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Cardiovascular Systems sinks on missed Q1 revenues

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Cardiovascular-SystemsCardiovascular Systems (NSDQ:CSII) shares dropped today on COVID-19-affected first-quarter results that missed the consensus forecast.

The St. Paul, Minn.-based company posted losses of -$2.9 million, or -8¢ per share, on sales of $61.2 million for the three months ended March 31, 2020, sliding into the red from profits of $672,000 year-over-year on a sales decline of 3.4%.

Adjusted to exclude one-time items, earnings per share were level with Wall Street projections at -8¢. Analysts were looking for sales of $65.8 million.

According to a news release, from the second week of March onward, the company saw a 25% decrease in procedural volumes year over year for patients treated with its orbital atherectomy devices. This decrease, a result of the COVID-19 pandemic delaying elective procedures, represented a revenue hit of between $10 million and $11 million.

“We have been proactive in preparing for this crisis and we are focused on three overarching goals: to assure our continued ability to serve our customers and support our patients during the outbreak, to protect the health and financial security of our employees, and finally, to ensure business continuity,” Cardiovascular Systems chairman, president & CEO Scott Ward said in the release. “Our field employees who continue to support cases and work in clinical settings are provided access to personal protection equipment and abide by the local requirements stipulated by the healthcare facilities they serve. Most of our office-based employees are telecommuting.
“We have safeguarded our facilities and deployed additional screening and testing protocols to protect our manufacturing and other essential employees that are required to be on site. Finally, we have reduced variable spending to assure that the strength and capacity of our business remains intact.”

Cardiovascular Systems withdrew its 2020 financial guidance amid the uncertainties brought on by the pandemic.

CSII shares were down -6.4% at $38.58 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.8%.

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