Cardiovascular Systems (NSDQ:CSII) today posted first-quarter results that beat the revenue consensus on Wall Street but missed earnings estimates.
The St. Paul, Minnesota-based heart device maker reported losses of $10.6 million, or -27¢ per share, on sales of $59.67 million for the three months ended September 30 for a sales gain of 2.23% compared with Q1 2022.
Earnings per share were 4¢ behind The Street, where analysts were looking for sales of $59.14 million.
“We are pleased with the state of our business and our performance in the first quarter. Q1 revenue of $59.7 million represented 2.2% revenue growth compared to last year. Worldwide coronary revenue increased 7.9% and worldwide peripheral revenue decreased less than 1%,” CEO Scott Ward said in a news release.
“Fiscal Q1 is typically our lowest revenue quarter of the year due to lower procedure volumes in the July and August timeframe,” he continued. “This seasonality typically results in Q1 revenue that is approximately 5 to 6 percent lower than Q4. Compared to Q4, Q1 revenue declined 4.5%, with worldwide coronary and peripheral revenues declining 4.0% and 4.8%, respectfully. Given historical seasonality trends, our Q1 revenue results were in line with our expectations.”
Cardiovascular Systems reiterated its full-year guidance. It expects revenue of $255 million to $265 million.
Shares of CSII were at a standstill in premarket trading.