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Share Name | Share Symbol | Market | Type |
---|---|---|---|
The Spectranetics Corp. (MM) | NASDAQ:SPNC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 38.45 | 38.45 | 38.50 | 0 | 01:00:00 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
84-0997049
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
(Do not check if a smaller reporting company)
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
ITEM 2
.
|
||
|
|
|
|
||
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
67,494
|
|
|
$
|
84,594
|
|
Trade accounts receivable, less allowance for doubtful accounts and sales returns of $1,786 and $1,906, respectively
|
44,204
|
|
|
43,359
|
|
||
Inventories, net
|
26,315
|
|
|
25,155
|
|
||
Prepaid expenses and other current assets
|
5,951
|
|
|
5,171
|
|
||
Total current assets
|
143,964
|
|
|
158,279
|
|
||
Property and equipment, net
|
44,761
|
|
|
44,719
|
|
||
Goodwill
|
152,616
|
|
|
152,616
|
|
||
Other intangible assets, net
|
107,253
|
|
|
110,456
|
|
||
Other assets
|
1,953
|
|
|
1,929
|
|
||
Total assets
|
$
|
450,547
|
|
|
$
|
467,999
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Borrowings under revolving line of credit
|
$
|
19,234
|
|
|
$
|
24,232
|
|
Accounts payable
|
4,390
|
|
|
4,150
|
|
||
Accrued liabilities
|
32,768
|
|
|
33,676
|
|
||
Deferred revenue
|
1,488
|
|
|
1,621
|
|
||
Total current liabilities
|
57,880
|
|
|
63,679
|
|
||
Convertible senior notes, net of debt issuance costs
|
224,328
|
|
|
224,076
|
|
||
Term loan, net of debt issuance costs
|
59,611
|
|
|
59,601
|
|
||
Accrued liabilities, net of current portion
|
1,743
|
|
|
1,759
|
|
||
Deferred income taxes
|
2,027
|
|
|
1,915
|
|
||
Total liabilities
|
345,589
|
|
|
351,030
|
|
||
Commitments and contingencies (Note 9)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $.001 par value; authorized 5,000,000 shares; none issued
|
—
|
|
|
—
|
|
||
Common stock, $.001 par value; authorized 120,000,000 shares; issued and outstanding 42,796,266 and 42,659,234 shares, respectively
|
43
|
|
|
42
|
|
||
Additional paid-in capital
|
318,470
|
|
|
313,442
|
|
||
Accumulated other comprehensive loss
|
(1,659
|
)
|
|
(1,910
|
)
|
||
Accumulated deficit
|
(211,896
|
)
|
|
(194,605
|
)
|
||
Total stockholders’ equity
|
104,958
|
|
|
116,969
|
|
||
Total liabilities and stockholders’ equity
|
$
|
450,547
|
|
|
$
|
467,999
|
|
|
Three months ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenue
|
$
|
62,884
|
|
|
$
|
57,422
|
|
Cost of products sold
|
16,082
|
|
|
14,802
|
|
||
Amortization of acquired inventory step-up
|
—
|
|
|
251
|
|
||
Gross profit
|
46,802
|
|
|
42,369
|
|
||
Operating expenses:
|
|
|
|
||||
Selling, general and administrative
|
40,789
|
|
|
36,942
|
|
||
Research, development and other technology
|
16,337
|
|
|
15,261
|
|
||
Medical device excise tax
|
—
|
|
|
806
|
|
||
Acquisition transaction, integration and legal costs
|
292
|
|
|
10,391
|
|
||
Intangible asset amortization
|
3,203
|
|
|
3,170
|
|
||
Contingent consideration expense
