Published by The Gazette | October 5 2012 | Written by WAYNE HEILMAN
Colorado Springs-based medical laser manufacturer Spectranetics Corp. said Friday it has added another 20,000 square feet of leased office space adjacent to its headquarters in the InterQuest business park and extended the lease on its headquarters for another 11 years.
The additional space will accommodate growth in the company’s manufacturing, research and development and sales and marketing operations, which combined added 30 people in the first half of the year, said Guy Childs, chief financial officer for Spectranetics. The company, which employs 320 in the Springs and 220 elsewhere, expects to continue expanding its staff at a rate of about 5 percent a year and added a second manufacturing shift earlier this year, he said.
“The last two years have been very good for Spectranetics and its shareholders. That reflects the work of all of our teammates and the growth of our business,” Childs said. “Our revenue has grown for three consecutive quarters and we expect that to continue for the balance of the year.”
Spectranetics will get the space at 9945 Federal Drive free for the first year along with $900,000 in tenant improvements, then pay rent starting at $11.25 a square foot for the next 10 years under the lease with the Maryland-based Corporate Office Properties Trust, according to a filing with the Securities and Exchange Commission.
The company also extended its lease, first signed in December 2006, on 75,000 square feet for its headquarters at 9965 Federal Drive through September 2023 in exchange for a year’s free rent and $700,000 in tenant improvements. In a year, Spectranetics will resume paying rent starting at $12.08 a square foot.
Spectranetics moved its operations from north-central Colorado Springs in 2007 to the Federal Drive location, which was built in 1983 as a semiconductor manufacturing plant for Ford Micoroelectronics and was later used as a research operation by chip giant Intel Corp.
Spectranetics has been on a roll since the arrival of CEO Scott Drake in August 2011. During the second quarter, the company reported record revenue of $35.1 million and its highest quarterly profit in five years — $636,000, or 2 cents a share. Spectranetics stock surged to a nearly five-year high of $14.89 on Wednesday.