Q3 sales increased 32% year-over-year, with customer reorder making up 96% of the company’s total revenue. CSII put much of that back into the company, investing $10.3 million in market launch initiatives, clinical studies and product development.
The planned investments took a chunk out of CSII’s bottom line, with losses widening more than 50% compared with the same time last year. Excluding special charges, CSII nearly doubled its losses year-over-year.
In total, the St. Paul, Minn.-based company posted losses of $9.7 million, or 32¢ per share, on sales of $34.9 million during the 3 months ended March 31. That compared with losses of $6.2 million, or 29¢ per share, during the same period last year.
Adjusted for 1-time charges, losses amounted to $6.4 million, compared with $3.3 million for Q3 2013.
CSII shares gained 6.4% today, trading at $30.59 as of about 3 p.m. EST. The stock has lost 10.4% since the start of the year.