|
100
|
|
|
1,024
|
|
||
Total operating expenses
|
60,721
|
|
|
67,594
|
|
||
Operating loss
|
(13,919
|
)
|
|
(25,225
|
)
|
||
Other expense:
|
|
|
|
||||
Interest expense
|
(3,342
|
)
|
|
(1,754
|
)
|
||
Foreign currency transaction gain (loss)
|
175
|
|
|
(179
|
)
|
||
Total other expense
|
(3,167
|
)
|
|
(1,933
|
)
|
||
Loss before income tax expense
|
(17,086
|
)
|
|
(27,158
|
)
|
||
Income tax expense
|
205
|
|
|
147
|
|
||
Net loss
|
$
|
(17,291
|
)
|
|
$
|
(27,305
|
)
|
|
|
|
|
||||
Net loss per share —
|
|
|
|
||||
Basic and diluted
|
$
|
(0.40
|
)
|
|
$
|
(0.65
|
)
|
|
|
|
|
||||
Other comprehensive income (loss), net of tax
|
|
|
|
||||
Foreign currency translation adjustments
|
251
|
|
|
(912
|
)
|
||
Comprehensive loss, net of tax
|
$
|
(17,040
|
)
|
|
$
|
(28,217
|
)
|
|
|
|
|
||||
Weighted average common shares outstanding —
|
|
|
|
||||
Basic and diluted
|
42,697,323
|
|
|
42,155,844
|
|
|
Three months ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(17,291
|
)
|
|
$
|
(27,305
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
6,890
|
|
|
6,131
|
|
||
Stock-based compensation expense
|
3,413
|
|
|
3,190
|
|
||
Amortization of debt issuance costs
|
281
|
|
|
244
|
|
||
Provision for excess and obsolete inventories
|
196
|
|
|
167
|
|
||
Contingent consideration expense
|
100
|
|
|
1,024
|
|
||
Deferred income taxes
|
126
|
|
|
95
|
|
||
Net change in operating assets and liabilities
|
(6,159
|
)
|
|
(6,007
|
)
|
||
Net cash used in operating activities
|
(12,444
|
)
|
|
(22,461
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(1,226
|
)
|
|
(1,780
|
)
|
||
Payments for acquisitions
|
—
|
|
|
(30,000
|
)
|
||
Net cash used in investing activities
|
(1,226
|
)
|
|
(31,780
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repayments on line of credit, net
|
(4,998
|
)
|
|
—
|
|
||
Proceeds from the exercise of stock options and employee stock purchase plan
|
1,615
|
|
|
2,678
|
|
||
Payment of contingent consideration
|
(88
|
)
|
|
(143
|
)
|
||
Net cash (used in) provided by financing activities
|
(3,471
|
)
|
|
2,535
|
|
||
Effect of exchange rate changes on cash
|
41
|
|
|
(160
|
)
|
||
Net decrease in cash and cash equivalents
|
(17,100
|
)
|
|
(51,866
|
)
|
||
Cash and cash equivalents at beginning of period
|
84,594
|
|
|
95,505
|
|
||
Cash and cash equivalents at end of period
|
$
|
67,494
|
|
|
$
|
43,639
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
1,421
|
|
|
$
|
9
|
|
Cash paid for income taxes
|
$
|
194
|
|
|
$
|
185
|
|
|
As of
|
|
|
|
|
||||||
(amounts in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|
Maturity Date
|
|
Weighted Average Interest Rate
|
||||
Convertible Senior Notes
|
$
|
230,000
|
|
|
$
|
230,000
|
|
|
June 1, 2034
|
|
2.625%
|
Term Loan Facility
|
60,000
|
|
|
60,000
|
|
|
December 7, 2020
|
|
(1)
|
||
Revolving Loan Facility
|
19,234
|
|
|
24,232
|
|
|
December 7, 2020
|
|
(1)
|
||
Total
|
$
|
309,234
|
|
|
$
|
314,232
|
|
|
|
|
|
(1)
|
The interest rates on the Term Loan Facility and Revolving Loan Facility are described below.
