By M.E. Garza:
Shares of Spectranetics Corporation (SPNC) went from $6.56 to as high as $7.20 before closing the day at up $.39 at $6.95 (+5.95%) after we told our premium readers on Wednesday that despite the fact company shares had been trading lower in previous days, the stock appeared undervalued.
As we told our subscribers, Canaccord Adams analyst Jason Mills also thought the stock was a BUY with an $8.75 price target and on Thursday morning, the company announced that they had achieved record revenues of $32.2 million in the second quarter and 7% growth over the prior year. Other highlights from their key announcement included:
- Lead Management revenue increased 15% compared with prior year second quarter
- Vascular Intervention revenue continued turnaround with second consecutive quarter of sequential revenue growth, up 8% over first quarter 2011 levels
- International revenue grew 42% over prior year second quarter
- Net income of $584,000, or $0.02
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