Cardiovascular Systems (NSDQ:CSII) posted third-quarter results that beat the revenue consensus on Wall Street but missed on earnings projections.
The St. Paul, Minn.-based company yesterday evening reported losses of –$6 million, or –15¢ per share, on sales of $63.27 million for the three months ended March 31, 2021 — versus a loss of nearly –$4 million, or –8¢ per share in Q1 2020. Sales were up 3.43% for the maker of coronary and peripheral artery disease treatment tech.
Earnings per share were -15¢, 4¢ behind The Street, where analysts were looking for sales of $63.18 million.
“We finished the third quarter on a strong note. The increase in vaccinations and a simultaneous decrease in COVID hospitalizations in February and March resulted in improved procedure volumes during the second half of the quarter,” president and CEO Scott Ward said in a news release. “Third-quarter revenues increased 3.4% to $63.3 million and were led by our coronary franchise, due to strong procedure volume domestically, increased sales of procedure support products, and growing adoption of orbital atherectomy internationally.”
Ward added that he and other top executives at the company believe the majority of markets served have either returned to pre-COVID procedure levels or are poised to do so in the very near future.
“As a result, the momentum that we built in the latter half of the third quarter continued through early May and we are optimistic that we will benefit from the continued growth in peripheral and coronary procedure volumes throughout the rest of the fourth quarter,” Ward said.
Cardiovascular Systems said it anticipates revenue of $67 million to $70 million to represent sequential revenue growth of 6% to 11% compared to the third quarter of fiscal year 2021.
Shares in CSII were down –6.87% to $36.19 by midday today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.