Shares in Cardiovascular Systems (NSDQ:CSII) have stayed steady in after-hours trading after the medical device maker posted full year and fourth quarter fiscal year 2018 earnings that beat expectations on Wall Street.
The St. Paul, Minn.-based company posted profits of $3.7 million, or 11¢ per share, on sales of $59.2 million for the three months June 30, seeing massive 384.1% growth on the bottom-line while sales grew 11.8% compared with the same period during the previous year.
Earnings per share beat the 6¢ expectations on Wall Street, where analysts expected too see sales of $58.2 million, which the company also topped.
For the full year, Cardiovascular Systems posted profits of $1.7 million, or 5¢ per share, on sales of $217 million, seeing a nearly 200% turn from red on the bottom-line while sales grew 5.9% compared with the previous fiscal year.
Earnings per share beat the null consensus on Wall Street, where analysts expected to see sales of $216 million, which the company topped.
“We are driving strong growth and market-leading performance in our coronary and peripheral atherectomy businesses through strong sales execution in the United States, new product introductions and the launch of our business in Japan. We successfully delivered annual revenue growth and our first annual net profit despite experiencing temporary business disruptions early in fiscal 2018. Throughout the year, we remained focused on fulfilling our mission to serve patients suffering from coronary and peripheral artery disease. In total, our orbital atherectomy systems were used in the treatment of over 67,000 patients. Fiscal 2018 included important milestones for CSI as we introduced important innovations on our existing peripheral and coronary orbital atherectomy systems. We also began expanding our product portfolio with procedure support products and launched orbital atherectomy in Japan, our first international market. We anticipate that growth in orbital atherectomy, a broader product portfolio and international expansion will remain important growth drivers in future periods,” prez & CEO Scott Ward said in a press release.
Cardiovascular systems posted outlook for the coming 2019 fiscal year, expecting to post sales of between $240 million and $250 million, with gross profit as a percentage of revenue of about 80%.
Shares in Cardiovascular Systems have stayed steady in after-hours trading after dropping approximately 1.2% today, closing at $33.51.
In May, Cardiovascular Systems posted black ink for its fiscal third quarter as it bested the consensus earnings estimate on Wall Street despite just missing the sales forecast.
