St. Paul, Minn.-based Cardiovascular Systems reported losses of $7.3 million, or 29¢ per share, on sales of $29.8 million for the 3 months ended Sept. 30. Although that’s an increase in losses of 40.0%, it also represents a 27.8% sales increase compared with the same period last year.
Analysts on Wall Street were expecting losses per share of 40¢ on sales of about $28 million.
"Building on our [peripheral artery disease] success, we received FDA approval on Oct. 21, 2013, to market CSI’s Diamondback 360 coronary orbital atherectomy system as a treatment for severely calcified coronary arteries. FDA approval of our Diamondback coronary system allows us to bring to market the first new coronary atherectomy system in more than 2 decades. This is a landmark moment for patients suffering from calcified coronary artery disease," president & CEO David Martin said in prepared remarks. "This fiscal year has already been filled with many accomplishments. We delivered very strong 1st-quarter revenue growth, secured a landmark FDA approval, began a controlled coronary market launch and advanced scientific data through clinical trials. This all sets the stage for continued revenue growth in the future. Our fiscal 2014 focus remains twofold: successfully launching our coronary system – making growth investments as appropriate – and driving further PAD adoption through clinical and educational initiatives and product enhancements."
Cardiovascular Systems said it expects fiscal 2n-quarter revenue growth of 19%-20%, to $30.0 million to $31.0 million, with net losses of $9.1 million to $9.7 million, or 36¢-38¢ per share.
CSII stock breached the $30.80-per-share mark today as of about 12:30 p.m., a 52-week high and a 7.6% gain on the day.