The St. Paul, Minn.-based company posted losses of -$15.2 million, or -43¢ per share, on sales of $42.5 million for the three months ended June 30, 2020, for a bottom-line slide into the red on a sales decline of 37.6%.
Adjusted to exclude one-time items, earnings per share were also -43¢, 3¢ ahead of Wall Street, where analysts were looking for sales of $38.3 million.
“At the outset of the coronavirus pandemic, we established three near-term goals: to assure our continued ability to serve customers and support patients; to protect the health of employees while retaining the strength and capacity of our business; and to ensure business continuity,” Cardiovascular Systems president, chairman & CEO Scott Ward said in a news release. “We achieved each of these goals. In addition, we took actions to build our brand, strengthen our customer relationships and to maximize the number of patients we reach during the recovery period and into the future. As a result, our financial results for the quarter were better than expected.
Cardiovascular Systems said it expects to register first-quarter revenues between $55 million and $58 million for the three months ended September 30, 2020.
CSII shares closed the day down -1.4% at $30.80 per share but was up 0.5% at $30.96 after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down -0.6%.