The St. Paul, Minn.-based company reported losses of -$2.1 million, or -5¢ per share, on sales of $60.5 million for the three months ended Sept. 30, for a sales loss of -6.1% compared with Q1 2020.
Earnings per share were -5¢ per share, 17¢ ahead of The Street, where analysts were looking for sales of $56.5 million.
“Today, we reported fiscal 2021 first-quarter revenue of $60.5 million, which represents a 6% decrease compared to the first quarter of last year, but a sequential quarterly increase of 42% compared to the fourth quarter of fiscal 2020,” president and CEO Scott Ward said in a news release. “In the U.S., strong sequential growth in peripheral and coronary helped drive domestic revenue of $58.8 million, or 96% of domestic revenue in the first quarter last year. Although our results were negatively impacted by the pandemic, we did sustain momentum throughout the quarter with atherectomy procedure volumes recovering faster than expected.
“We continue to successfully manage our business during this pandemic,” Ward added. “Steady production volumes, favorable sales mix and continued cost-reduction initiatives helped drive 79% gross margins during the quarter. In addition, we reduced our operating expenses 14% compared to last year. The combination of stronger revenues, improving gross margins and lower expenses resulted in over $4 million of adjusted EBITDA in the first quarter, an improvement of $14.9 million versus the prior quarter.”
Cardiovascular Systems said it anticipates revenue of $63 million to $67 million in the second quarter with a net loss in a range of $1 million to $3 million.
Shares in CSII were up 1.57% to $36.82 apiece in afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.75%.