Cardiovascular Systems (NSDQ:CSII) today released 4th quarter and full year 2016 results, topping the Street’s estimates and releasing its 1st quarter outlook. Cardiovascular Systems reported losses of $4.9 million, or 15¢ per share, on sales of $48.5 million for the 3 months ended June 30. That amounts to a 43.7% reduction in losses as sales stayed […]
Cardiovascular Systems Inc.
Cardiovascular Systems clears federal false claims suit after $8m settlement
A federal court this week dismissed a False Claims Act lawsuit brought against Cardiovascular Systems (NSDQ:CSII) based on allegations from a former sales rep that the company ran kickbacks and an off-label marketing scheme to boost sales of its orbital atherectomy devices. The $8 million settlement, 1st announced in March, includes a corporate integrity agreement and calls for the St. Paul, Minn.-based company […]
Cardiovascular Systems seeks Japanese clearance for Diamondback
Cardiovascular Systems (NSDQ:CSII) said yesterday it is seeking Japanese approval for its Diamond back 360 coronary orbital atherectomy system micro crown designed to treat calcified coronary arteries to prep for stent placement. The company said it submitted an application to Japan’s Pharmaceuticals and Medical Device Agency, and that if approved, it would be the 1st international market […]
Cardiovascular Systems settles kickbacks lawsuit for $8m
Cardiovascular Systems (NSDQ:CSII) yesterday said it agreed to pay $8 million and sign a corporate integrity agreement to settle a False Claims Act lawsuit based on allegations from a former sales rep that the company ran kickbacks and an off-label marketing scheme to boost sales of its orbital atherectomy devices. The settlement, 1st announced in March, calls for the […]
Novartis pharma head Epstein steps away, most recent in string of top-level turnovers | Personnel Moves, May 27, 2015
Novartis pharma head Epstein steps away, most recent loss in string of top-level turnovers Novartis (NYSE:NVS) is facing an upheaval in its top management, seeing 7 departures over the last 5 months as shares fell 25% since last July. Last week, Novartis pharmaceuticals head David Epstein quit as his division was split up. Earlier in the month, U.S. […]
Shareholder sues as Cardiovascular Systems wins extension to settle kickbacks case
A Cardiovascular Systems (NSDQ:CSII) shareholder sued the company in a derivative lawsuit this week, even as the medical device maker won an extension to negotiate a settlement in the very kickbacks case that prompted the derivative claim. In the shareholder derivative suit filed yesterday, plaintiff Caroline Paradis alleged that Cardiovascular Systems and its management – including the late David Martin, the former […]
RIP former Cardiovascular Systems CEO Martin
Former Cardiovascular Systems (NSDQ:CSII) CEO and medtech vet David Martin, 51, died May 1 after a battle with stomach cancer. The St. Paul, Minn.-based company revealed his cancer diagnosis back in September. In February, Martin stepped down from the company to focus on his treatment. “Dave guided our company on an extraordinary journey developing Orbital Atherectomy […]
Autonomic Technologies taps ex-Thoratec’s Pellegrini for CEO | Personnel Moves April 15, 2016
Cardiovascular Systems to lay off 8%, reports preliminary Q3 sales beat
Cardiovascular Systems (NSDQ:CSII) said yesterday that it’s planning to lay of 8% of its workforce even as it reported preliminary fiscal 3rd-quarter sales numbers that beat both its own forecast and the consensus expectation on Wall Street. The company said it expects to post sales of $43.5 million to $44 million for the 3 months ended yesterday, roughly […]
CSI reups supply deal with Fresenius
Cardiovascular Systems (NSDQ:CSII) said last week it extended its supply deal with Fresenius (NYSE:FMS) for its ViperSlide lubricant, extending the agreement through April 4, 2021. The extension to the agreement also gives Cardiovascular Systems final purchase rights upon the termination of the agreement or if Fresenius stops production of ViperSlide. St. Paul, Minn.-based Cardiovascular Systems said the […]
Cardiovascular Systems to settle lawsuit for $8m
Cardiovascular Systems (NSDQ:CSII) said today that it agreed to an $8 million settlement with the plaintiff in a False Claims Act lawsuit based on allegations from a former sales rep that the company ran kickbacks and an off-label marketing scheme to boost sales of its orbital atherectomy devices. The deal calls for St. Paul, Minn.-based Cardiovascular Systems […]