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
Raw materials
|
$
|
9,680
|
|
|
$
|
10,838
|
|
Work in process
|
3,488
|
|
|
2,914
|
|
||
Finished goods
|
13,147
|
|
|
11,403
|
|
||
|
$
|
26,315
|
|
|
$
|
25,155
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Equipment held for rental or loan
|
$
|
58,304
|
|
|
$
|
55,774
|
|
Manufacturing equipment and computers
|
38,182
|
|
|
37,862
|
|
||
Leasehold improvements
|
9,213
|
|
|
8,984
|
|
||
Furniture and fixtures
|
5,008
|
|
|
4,841
|
|
||
Building and improvements
|
1,306
|
|
|
1,306
|
|
||
Land
|
270
|
|
|
270
|
|
||
Less: accumulated depreciation
|
(67,522
|
)
|
|
(64,318
|
)
|
||
|
$
|
44,761
|
|
|
$
|
44,719
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Accrued payroll and employee-related expenses
|
$
|
14,764
|
|
|
$
|
15,797
|
|
Contingent consideration
|
5,165
|
|
|
5,154
|
|
||
Accrued clinical study expense
|
3,392
|
|
|
3,868
|
|
||
Accrued interest
|
2,568
|
|
|
913
|
|
||
Deferred rent
|
1,476
|
|
|
1,485
|
|
||
Accrued royalties
|
1,025
|
|
|
1,044
|
|
||
Accrued sales, income and excise taxes
|
875
|
|
|
1,318
|
|
||
Accrued legal costs
|
870
|
|
|
713
|
|
||
Other accrued expenses
|
4,376
|
|
|
5,143
|
|
||
Total accrued liabilities
|
34,511
|
|
|
35,435
|
|
||
Less: long-term portion
|
(1,743
|
)
|
|
(1,759
|
)
|
||
Accrued liabilities, current portion
|
$
|
32,768
|
|
|
$
|
33,676
|
|
|
Contingent Consideration Liability
|
||
Beginning balance, January 1, 2016
|
$
|
5,153
|
|
Contingent consideration payments
|
(88
|
)
|
|
Contingent consideration accretion expense
|
100
|
|
|
Ending balance, March 31, 2016
|
$
|
5,165
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Acquired as part of Stellarex acquisition: (1)
|
|
|
|
||||
In-process research and development
|
$
|
13,680
|
|
|
$
|
13,680
|
|
Technology
|
9,000
|
|
|
9,000
|
|
||
Trademark and trade names
|
400
|
|
|
400
|
|
||
Transition services agreement
|
530
|
|
|
530
|
|
||
Acquired as part of AngioScore acquisition: (2)
|
|
|
|
||||
Technology
|
73,510
|
|
|
73,510
|
|
||
Customer relationships
|
23,320
|
|
|
23,320
|
|
||
Trademark and trade names
|
4,380
|
|
|
4,380
|
|
||
In-process research and development
|
1,254
|
|
|
1,254
|
|
||
Distributor relationships
|
1,940
|
|
|
1,940
|
|
||
Non-compete agreements
|
580
|
|
|
580
|
|
||
Acquired as part of Upstream acquisition (3)
|
|
|
|
||||
Technology
|
2,172
|
|
|
2,172
|
|
||
Non-compete agreement
|
200
|
|
|
200
|
|
||
Patents
|
530
|
|
|
530
|
|
||
Less: accumulated amortization
|
(24,243
|
)
|
|
(21,040
|
)
|
||
|
$
|
107,253
|
|
|
$
|
110,456
|
|
(1)
|
In January 2015, the Company acquired the Stellarex DCB assets, which included, among other things, the intellectual property, machinery and equipment, and inventories used in connection with the Stellarex DCB catheter.
|
(2)
|
In June 2014, the Company completed its acquisition of AngioScore, Inc.
|
(3)
|
In January 2013, the Company acquired certain product lines from Upstream. As part of the acquisition, the Company acquired core technology intangible assets and an intangible asset related to non-compete agreements.
|
|
Three Months Ended
March 31, |
||||
|
2016
|
|
2015
|
||
Expected life (years)
|
5.77
|
|
|
5.72
|
|
Risk-free interest rate
|
1.22
|
%
|
|
1.38
|
%
|
Expected volatility
|
46.26
|
%
|
|
42.56
|
%
|
Expected dividend yield
|
—
|
|
|
—
|
|
|
Shares
|
|
Weighted
Average
Exercise Price
|
|
Weighted Avg.
