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.
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%.