Cardiovascular Systems (NSDQ:CSII) posted black ink for its fiscal third quarter as it bested the consensus earnings estimate on Wall Street despite just missing the sales forecast.
St. Paul, Minn.-based CSI reported profits of $365,000, or 1¢ per share, on sales of $55.6 million for the three months ended March 31. That compares with losses of -$1.7 million during the same period last year and represents a 6.6% top-line increase.
Analysts were looking for losses of -2¢ on sales of $55.7 million.
“CSI sold nearly 18,000 orbital atherectomy devices during the third quarter, putting us on a run-rate to help treat over 70,000 patients with peripheral and coronary artery disease in calendar year 2018. In addition to strong sequential revenue growth in the third quarter, we also successfully executed key operating objectives in manufacturing, product development, clinical research and international expansion,” chairman, president & CEO Scott Ward said in prepared remarks. “Third-quarter results benefitted from an expanded portfolio of new products, markets and geographies. These drivers illustrate that the transformation of CSI from a single-technology, single-geography company to an innovative leader with worldwide reach is now underway.”
CSI cut the high end of its sales outlook for the full year, saying it now expects revenues of $215.4 million to $216.9 million, compared with $215 million to $219 million perviously. Fourth-quarter EPS are pegged at 5¢ to 8¢ on sales of $57.5 million to $59.0 million, the company said.
CSII shares were up 3.3% to $24.06 apiece today in late-morning trading.