Remaining
Contractual Term
(In Years)
|
|
Aggregate Intrinsic
Value
|
|||||
Options outstanding at January 1, 2016
|
2,566,088
|
|
|
$
|
14.04
|
|
|
|
|
|
||
Granted
|
889,664
|
|
|
14.80
|
|
|
|
|
|
|||
Exercised
|
(48,507
|
)
|
|
9.93
|
|
|
|
|
|
|||
Forfeited
|
(37,132
|
)
|
|
17.90
|
|
|
|
|
|
|||
Options outstanding at March 31, 2016
|
3,370,113
|
|
|
$
|
14.26
|
|
|
7.15
|
|
$
|
9,286,121
|
|
Options exercisable at March 31, 2016
|
1,784,813
|
|
|
$
|
10.97
|
|
|
5.37
|
|
$
|
8,899,385
|
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|||
Restricted stock awards outstanding at January 1, 2016
|
26,463
|
|
|
$
|
27.41
|
|
Vested/released
|
(2,867
|
)
|
|
34.89
|
|
|
Restricted stock awards outstanding at March 31, 2016
|
23,596
|
|
|
$
|
26.51
|
|
|
Shares
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Restricted stock units outstanding at January 1, 2016
|
204,893
|
|
|
$
|
24.08
|
|
Awarded
|
190,776
|
|
|
14.98
|
|
|
Forfeited
|
(10,370
|
)
|
|
23.83
|
|
|
Restricted stock units outstanding at March 31, 2016
|
385,299
|
|
|
$
|
19.58
|
|
|
Shares
|
|
Weighted Average Grant Date
Fair Value
|
|||
Performance stock units outstanding at January 1, 2016
|
496,656
|
|
|
$
|
22.82
|
|
Vested/released
|
(18,101
|
)
|
|
23.43
|
|
|
Forfeited
|
(7,943
|
)
|
|
23.43
|
|
|
Performance stock units outstanding at March 31, 2016
|
470,612
|
|
|
$
|
22.79
|
|
|
Three Months Ended March 31,
|
||||
|
2016
|
|
2015
|
||
Options to purchase common stock
|
3,370,113
|
|
|
2,529,744
|
|
Non-vested restricted stock
|
408,895
|
|
|
211,685
|
|
Non-vested PSUs
|
470,612
|
|
|
487,158
|
|
Shares issuable upon conversion of the Notes
|
7,337,459
|
|
|
7,337,459
|
|
Potentially dilutive common shares
|
11,587,079
|
|
|
10,566,046
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Net loss
|
$
|
(17,291
|
)
|
|
$
|
(27,305
|
)
|
Common shares outstanding:
|
|
|
|
||||
Historical common shares outstanding at beginning of period
|
42,632,771
|
|
|
42,034,063
|
|
||
Weighted average common shares issued
|
64,552
|
|
|
121,781
|
|
||
Weighted average common shares outstanding — basic
|
42,697,323
|
|
|
42,155,844
|
|
||
Effect of dilution — stock options
|
—
|
|
|
—
|
|
||
Weighted average common shares outstanding — diluted
|
42,697,323
|
|
|
42,155,844
|
|
||
Net loss per share — basic and diluted
|
$
|
(0.40
|
)
|
|
$
|
(0.65
|
)
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Revenue:
|
|
|
|
||||
U.S. Medical:
|
|
|
|
||||
Disposable products
|
$
|
50,475
|
|
|
$
|
45,487
|
|
Laser, service, and other
|
2,507
|
|
|
3,113
|
|
||
Subtotal
|
52,982
|
|
|
48,600
|
|
||
International Medical:
|
|
|
|
||||
Disposable products
|
8,533
|
|
|
7,457
|
|
||
Laser, service, and other
|
1,369
|
|
|
1,365
|
|
||
Subtotal
|
9,902
|
|
|
8,822
|
|
||
Total revenue
|
$
|
62,884
|
|
|
$
|
57,422
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Segment operating loss:
|
|
|
|
||||
U.S. Medical
|
$
|
(12,328
|
)
|
|
$
|
(24,926
|
)
|
International Medical
|
(1,591
|
)
|
|
(299
|
)
|
||
Total operating loss
|
$
|
(13,919
|
)
|
|
$
|
(25,225
|
)
|
|
As of
|
||||||
|
March 31, 2016
|
|
December 31, 2015
|
||||
Segment assets:
|
|
|
|
||||
U.S. Medical
|
$
|
412,733
|
|
|
$
|
430,956
|
|
International Medical
|
37,814
|
|
|
37,043
|
|
||
Total assets
|
$
|
450,547
|
|
|
$
|
467,999
|
|
|
Three Months Ended
March 31, |
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Revenue
|
|
|
|
||||
Disposable products:
|
|
|
|
||||
Vascular intervention
|
$
|
41,912
|
|
|
$
|
36,513
|
|
Lead management
|
17,096
|
|
|
16,431
|
|
||
Total disposable products
|
59,008
|
|
|
52,944
|
|
||
Laser, service, and other
|
3,876
|
|
|
4,478
|
|
||
Total revenue
|
$
|
62,884
|
|
|
$
|
57,422
|
|
•
|
Vascular Intervention (“VI”): Our broad portfolio of VI devices consists of laser and aspiration catheters, AngioSculpt
®
scoring balloon catheters, which are the specialty balloon market leader, support catheters, and the Stellarex™ drug-coated balloon (“DCB”) catheters, which we sell in Europe and currently are not for sale in the U.S.
|
•
|
Lead Management (“LM”): We are a global leader in devices for the removal of pacemaker and defibrillator cardiac leads. Our primary LM devices consist of our excimer laser sheaths, non-laser mechanical sheaths and cardiac lead management accessories for the removal of pacemaker and defibrillator cardiac leads.
|
•
|
Laser, service, and other: Our proprietary excimer laser system, the CVX-300
®
, is the only laser system approved in the United States, Europe, Japan and Canada for use in multiple minimally invasive cardiovascular procedures. We sell, rent and service our CVX-300 laser systems.
