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Spectranetics Reports Preliminary 2008 Results

The Spectranetics Corporation (Spectranetics) has reported preliminary revenue of $104 million for the 2008, up 26%, compared with the preliminary revenue of $82.9 million in the year-ago period. It has reported preliminary revenue of $26.6 million for the fourth quarter of 2008, up 11%, compared with the preliminary revenue of $23.9 million in the year-ago quarter.

Fourth quarter results in 2008 included a negative impact of $300,000 from foreign currency fluctuations following the issuance of our guidance in October 2008. Disposable product revenue rose 12% to $22.0 million, laser revenue increased 8% to $2.3 million, and service and other revenue increased 8% to $2.3 million, all compared with the fourth quarter of 2007. The increase in disposable product revenue was comprised of a 14% increase in vascular intervention product sales and a 9% increase in lead management product sales. Of note, lead management revenue was particularly strong in the fourth quarter of 2007, reaching $6.9 million, up 45% compared to the fourth quarter of 2006. Vascular intervention product sales include atherectomy products, which decreased 9%, and support catheters, which increased 36%, all compared to the year ago quarter. Vascular intervention product sales also include $1.4 million of sales of aspiration and thrombectomy products that were acquired from Kensey Nash Corporation on May 31, 2008.

The worldwide installed base of lasers increased to 850 as of December 31, 2008 (672 in the US), which included net laser placements of 25 units in the fourth quarter of 2008, compared with 30 net placements in the fourth quarter of 2007.

“In the fourth quarter, we continued to receive positive support for Spectranetics technology, however, sales results fell short of our expectations,” said Emile J. Geisenheimer, chairman, president and chief executive officer of Spectranetics. “In addition to the adverse impact of foreign currency fluctuations on fourth quarter revenue results, we received feedback from certain customers regarding a focused effort to reduce hospital inventory levels at year-end and, in some cases, customers noted a reduction in procedure volumes during the quarter. Despite these challenges, I am pleased with our 26% sales growth in 2008, achieving preliminary annual revenue in excess of $100 million for the first time in our history.”