Nevro Corp. (NYSE:NVRO) this week promoted president Rami Elghandour to be its new CEO, as chief executive Michael DeMane moves to the executive chairman spot. DeMane, the former COO at Medtronic, will keep an active role in Nevro, which he joined in 2011 after a quickly aborted stint at the head of Lanx. He’s due to […]
Cardiovascular Systems Inc.
Shareholder seeks class action in lawsuit against Cardiovascular Systems
A Cardiovascular Systems (NSDQ:CSII) shareholder filed a purported class action lawsuit last week, accusing the medical device company and its management of misleading investors about an alleged off-label promotion scheme she claims spurred a -70% plunge in the value of CSI’s stock. “Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) CSI distributed […]
Cardiovascular Systems tumbles on Q2 misses
Cardiovascular Systems shares plummeted after releasing significant misses for its FY2016 Q2 earnings, dropping over 30% in mid-day trading. St. Paul, Minn.-based Cardiovascular Systems reported losses of $15.2 million, or 47¢ per share, on sales of $41.4 million. That amounts to a significant 187% growth in losses as sales ticked down 7.5% compared with the […]
Cardiovascular Systems wins extension in FCA case
Cardiovascular Systems (NSDQ:CSII) said yesterday it received an extension for responding to a False Claims Act brought against it in May 2014. The extension from the United States District Court for the Western District of North Carolina, Charlotte Division, pushes the response deadline back from January 4, 2016 to March 25, 2016. The FCA suit was […]
Fujifilm Medical Systems names new COO, CMO | Personnel Moves
Fujifilm Holdings (TSE:4901) said its Fujifilm Medical Systems U.S.A. subsidiary lured an Accuray (NSDQ:ARAY) executive and a physician from the University of Southern California to its executive roster effective Sept. 28. The Stamford, Conn.-based company said Johann Fernando, formerly Accuray’s vice president & general manager, was named to be its operations chief. Dr. Diku Mandavia, who has […]
Cardiovascular Systems plunges on Q1 prelims
Cardiovascular Systems (NSDQ:CSII) shares plunged 19% today after the medical device company missed expectations with its preliminary fiscal 1st quarter numbers. St. Paul, Minn.-based Cardiovascular Systems said it expects to post net losses of -$13.1 million to -$13.9 million, or -41¢ to -43¢ per share, on sales of $43.9 million. Analysts were looking for losses per share of […]
Cardiovascular Systems reveals CEO Martin’s cancer diagnosis
Cardiovascular Systems (NSDQ:CSII) yesterday revealed that president & CEO David Martin will stay on the job while he undergoes treatment for Stage II stomach cancer. In a letter to employees, Martin wrote yesterday that his doctors believe his condition is curable. “My treatment plan is in place and I have begun chemotherapy, with surgery expected later […]
Ex-sales rep sues Cardiovascular Systems
A former sales rep for Cardiovascular Systems (NSDQ:CSII) is suing the company, alleging that it ran a kickbacks and off-label marketing scheme to boost sales of its orbital atherectomy devices in violation of the False Claims Act. The lawsuit, filed by ex-rep Travis Thams in July 2013 and unsealed this week, accuses St. Paul, Minn.-based CSI of inducing […]
PAD: Cardiovascular Systems wins FDA nod
Cardiovascular Systems (NSDQ:CSII) said yesterday it won FDA 510(k) clearance for its ViperWire advance peripheral guide wire with flex tip for use with peripheral orbital atherectomy systems, used to treat peripheral artery disease. The next-generation ViperWire has reduced tip stiffness and comparable torque transfer, as well as improved trackability through the peripheral arteries, the St. Paul, Minn.-based […]