The St. Paul, Minn.-based medical device maker posted Q4 2013 losses 48.6% higher than during the same period last year, as well as revenues 25.8% higher, driven largely by re-order for the company’s flagship Stealth 360 peripheral arterial disease system.
Cardiovascular Systems reported losses of $6.8 million, or 28¢ per share, on sales of $28.8 million during the 3 months ended June 30, 2013. Analysts had predicted losses of about 39¢ per share for the quarter. The Q4 2013 results compare with losses of $4.6 million, or 24¢ per share, on sales of $22.9 million during the same period last year.
"We had a strong finish to the fiscal year, building significant momentum as we enter fiscal 2014," president & CEO David Martin said in prepared remarks. "Our easy-to-use and effective technology, combined with our focused sales strategy, educational initiatives, and expanding wealth of scientific data, are driving our strong year-over-year top-line growth in the large and expanding $2.0 billion PAD market."
Wall Street seemed to agree, sending CSII shares up about 10% by the end of the week. Shares closed at $19.78 on Tuesday Aug. 6, the night before the earnings report, and closed at $21.74 on Friday Aug. 9. Investment analysts at Feltl & Co. on Aug. 8 increased their rating on CSII shares from "buy" to "strong-buy," with a price target of $27.50.