Cardiovascular Systems (NSDQ:CSII) today released fiscal year 2019 first quarter earnings that beat sales consensus on Wall Street but missed expectations for losses per share for the quarter.
The St. Paul, Minn.-based company posted losses of approximately $2.9 million, or 9¢ per share, on sales of approximately $56.3 million for the three months ended September 30, seeing losses grow 46.1% while sales grew 13.3% when compared with the same period last year.
Losses per share were 9¢, behind the 5¢ loss-per-share consensus on The Street, where analysts were looking for sales of $55.5 million, which the company topped.
“We are pleased to report double-digit revenue growth. With high single-digit growth in peripheral atherectomy, high-teen domestic coronary atherectomy growth and new revenue from international distribution agreements and distributed products, we delivered our strongest quarterly growth in the last 18 months. In the first quarter, we introduced new atherectomy products and procedure support devices, and announced the first commercial launch of our peripheral OAS outside the United States. CSI’s transformation from a single-product, single-geography company to a multiproduct, multinational company focused on the most compelling unmet medical needs in interventional cardiology is now fully underway,” prez & CEO Scott Ward said in a press release.
Cardiovascular Systems reiterated its fiscal year 2019 guidance, expecting to see sales between $240 million and $250 million, with net loss equal to approximately 1% to 2% of revenue.
Shares in Cardiovascular Systems closed up 1.5% today, at $34.92.
In September, Cardiovascular Systems touted that its peripheral orbital atherectomy system was used in its first procedure outside the US as the company is reportedly looking to grow its business beyond a single product and towards supplying a full revascularization tool kit.
