Cardiovascular Systems (NSDQ:CSII) posted fourth-quarter results that beat the overall consensus on Wall Street.
The St. Paul, Minn.-based company yesterday evneing reported losses of –$5.3 million, or -14¢ per share, on sales of $70.7 million for the three months ended June 30, 2021 — versus a loss of –$15.2 million on sales of 42.5 million during Q4 2020.
Earnings per share were -14¢, 3¢ ahead of The Street, where analysts were looking for sales of $68.8 million.
“Strong execution with the addition of new customers and deeper penetration of high volume cath labs combined with a decline in COVID cases across the nation allowed CSI to drive higher atherectomy volumes throughout the fourth quarter. As a result, we achieved double-digit sequential revenue growth in both our U.S. peripheral and coronary franchises,” president and CEO Scott Ward said in a news release. “Our U.S. peripheral franchise delivered strong performance with a solid rebound in our hospital business and continued momentum in office-based labs. Revenue and units sold in both sites of service increased at double-digit rates sequentially compared to the third quarter. The U.S. coronary franchise had another strong quarter with sequential growth of 12% driven by new customers and increased penetration of high-volume labs that focus on the treatment of complex coronary artery disease.”
“Despite the continued impact of COVID-19, international revenue was stronger than expected at $3.7 million, with continued momentum in Japan and Europe. The sustained improvement in the state of the U.S. healthcare system combined with new product introductions and planned international expansion position CSI to forecast revenue growth of $295 million to $305 million in fiscal 22, representing growth of 14% to 18% compared to fiscal 21 revenue of $259 million.”
Cardiovascular Systems is expecting revenue for fiscal year 2022 to be in the range of $295 million to $305 million, representing revenue growth of 14% to 18% compared to fiscal year 2021.
Shares in CSII were up more than 4% to $39.49 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.