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The Spectranetics Corporation (SPNC) saw its loss widen to $12.61 million, or $0.29 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $10.46 million, or $0.25 a share. On the other hand, adjusted net loss for the quarter widened to $9.38 million, or $0.21 a share from a loss of $8.25 million or $0.20 a share, a year ago.
Revenue during the quarter grew 10.32 percent to $71.93 million from $65.20 million in the previous year period. Gross margin for the quarter contracted 46 basis points over the previous year period to 74.45 percent. Operating margin for the quarter stood at negative 11.89 percent as compared to a negative 11.69 percent for the previous year period.
Operating loss for the quarter was $8.55 million, compared with an operating loss of $7.62 million in the previous year period.
"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," said Scott Drake, president and chief executive officer. "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."
For fiscal year 2017, Spectranetics Corp projects revenue to be in the range of $293 million to $306 million. The company expects net loss to be in the range of $63 million to $57 million. The company forecasts diluted loss per share to be in the range of $1.31 to $1.43.
Working capital drops significantly
The Spectranetics Corporation has witnessed a decline in the working capital over the last year. It stood at $68.59 million as at Dec. 31, 2016, down 27.49 percent or $26.01 million from $94.60 million on Dec. 31, 2015. Current ratio was at 2.02 as on Dec. 31, 2016, down from 2.49 on Dec. 31, 2015. Days sales outstanding went down to 28 days for the quarter compared with 31 days for the same period last year.
Days inventory outstanding has decreased to 69 days for the quarter compared with 71 days for the previous year period.
Debt remains almost stable
The Spectranetics Corporation has witnessed an increase in total debt over the last one year. It stood at $309.47 million as on Dec. 31, 2016, up 0.51 percent or $1.56 million from $307.91 million on Dec. 31, 2015. Total debt was 71.96 percent of total assets as on Dec. 31, 2016, compared with 65.79 percent on Dec. 31, 2015. Debt to equity ratio was at 4.16 as on Dec. 31, 2016, up from 2.63 as on Dec. 31, 2015.
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