UPDATE: Barrington Upgrades Spectranetics to Outperform on Great Quarter Results
In a report published Thursday, Barrington Research analyst Charley R. Jones upgraded the rating on The Spectranetics Corporation (NASDAQ: SPNC) from Market Perform to Outperform, and reiterated the $21.00 price target.
In the report, Jones noted, “SPNC reported Q1/13 revenue of $37.7 million, which was up 13% versus $33.3 million in Q1/12 and above both our estimate of $37 million and the consensus of $36.6 million. Net loss for Q1/13 was $1.0 million versus net income of $12,000 in Q1/12. EPS came in at ($0.03) versus ($0.00) in Q1/12, in line with both our estimate and the Street consensus. Revenue growth was driven by double-digit growth in Lead Management as well as U.S. peripheral atherectomy. The U.S. grew 11% to $30.8 million and International grew 27% to $6.9 million. SPNC put up another great quarter in its lead management segment with sales up 22% to $15.1 million driven by a combination of a 20% price increase for GlideLight, continued improvements in its education and training program and continued momentum from an updated HRS statement two years ago.”
The Spectranetics Corporation closed on Wednesday at $17.35.
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