The St. Paul, Minn.-based company posted profits of $492,000, or 1¢ per share, on sales of approximately $60.2 million for the three months ended December 31, seeing a swing from the red on the bottom line while sales grew 14.4% compared with the same period during the previous fiscal year.
Earnings per share for the quarter were ahead of the 1¢ loss consensus on Wall Street, where analysts were looking for sales of $59.7 million, which the company also topped.
“We are driving market leading performance with orbital atherectomy and we are executing on our key growth initiatives to introduce new products and launch our business in new markets around the world,” prez & CEO Scott Ward said in a press release.
Cardiovascular Systems updated its financial guidance, narrowing its full year sales guidance to between $243 million and $247 million from previous guidance of between $240 million and $250 million. The company said it expects to post a net loss equal to 1% to 2% of revenue, with gross profit as a percentage of revenue of approximately 80%.
“Revenues grew 13.8% during the first half of fiscal 2019. Our key revenue drivers came in on plan; domestic atherectomy grew 10% and we added $4.2 million in new revenue from international distributors and the domestic sale of OrbusNeich angioplasty balloons and Zilient guidewires. We anticipate similar contributions from these drivers during the second half of fiscal 2019. As a result, we remain on track to achieve the midpoint of our fiscal 2019 revenue guidance range. In conjunction with our pre-announcement of second quarter revenue results on January 7, we narrowed our fiscal 2019 revenue expectations to a range of $243 million to $247 million from a range of $240 million to $250 million. Our gross margin and profitability expectations for fiscal 2019 remain consistent with the financial guidance we provided at our analyst day meeting on July 31, 2018,” Ward said in a prepared statement.
Shares in Cardiovascular Systems rose approximately 3.4% today, closing at $30.06.
Earlier this month, Cardiovascular Systems said that it won approval from Japan’s Ministry of Health, Labor and Welfare for its Diamondback 360 coronary orbital atherectomy system and its Classic Crown and ViperWire Advance coronary guidewire FlexTip.