These changes will result in Jennifer Vaughan assuming the role of Vice President of Sales – VI. Ms. Vaughan was previously the Vice President of Sales – LM (Lead Management), where she was instrumental in delivering year-over-year sales growth at or above 45% in each of the last three quarters. She will report to Mike Voss, the Company’s recently announced Vice President and General Manager - VI. Ms. Vaughan will be replaced by Renee Boehme, who previously served as a Regional Manager within the LM business unit. Ms. Boehme will become Director of Sales - LM and will report to Jason Hein, Vice President and General Manager - LM. Steve Okland, the previous Vice President of U.S. Sales - VI has elected to leave the Company to pursue other career opportunities.
The Company has also eliminated the Sales Director – VI position in order to flatten the sales management organization and enable Ms. Vaughan to work more closely with the Regional Managers that were previously reporting to two Sales Directors.
John Schulte, President and CEO of Spectranetics, commented, “I would like to thank Steve Okland for his significant contributions to the growth in our business during the last few years. Under his leadership and direction, our sales organization in the United States has expanded from 55 sales professionals when he joined the Company to its current level of 110 sales professionals.
“I’m very pleased to announce our new vascular-intervention leadership team. Mike’s demonstrated leadership, particularly within marketing and product development, combined with Jennifer’s sales-management abilities are ideally suited to lead our vascular-intervention business. Although we have continuing confidence in the strength of our vascular-intervention business, which has grown 28% through the first half of the year compared with the same period last year, we are particularly disappointed with sales of our TURBO-Booster™ product. We plan to address this with continuing sales focus under a strengthened sales-management team, as well as new product-development programs. We are in the early design phase of the next-generation TURBO-Booster™ and also are developing a new product to extend our QuickCross support catheter product line, which has been a growth driver within the vascular intervention business over the last several years. Lastly, we are steadfast in our commitment to sustained profitability as evidenced by the streamlining of our sales management structure. Further, we have taken additional steps to moderate growth in selling, general and administrative expenses during the second half of the year without compromising our ability to grow revenue."
About Spectranetics
Founded in 1984, Spectranetics manufactures and sells the only excimer laser approved in the United States, Europe and Japan for use in minimally invasive cardiovascular procedures. This technology treats complex cardiovascular conditions by photo-ablating multiple lesion types into tiny particles that are easily absorbed into the blood stream. The Company’s disposable catheters use high-energy “cool” ultraviolet light to vaporize arterial blockages in the legs and heart, as well as scar tissue encapsulating pacing and defibrillation 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. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties may include market acceptance of excimer laser atherectomy technology, increasing price and product competition, increased pressure on expense levels resulting from expanded sales, marketing, product development and clinical activities (including with regard to the products to be acquired from Kensey Nash), uncertain success of the Company's strategic direction, dependence on new product development, intellectual property claims of third parties, availability of inventory from suppliers, the receipt of FDA approval to market new products or applications and the timeliness of any approvals (including with regard to the products to be acquired from Kensey Nash), 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, the integration of the products to be acquired from Kensey Nash into the Company’s distribution and sales operations, unexpected delays or costs associated with the Company’s relocation and consolidation of its headquarters and manufacturing operations, and 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 the actual results, performance or achievements of the Company to be materially different from any anticipated results, performance or achievements, please see the Company's previously filed SEC reports. Spectranetics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts
Spectranetics Corporation Guy Childs, Chief Financial Officer 719-633-8333 or Investor & Media Contacts: Lippert/Heilshorn & Associates, Inc. Don Markley or Bruce Voss 310-691-7100 dmarkley@lhai.com