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||||||||
(Dollars in thousands)
|
2016
|
|
% of
revenue (1)
|
|
2015
|
|
% of
revenue (1)
|
|
change
|
|
% change
|
|||||||||
Revenue
|
$
|
62,884
|
|
|
100
|
%
|
|
$
|
57,422
|
|
|
100
|
%
|
|
$
|
5,462
|
|
|
10
|
%
|
Gross profit (2)
|
46,802
|
|
|
74
|
%
|
|
42,369
|
|
|
74
|
%
|
|
4,433
|
|
|
10
|
%
|
|||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative
|
40,789
|
|
|
65
|
%
|
|
36,942
|
|
|
64
|
%
|
|
3,847
|
|
|
10
|
%
|
|||
Research, development and other technology
|
16,337
|
|
|
26
|
%
|
|
15,261
|
|
|
27
|
%
|
|
1,076
|
|
|
7
|
%
|
|||
Medical device excise tax
|
—
|
|
|
—
|
%
|
|
806
|
|
|
1
|
%
|
|
(806
|
)
|
|
(100
|
)%
|
|||
Acquisition transaction, integration and legal costs
|
292
|
|
|
—
|
%
|
|
10,391
|
|
|
18
|
%
|
|
(10,099
|
)
|
|
(97
|
)%
|
|||
Intangible asset amortization
|
3,203
|
|
|
5
|
%
|
|
3,170
|
|
|
6
|
%
|
|
33
|
|
|
1
|
%
|
|||
Contingent consideration expense
|
100
|
|
|
—
|
%
|
|
1,024
|
|
|
2
|
%
|
|
(924
|
)
|
|
(90
|
)%
|
|||
Total operating expenses
|
60,721
|
|
|
97
|
%
|
|
67,594
|
|
|
118
|
%
|
|
(6,873
|
)
|
|
(10
|
)%
|
|||
Operating loss
|
(13,919
|
)
|
|
(22
|
)%
|
|
(25,225
|
)
|
|
(44
|
)%
|
|
11,306
|
|
|
(45
|
)%
|
|||
Other expense:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
(3,342
|
)
|
|
(5
|
)%
|
|
(1,754
|
)
|
|
(3
|
)%
|
|
(1,588
|
)
|
|
91
|
%
|
|||
Foreign currency transaction gain (loss)
|
175
|
|
|
—
|
%
|
|
(179
|
)
|
|
—
|
%
|
|
354
|
|
|
(198
|
)%
|
|||
Loss before income tax expense
|
(17,086
|
)
|
|
(27
|
)%
|
|
(27,158
|
)
|
|
(47
|
)%
|
|
10,072
|
|
|
(37
|
)%
|
|||
Income tax expense
|
205
|
|
|
—
|
%
|
|
147
|
|
|
—
|
%
|
|
58
|
|
|
39
|
%
|
|||
Net loss
|
$
|
(17,291
|
)
|
|
(27
|
)%
|
|
$
|
(27,305
|
)
|
|
(48
|
)%
|
|
$
|
10,014
|
|
|
(37
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Worldwide installed base of laser systems
|
1,418
|
|
|
|
|
1,309
|
|
|
|
|
109
|
|
|
8
|
%
|
(1)
|
Percentage amounts may not add due to rounding.
|
(2)
|
Includes the impact of $0.3 million of amortization of acquired inventory step-up in 2015.
