The Spectranetics Corporation (Nasdaq:SPNC) reported today that Guy
Childs, Chief Financial Officer, has announced his plan to
transition from his current role. Mr. Childs will continue to serve
as the Company's Chief Financial Officer until his replacement has
been hired. Following the transition, Mr. Childs will continue to
serve as an officer of the Company in a Vice President role that
will include treasury, investor relations and financial planning.
"On behalf of Spectranetics and our shareholders, I want to
thank Guy for his outstanding leadership and guidance in his role
as Chief Financial Officer, in which he has served since January
2003," said Scott Drake, President and CEO, Spectranetics. "I look
forward to continuing our partnership as we expand our internal
corporate capabilities. Our team, customers and investors will
benefit from Guy's commitment to excellence and driving
Spectranetics value in his important strategic role following the
transition."
"I am invigorated to remain with the leadership team in a key
role that will leverage my strengths, provide continuity, and
enable new, world-class talent to join our team during this
exciting time. I have great confidence in Spectranetics' growth
trajectory and look forward to capitalizing on our transformational
opportunities," stated Guy Childs, Chief Financial Officer.
About Spectranetics
SPNC develops, manufactures, markets and distributes single-use
medical devices used in minimally invasive procedures within the
cardiovascular system. The Company's products are sold in over 65
countries and are used to treat arterial blockages in the heart and
legs and in the removal of pacemaker and defibrillator leads.
Spectranetics recently acquired AngioScore Inc., a leading
developer, manufacturer and marketer of cardiovascular, specialty
scoring balloons and the Stellarex drug-coated balloon platform
from Covidien.
The Company's Vascular Intervention (VI) products include a
range of laser catheters for ablation of blockages in arteries
above and below the knee as well as the AngioSculpt® scoring
balloon used in both peripheral and coronary procedures and the
Stellarex drug-coated balloon platform. The Company also markets
support catheters to facilitate crossing of peripheral and coronary
arterial blockages, and retrograde access and guidewire retrieval
devices used in the treatment of peripheral arterial blockages,
including chronic total occlusions. The Company markets aspiration
and cardiac laser catheters to treat blockages in the heart.
The Lead Management (LM) product line includes excimer laser
sheaths, dilator sheaths, mechanical sheaths and accessories for
the removal of pacemaker and defibrillator cardiac leads.
For more information, visit www.spectranetics.com.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. You can identify these
statements because they do not relate strictly to historical or
current facts. Such statements may include words such as
"anticipate," "will," "estimate," "expect," "look forward,"
"strive," "project," "intend," "should," "plan," "believe," "hope,"
"enable," "potential," and other words and terms of similar meaning
in connection with any discussion of, among other things, future
operating or financial performance, strategic initiatives and
business strategies, clinical trials, regulatory or competitive
environments, our intellectual property and product development.
These forward-looking statements include, but are not limited to,
statements regarding our competitive position, product development
and commercialization schedule, expectation of continued growth and
the reasons for that growth, growth rates, strength, integration
and product launches, and 2015 outlook including projected revenue
and expenses, net loss and gross margin. Such statements are based
on current assumptions that involve risks and uncertainties that
could cause actual outcomes and results to differ materially. You
are cautioned not to place undue reliance on these forward-looking
statements and to note they speak only as of the date of this
release. These risks and uncertainties may include financial
results differing from guidance, inability to successfully
integrate AngioScore and Stellarex into our business, market
acceptance of excimer laser atherectomy technology and our vascular
intervention and lead removal products, lack of cash necessary to
satisfy our cash obligations under our outstanding 2.625%
Convertible Senior Notes due 2034, our debt adversely affecting our
financial health and preventing us from fulfilling our debt service
and other obligations, increasing price and product competition,
increased pressure on expense levels resulting from expanded sales,
marketing, product development and clinical activities, uncertain
success of our strategic direction, dependence on new product
development, loss of key personnel, uncertain success of or delays
in our clinical trials, adverse results in any ongoing legal
proceeding, or any legal proceeding in which we may become
involved, adverse impact to our business of the health care reform
and related legislation or regulations, including changes in
reimbursements, continued or worsening adverse conditions in the
general domestic and global economic markets and continued
volatility and disruption of the credit markets, which affects the
ability of hospitals and other health care systems to obtain credit
and may impede our access to capital, intellectual property claims
of third parties, availability of inventory from suppliers, adverse
outcome of FDA inspections, the receipt of FDA approval to market
new products or applications and the timeliness of any approvals,
market acceptance of new products or applications, product defects,
ability to manufacture sufficient volumes to fulfill customer
demand, availability of vendor-sourced components at reasonable
prices, unexpected delays or costs associated with any planned
improvements to our manufacturing processes, and share price
volatility due to the initiation or cessation of coverage, or
changes in ratings, by securities analysts. For a further list and
description of such risks and uncertainties that could cause our
actual results, performance or achievements to materially differ
from any anticipated results, performance or achievements, please
see our previously filed SEC reports, including those risks set
forth in our 2014 Annual Report on Form 10-K. We disclaim any
intention or obligation to update or revise any financial or other
projections or other forward-looking statements, whether because of
new information, future events or otherwise.
CONTACT: The Spectranetics Corporation
Guy Childs, Chief Financial Officer
(719) 633-8333
guy.childs@spnc.com
Westwicke Partners
Lynn Pieper
(415) 202-5678
lynn.pieper@westwicke.com
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