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news.Spectranetics, a developer and manufacturer of single-use medical devices, has reported a net loss of $1.1 million, or $0.03 per share, for the fourth quarter of 2008, compared with a net loss of $89,000, or $0 per share, in the fourth quarter of 2007.
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The net loss for 2008 was $4 million, or $0.12 per share, inclusive of after-tax IPR&D costs of $2.4 million, or $0.08 per share, compared with net income of $7.2 million, or $0.21 per diluted share, in 2007.
Revenue for the fourth quarter of 2008 was $26.6 million, up 11%, compared with $23.9 million for the fourth quarter of 2007. Revenue for the full year 2008 rose 26% to $104 million from $82.9 million for the full year 2007.
Emile Geisenheimer, chairman, president and CEO of Spectranetics, said: We are pleased with our ability to have achieved 26% revenue growth and a new $100 million annual sales milestone. This is a significant milestone for a medical device company and reflects the growing acceptance of our products. We have a number of initiatives in place that we believe will support growth in both vascular interventions and lead management revenue in 2009.