Cardiovascular Systems (NSDQ:CSII) today touted that its peripheral orbital atherectomy system was used in its first procedure outside the US as the company is reportedly looking to grow its business beyond a single product and towards supplying a full revascularization tool kit.
The St. Paul, Minn.-based company said that its Stealth 360 peripheral orbital atherectomy system was used to treat a patient in Hong Kong, which marks the first commercial use of the company’s product outside the US.
“We are pleased that the first patient treated with OAS in conjunction with our international distribution partner, OrbusNeich, was a success. This positive outcome demonstrates our mutual mission to support physicians in treating patients with peripheral artery disease,” prez & CEO Scott Ward said in a press release.
The company is also looking to grow its business from a single-product and a single geographic region into a multi-product multinational that provides “a complete toolkit for revascularization,” according to an analysts letter to investors from Leerink Partner’s Danielle Antalffy.
“In its core business, we continue to believe in the company’s significant competitive advantage in both calcified and below-the-knee lesions within peripheral that should drive above market growth, as well as a growing and market-leading position in the highly under-penetrated coronary market. And to us, the long-term guidance is achievable, with just 10% projected longterm growth in the core PAD and CAD businesses leaving room for upside/offset to any execution risk on new product launches. In addition, the recent management changes, business development activities, and sales force restructuring position the company well for improving execution and accelerating growth going forward,” Antalffy wrote in a letter to investors.
Last month, Cardiovascular Systems released two-year results from the Liberty 360 study examining long-term clinical and economic outcomes for peripheral vascular interventions in treating patients with peripheral artery disease.