Cardiovascular Systems (NSDQ:CSII) this week posted third-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.
The St. Paul, Minnesota-based heart device company reported losses of $9.7 million, or -25¢ per share, on sales of $56.2 million for the three months ended March 31, for a sales loss of -11.15% compared with Q3 2021.
Earnings per share were 3¢ ahead of The Street, where analysts were looking for sales of $57.38 million.
“Third-quarter results were in line with our expectations. Despite the impact that Omicron had on hospital capacity and procedure volumes in January and into February, our Q3 sales were encouraging as we exited March with momentum. We are seeing staffing shortages slowly improve and we expect the backlog of cases to gradually flow through our accounts in calendar 2022,” CEO Scott Ward said in a news release.
For the fiscal year 2022, Cardiovascular Systems expects revenue to be in the range of $235 million to $240 million with a net loss in the range of 15% to 16% of revenues.
Shares in CSII were down more than 16% at $16.82 apiece near the close of trading today.
