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Cardiovascular Systems cites lower procedure volumes due to COVID-19 variants for missed Q2 estimates

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Cardiovascular-SystemsCardiovascular Systems (NSDQ:CSII) posted second-quarter results this week that missed the overall consensus on Wall Street, citing issues caused by COVID-19 variants.

The St. Paul, Minnesota-based company reported losses of $8.97 million, or -23¢ per share, on sales of $59.14 million for the three months ended Dec. 31, 2021, on sales loss of -7.84% compared with Q4 2020.

Earnings per share were -23¢, 9¢ behind The Street, where analysts were looking for sales of $63.17 million.

“Our second-quarter revenues reflect another period where our domestic business was pressured primarily by lower procedure volumes related to hospital capacity issues and staffing shortages caused by COVID-19,” CEO and president Scott Ward said in a news release. “Our recovery from the Delta variant was suppressed by the arrival of Omicron in December. Consistent with past surges, the impact was more acute in the peripheral claudication segment of our business, which is deemed more deferrable and is more susceptible to the long-term havoc created by COVID.”

For the fiscal year 2022, Cardiovascular Systems expects revenue to be in the range of $235 million to $245 million with a gross profit as a percentage of approximately 73% of revenues. It anticipates net loss in a range of 15% to 18% of revenues.

Shares in CSII were down -6.33% to $16.07 apiece in mid-morning trading.

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