|
|
For the Three Months Ended March 31,
|
|||||||||||||||||||
(in thousands, except for percentages)
|
2016
|
|
% of revenue (1)
|
|
2015
|
|
% of revenue (1)
|
|
$
change
|
|
% change
|
|||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Disposable products:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Vascular intervention
|
$
|
41,912
|
|
|
67
|
%
|
|
$
|
36,513
|
|
|
64
|
%
|
|
$
|
5,399
|
|
|
15
|
%
|
Lead management
|
17,096
|
|
|
27
|
%
|
|
16,431
|
|
|
29
|
%
|
|
665
|
|
|
4
|
%
|
|||
Total disposable products
|
59,008
|
|
|
94
|
%
|
|
52,944
|
|
|
92
|
%
|
|
6,064
|
|
|
11
|
%
|
|||
Laser, service, and other
|
3,876
|
|
|
6
|
%
|
|
4,478
|
|
|
8
|
%
|
|
(602
|
)
|
|
(13)
|
%
|
|||
Total revenue
|
$
|
62,884
|
|
|
100
|
%
|
|
$
|
57,422
|
|
|
100
|
%
|
|
$
|
5,462
|
|
|
10
|
%
|
(1)
|
Percentage amounts may not add due to rounding.
|
|
For the Three Months Ended March 31,
|
|||||||||||||||||||
(in thousands, except for percentages)
|
2016
|
|
% of revenue (1)
|
|
2015
|
|
% of revenue (1)
|
|
$
change
|
|
% change
|
|||||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative
|
$
|
40,789
|
|
|
65
|
%
|
|
$
|
36,942
|
|
|
64
|
%
|
|
$
|
3,847
|
|
|
10
|
%
|
Research, development and other technology
|
16,337
|
|
|
26
|
%
|
|
15,261
|
|
|
27
|
%
|
|
1,076
|
|
|
7
|
%
|
|||
Medical device excise tax
|
—
|
|
|
—
|
%
|
|
806
|
|
|
1
|
%
|
|
(806
|
)
|
|
(100)
|
%
|
|||
Acquisition transaction, integration and legal costs
|
292
|
|
|
—
|
%
|
|
10,391
|
|
|
18
|
%
|
|
(10,099
|
)
|
|
(97)
|
%
|
|||
Intangible asset amortization
|
3,203
|
|
|
5
|
%
|
|
3,170
|
|
|
6
|
%
|
|
33
|
|
|
1
|
%
|
|||
Contingent consideration expense
|
100
|
|
|
—
|
%
|
|
1,024
|
|
|
2
|
%
|
|
(924
|
)
|
|
(90)
|
%
|
|||
Total operating expenses
|
$
|
60,721
|
|
|
97
|
%
|
|
$
|
67,594
|
|
|
118
|
%
|
|
$
|
(6,873
|
)
|
|
(10)
|
%
|
|
For the Three Months Ended March 31,
|
|||||||||||||||||||
(in thousands, except for percentages)
|
2016
|
|
% of revenue (1)
|
|
2015
|
|
% of revenue (1)
|
|
$
change
|
|
% change
|
|||||||||
Other expense:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense, net
|
$
|
(3,342
|
)
|
|
(5
|
)%
|
|
$
|
(1,754
|
)
|
|
(3
|
)%
|
|
$
|
(1,588
|
)
|
|
91
|
%
|
Foreign currency transaction gain (loss)
|
175
|
|
|
—
|
%
|
|
(179
|
)
|
|
—
|
%
|
|
354
|
|
|
(198)
|
%
|
|||
Total other expense
|
$
|
(3,167
|
)
|
|
(5
|
)%
|
|
$
|
(1,933
|
)
|
|
(3
|
)%
|
|
$
|
(1,234
|
)
|
|
64
|
%
|
(1)
|
Percentage amounts may not add due to rounding.
|
|
For the Three Months Ended March 31,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Net cash used in operating activities
|
$
|
(12,444
|
)
|
|
$
|
(22,461
|
)
|
Net cash used in investing activities
|
(1,226
|
)
|
|
(31,780
|
)
|
||
Net cash (used in) provided by financing activities
|
(3,471
|
)
|
|
2,535
|
|
•
|
During the first quarter of 2016, our net loss of
$17.3 million
included approximately
$11.0 million
of net non-cash expenses, which primarily related to
$6.9 million
of depreciation and amortization and
$3.4 million
of stock-based compensation.
|
•
|
During the first quarter of 2016, cash used as a result of a net increase in operating assets and liabilities of approximately
$6.2 million
was primarily due to an increase in equipment held for rental or loan of approximately
$2.5 million
as a result of placement activity of our laser systems through our rental and evaluation programs, an increase in inventories of approximately
$1.3 million
primarily due to increased sales demand and higher disposables
|
•
|
During the first quarter of 2015, our net loss of
$27.3 million
included approximately $10.9 million of non-cash expenses, which were primarily related to $6.1 million of depreciation and amortization, $3.2 million of stock-based compensation and $1.0 million of contingent consideration expense.
