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Spectranetics among top Nasdaq stock declines Tuesday

Published: April 8, 2014, 3:07 pm, by Wayne Heilman

Shares of Colorado Springs-based medical laser manufacturer Spectranetics Corp. tied Tuesday for the sixth-biggest percentage decline of any company listed on the Nasdaq Stock Market after the company told stockholders Monday to expect lower revenue and higher losses during the first quarter.

The company’s shares fell $3.10, or 11.9 percent, to $23.01, its lowest closing price in four months on its highest trading volume – 2.94 million shares – in the 5 1/2 years since the day after federal agents raided Spectranetics’ Colorado Springs headquarters investigating import violations.

Spectranetics announced Monday that revenue during the January-to-March quarter grew by just 5 percent to $39.6 million, resulting in a loss of $5.7 million to $6.1 million, or 14 to 15 cents a share, resulting from a “temporary disruption” tied to a sales force expansion. The company also cut its revenue forecast for the entire year by $6 million and raised its estimate of losses for the year by $4.5 million, falling well short of the estimates from stock analysts who follow Spectranetics shares.