Spectranetics Corp (f/k/a SPNC)

[Leonitus]

1. SPNC has serious disclosure related issues including

SPNC did not disclose 12 recent patient death allegations by medical professionals “against” SPNC devices
FDA alleges SPNC deliberately withheld adverse event reports from the FDA
Unacceptable surgeon injuries – SPNC laser device emits accidental radiation and causes “burns to the gown, glove and finger of physician”
2. PNC did not disclose the largest recall in SPNC history in November 2016

3. Stellarex pivotal clinical data is “worst-in-class” for both primary efficacy and primary safety measures

4. Further analysis of primary efficacy measure shows competitors’ clinical data outclassing Stellarex by a factor of 16X and 9X, Stellarex really is “worst-in-class”

5. SPNC data-mined non-performance related demographic “differentiators” and successfully sold a flawed narrative to the street, our experts claim differentiators are trivial and highly unlikely to impress the FDA or cause hospitals to choose Stellarex

6. Medtronic, the DCB market leader, recently dropped its estimate of the worldwide DCB market by 23%, while SPNC’s industry forecasts became even more aggressive

7. Stellarex sales have failed in Europe, the only market it is approved in, supporting our view that projections of U.S. sales, if Stellarex is approved, are wildly inflated

8. A closer look at clinical data suggests “fortuitous flattening” or “manufactured data” was the difference between success and failure of the Stellarex Pivotal Trial

9. SPNC discloses its promotion of the AngioScore product included assumptions that were “materially inaccurate” and that these material inaccuracies may occur again – specifically mentioning Stellarex

10. Recent commentary by sell-side analysts highlights “” and “flat to down performance”

11. SPNC likely requires $100M+ in new capital but is already highly levered with over $300M in debt – a dilutive equity raise would crush the stock; daily liquidity is just $9M

12. Short term price target: $8 (70% downside)

Our research included interviews and in-depth analysis of various issues included in this report by 6 experts in fields relevant to the content in this report. We advise all readers of this report to read the biographies provided in Exhibit 5 to this report.

Please see SkyTides entire report here. https://geoinvesting.com/skytides-research-spectranetics-corporations-stellarex-price-target-8/