Cardiovascular Systems posted losses of $8.7 million, or -32¢ per share, on sales of $32.3 million for the 3 months ended Dec. 31, 2013. Although that’s a 50.1% increase in losses compared with Q2 2013, it’s a 27.8% top-line increase over the same period last year. Analysts on Wall Street were looking for losses of -36¢ per share on sales of $30.6 million. It’s the 8th consecutive quarterly sales beat for the St. Paul, Minn.-based medical device company.
"We continue to drive success in the peripheral arterial disease, or PAD, market with our easy-to-use technology that consistently provides a safe and effective solution to treat arterial calcium throughout the leg, including the small vessels below the knee. Calcium is present in approximately 65 percent of all PAD arteries treated and in nearly 80 percent of the small arteries treated below the knee. Continued physician adoption of our Stealth 360 PAD treatment system was the primary driver of revenue growth in the second quarter," president & CEO David Martin said in prepared remarks. "The approval of our OAS to treat severely calcified coronary arteries was a watershed event for CSI. Our technology is the first and only device specifically approved to treat this complex disease state – thereby fueling adoption and usage by prominent physicians across the country. As we continue our rollout, we expect to see the list of prominent hospitals and physicians continue to expand."
Cardiovascular Systems said it expects to report fiscal 3rd-quarter losses of -$9.2 million to -$10.1 million, or -31¢ to -34¢ per share, on sales of $33.0 million to $34.5 million, for sales growth of 25%-30% – well ahead of the The Street’s consensus at -28¢ on sales of $32.7 million.
The news sent CSII shares up 18.8% to $34.94 apiece today as of about 1:15 p.m., passing a 52-week high of $35.18 along the way.