The St. Paul, Minn.-based company posted losses of $1.7 million, or 5¢ per share, on sales of $52.1 million for the 3 months ended March 31, seeing losses shrink 92.3% while sales grew 17.3% compared with the same period last year.
Losses per share were in line with analyst expectations of 5¢, while revenue was ahead of the consensus of $51 million.
“CSI delivered a strong quarter, with attractive growth in both our coronary and peripheral franchises. In addition, we have improved CSI’s financial condition by increasing our cash balance through the sale and leaseback of our corporate headquarters and by securing a $40.0 million line of credit,” prez & CEO Scott Ward said in a press release.
Cardiovascular Solutions released updated 4th quarter guidance, expecting to see revenue between $51.5 and $52.5 million with net loss between $2 and $1.4 million, or 6¢ to 4¢ per share.
“The recall and replacement of affected Saline Infusion Pumps is expected to be moderately disruptive to fourth-quarter results. Until the recall is complete, limited pump availability will temper new account openings. In addition, a portion of sales time will be dedicated to facilitate the recall process and ensure that our affected customers are appropriately serviced. Finally, some customers may reduce usage of our OAS until their pumps are replaced. Our fourth-quarter guidance reflects our current assessment of these factors,” Ward said in a prepared statement.
Cardiovascular Systems shares have dropped 0.6% today, down 19¢ at $30.14 as of 3:34 p.m. EDT.