|
•
|
During the first quarter of 2015, cash used as a result of the net change in operating assets and liabilities of approximately $6.0 million was primarily due to an increase in equipment held for rental or loan of $3.7 million as a result of placement activity of our laser systems through our rental and evaluation program, a decrease in accounts payable and accrued liabilities of $1.6 million, primarily due to the payment of liabilities accrued in 2014 for annual bonuses and fourth quarter commissions, an increase in prepaid expenses and other current and non-current assets of $1.4 million, primarily due to prepayments for trade shows, conventions, and simulator training programs, and an increase in inventory of approximately $1.2 million, primarily due to increased sales demand and higher disposables and laser production. These uses of cash during the first quarter of 2015 were partially offset by a decrease in accounts receivable of approximately $1.7 million, primarily due to cash collections from higher sales in the prior quarter.
|
|
March 31, 2016
|
|
December 31, 2015
|
Days Sales Outstanding
|
63
|
|
60
|
Inventory Turns
|
2.3
|
|
2.4
|
Reconciliation of revenue by geography to non-GAAP revenue by geography
on a constant currency basis
(in thousands, except percentages)
(unaudited)
|
|||||||||||||||||||||
|
Three Months Ended
|
|
|
|
|
||||||||||||||||
|
March 31, 2016
|
|
March 31, 2015
|
|
Change
|
||||||||||||||||
|
Revenue, as reported
|
|
Foreign exchange impact as compared to prior period
|
|
Revenue on a constant currency basis
|
|
Revenue, as reported
|
|
As reported
|
|
Constant currency basis
|
||||||||||
United States
|
$
|
52,982
|
|
|
$
|
—
|
|
|
$
|
52,982
|
|
|
$
|
48,600
|
|
|
9
|
%
|
|
9
|
%
|
International
|
9,902
|
|
|
331
|
|
|
10,233
|
|
|
8,822
|
|
|
12
|
%
|
|
16
|
%
|
||||
Total revenue
|
$
|
62,884
|
|
|
$
|
331
|
|
|
$
|
63,215
|
|
|
$
|
57,422
|
|
|
10
|
%
|
|
10
|
%
|
Reconciliation of revenue by product line to non-GAAP revenue by product line
on a constant currency basis
(in thousands, except percentages)
(unaudited)
|
|||||||||||||||||||||
|
Three Months Ended
|
|
|
|
|
||||||||||||||||
|
March 31, 2016
|
|
March 31, 2015
|
|
Change
|
||||||||||||||||
|
Revenue, as reported
|
|
Foreign exchange impact as compared to prior period
|
|
Revenue on a constant currency basis
|
|
Revenue, as reported
|
|
As reported
|
|
Constant currency basis
|
||||||||||
Vascular intervention
|
$
|
41,912
|
|
|
$
|
139
|
|
|
$
|
42,051
|
|
|
$
|
36,513
|
|
|
15
|
%
|
|
15
|
%
|
Lead management
|
17,096
|
|
|
158
|
|
|
17,254
|
|
|
16,431
|
|
|
4
|
%
|
|
5
|
%
|
||||
Laser, service, and other
|
3,876
|
|
|
34
|
|
|
3,910
|
|
|
4,478
|
|
|
(13
|
)%
|
|
(13
|
)%
|
||||
Total revenue
|
$
|
62,884
|
|
|
$
|
331
|
|
|
$
|
63,215
|
|
|
$
|
57,422
|
|
|
10
|
%
|
|
10
|
%
|
Reconciliation of Net Loss to Non-GAAP Net Loss
(in thousands)
(unaudited) |
||||||||
|
|
|
|
|
||||
|
|
Three Months Ended
|
||||||
|
|
March 31, 2016
|
|
March 31, 2015
|
||||
Net loss, as reported
|
|
$
|
(17,291
|
)
|
|
$
|
(27,305
|
)
|
Acquisition transaction, integration and other costs (1)
|
|
292
|
|
|
10,391
|
|
||
Amortization of acquired inventory step-up (2)
|
|
—
|
|
|
251
|
|
||
Acquisition-related intangible asset amortization (3)
|
|
3,203
|
|
|
3,170
|
|
||
Contingent consideration expense (4)
|
|
100
|
|
|
1,024
|
|
||
Non-GAAP net loss
|
|
$
|
(13,696
|
)
|
|
$
|
(12,469
|
)
|
Reconciliation of Net Loss Per Share to Non-GAAP Net Loss Per Share
(unaudited)
|
||||||||
|
|
|
|
|
||||
|
|
Three Months Ended
|
||||||
|
|
March 31, 2016
|
|
March 31, 2015
|
||||
Net loss per share, as reported
|
|
$
|
(0.40
|
)
|
|
$
|
(0.65
|
)
|
Acquisition transaction, integration and other costs (1)
|
|
0.01
|
|
|
0.25
|
|
||
Amortization of acquired inventory step-up (2)
|
|
—
|
|
|
0.01
|
|
||
Acquisition-related intangible asset amortization (3)
|
|
0.07
|
|
|
0.08
|
|
||
Contingent consideration expense (4)
|
|
—
|
|
|
0.02
|
|
||
