the proviso that Covidien divest its drug-coated catheter business before completing the transaction. Covidien agreed to sell the business for $30M to Spectranetics (SPNC +1%) several weeks ago.
- Previously: Medtronic buying Covidien for $42.9B
Nov. 3, 2014, 8:11 AM
- Spectranetics (NASDAQ:SPNC) acquires Covidien's (NYSE:COV) Stellarex drug coated angioplasty balloon (DCB) platform for $30M. The company expects it to be a revenue catalyst beginning in 2015 and has the potential to deliver $100M to the top line within 2-3 years of commercialization in the U.S. Management expects it to be accretive to non-GAAP operating income, ex-items, in the first year following the start of the U.S. launch.
- Research and development related to Stellarex will dilute 2015 earnings $28M - 32M or $0.65 - 0.75 per share, however.
Oct. 23, 2014, 6:24 PM
- Spectranetics (SPNC +1.2%) Q3 results: Revenues: $58.8M (+47.7%); COGS: $14.7M (+45.5%); R&D Expense: $7.6M (+33.3%); SG&A: $35.5M (+59.9%); Operating Loss: ($11.8M) (-999.0%); Net Loss: ($13.9M) (-999.0%); EPS: $-0.33 (-999.0%); Quick Assets: $103.5M (-19.1%).
- 2014 Guidance: Revenue: $202.0M - $203.5M from $198.5M - 201.0M; net loss per share: ($0.88 - $0.90) from ($0.85 - $0.90).
Oct. 23, 2014, 4:18 PM| Comment!
Jul. 24, 2014, 4:37 PM| Comment!
Jul. 24, 2014, 4:15 PM
- Spectranetics (SPNC +5.8%) Q2 results: Revenue: $43.6M (+10.4%); COGS: $10.5M (-0.9%); Gross Profit: $33.0M (+14.6%); R&D Expense: $5.7M (+3.6%); SG&A Expense: $28.5M (+23.4%); Operating Income/Loss: ($5.8M) (-728.6%); Net Loss: $6.6M (-842,9%); EPS: ($0.16) (-700.0%); Quick Assets: $107.0M (-16.7%).
- 2014 Guidance: Revenue: $198.5M - 201.0M; ex. AngioScore revenue: $171.5M - 174.0M; net loss per share: ($0.85 - 0.90).
Jul. 23, 2014, 5:41 PM
Jun. 3, 2014, 4:47 PM
- Spectranetics (SPNC -1.3%) closes $230M in 2.625% convertible senior notes due 2034 in a public offering. Underwriters over-allotment is $30M. The notes will accrue interest at a fixed rate of 2.625% per year payable semi-annually on June 1 and December 1. The notes can be converted into SPNC common stock at a rate of 31.9020 shares per $1,000 principal amount.
- Net proceeds will be ~$223M and will be used to fund the AngioScore acquisition.
May. 27, 2014, 6:53 PM
- Spectranetics (SPNC) is buying AngioScore, a maker of cardiovascular balloons, for $230M up-front ($115M apiece in cash and stock), plus contingent commercial/regulatory milestone payments.
- The deal, which broadens Spectranetics' product line, is expected to close around the end of June. Spectrnetics expects it to be accretive to 2015 adjusted EBITDA, and to yield $8M-$10M in pre-tax cost synergies.
- To help pay for the acquisition, Spectranetics is selling $200M worth of convertible senior notes due 2034. The underwriter will have a $30M overallotment option.
SPNC vs. ETF Alternatives
The Spectranetics Corpdevelops, 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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