Th St. Paul, Minn.-based company doubled its losses to -$5.8 million, or -17¢ per share, on sales growth of 14.6% to $64.5 million for the three months ended Sept. 30, compared with fiscal Q1 2019.
Analysts were expecting losses per share of -8¢.
“Strong first-quarter revenue growth reflects the momentum in both our coronary and peripheral franchises. Worldwide coronary revenue grew 26% driven by our coronary procedure support product offering domestically and the continued adoption of orbital atherectomy in targeted accounts internationally. Peripheral revenue increased 10% driven by the introduction of new peripheral orbital atherectomy devices resulting in strong unit growth domestically. We look to build on these initiatives throughout fiscal 2020 as we expand our offering of both coronary and peripheral procedure support products in the United States and launch orbital atherectomy in new geographies,” chairman, president & CEO Scott Ward said in prepared remarks. “Double-digit unit growth in our domestic orbital atherectomy business, combined with growing momentum from the sale of procedure support devices and international expansion continues to produce attractive revenue growth for CSI. We anticipate sequential revenue growth and improved profitability each quarter in fiscal 2020. As a result, today we are reiterating our fiscal 2020 financial guidance.”
Cardiovascular Systems said it still expects to break even on fiscal 2020 sales of $278 million to $283 million.
CSII shares were off by -15.0% to $44.40 apiece today in early-afternoon trading.
* Correction: This article originally used the consensus forecast for CSI’s fiscal second quarter, not the first. ↩