Non-GAAP net loss per share (5)
|
|
$
|
(0.32
|
)
|
|
$
|
(0.30
|
)
|
1)
|
Acquisition transaction, integration and other costs relate to the AngioScore and Stellarex acquisitions, which closed on June 30, 2014 and January 27, 2015, respectively, and included investment banking fees, accounting, consulting, and legal fees, severance
|
2)
|
Amortization of acquired inventory step-up relates to the inventory acquired in the AngioScore acquisition.
|
3)
|
Acquisition-related intangible asset amortization relates primarily to intangible assets acquired in the AngioScore acquisition in June 2014 and the Stellarex acquisition in January 2015.
|
4)
|
Contingent consideration expense primarily represents the accretion of the estimated contingent consideration liability related to future amounts payable to former AngioScore stockholders, based on sales of the AngioScore products and achievement of regulatory milestones.
|
5)
|
Per share amounts may not add due to rounding.
|
•
|
Management exercises judgment in determining which types of charges or other items should be excluded from the non-GAAP financial measures used.
|
•
|
Amortization expense, while not requiring cash settlement, is an ongoing and recurring expense, has a material impact on GAAP net loss, and reflects an economic cost to us not reflected in non-GAAP net loss.
|
•
|
Items such as the acquisition transaction and integration costs and contingent consideration expense, excluded from non-GAAP net (loss) income, can have a material impact on cash flows and GAAP net loss and reflect economic costs to us not reflected in non-GAAP net loss.
|
•
|
Revenue growth rates stated on a constant currency basis, by their nature, exclude the impact of changes in foreign currency exchange rates, which may have a material impact on GAAP revenue.
|
•
|
Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and therefore other companies may calculate similarly titled non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
|
|
|
3.1
|
Amended and Restated Certificate of Incorporation. Incorporated by reference to exhibit previously filed by the Company with its Current Report on Form 8-K filed on June 16, 2009.
|
|
|
3.2
|
Certificate of Amendment of Amended and Restated Certificate of Incorporation. Incorporated by reference to exhibit previously filed by the Company with its Current Report on Form 8-K filed on June 12, 2014.
|
|
|
3.3
|
Amended and Restated Bylaws. Incorporated by reference to exhibit previously filed by the Company with its Current Report on Form 8-K filed on April 4, 2011.
|
|
|
4.1
|
Form of Common Stock Certificate of the Company. Incorporated by reference to exhibit previously filed by the Company with its Amendment No. 2 to the Registration Statement, filed January 24, 1992 (File No. 33-44367).
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|
|
31.1*
|
Rule 13(a)-14(a)/15d-14(a) Certification of Chief Executive Officer.
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|
|
31.2*
|
Rule 13(a)-14(a)/15d-14(a) Certification of Chief Financial Officer.
|
|
|
32.1**
|
Section 1350 Certification of Chief Executive Officer.
|
|
|
32.2**
|
Section 1350 Certification of Chief Financial Officer.
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
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|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
The Spectranetics Corporation
|
|
|
(Registrant)
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|
|
|
|
|
|
|
April 29, 2016
|
|
/s/ Scott Drake
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|
|
Scott Drake
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|
|
President and Chief Executive Officer
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|
|
|
|
|
|
|
|
|
April 29, 2016
|
|
/s/ Stacy P. McMahan
|
|
|
Stacy P. McMahan
|
|
|
Chief Financial Officer
|
|
|
|
|
|
|
1 Year The Spectranetics Corp. (MM) Chart |
1 Month The Spectranetics Corp. (MM) Chart |
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