Spectranetics Warns Of Q1 Miss; Cuts FY14 Outlook

(RTTNews) - Spectranetics Corp. (SPNC) said Monday that it expects to report first quarter revenue of $39.6 million, up 5% from a year ago.

The company also said it expects to report a first quarter net loss of $5.7 million to $6.1 million, or $0.14 to $0.15 per share, compared with a net loss of $959,000, or $0.03 per share, for the first quarter of last year.

Analysts polled by Thomson Reuters currently expect the company to report a loss of $0.08 per share on revenue of $41.42 million for the first quarter.

The company noted that the results are consistent with its expectations and reflect its investment in the field sales team expansion and seasonally higher operating expenses that are typical in the first quarter of the year.

Spectranetics also lowered its full years revenue outlook to a range of $171.5 million to $174.0 million from its prior outlook of $177.5 to $180.0 million.

The company now forecasts a net loss of $7.5 - $9.5 million, or $0.18 - $0.23 per share for the full year 2014, compared to its earlier forecast of a net loss of $3.0 - $5.0 million, or $0.07 - $0.12 per share.

Analysts polled by Thomson Reuters currently expect the company to report a loss of $0.09 per share on revenue of $179.37 million for the full year 2014.

Spectranetics President and Chief Executive Officer, Scott Drake said, "Our revised outlook reflects the near-term execution challenges in our U.S. Lead Management business."