Cardiovascular Systems Reports Fiscal 2011 First-Quarter Financial Results
November 03 2010 - 4:05PM
Business Wire
Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII):
- Financial performance improved
significantly over prior year’s first quarter
- Revenue increased 20 percent to
$18.2 million
- Operating expenses remained
consistent with prior-year levels
- Adjusted EBITDA loss improved 51
percent to $(1.7) million
- Net loss improved 31 percent to
$(4.3) million, or $(0.28) per share
- Scientific evidence continues to
build, with over 1,700 patients studied
- Over 33,000 patients have been
treated to date
Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII), a medical
device company developing and commercializing innovative
interventional treatment systems for vascular disease, today
reported financial results for its fiscal first quarter ended
September 30, 2010.
CSI’s revenue in the first quarter rose to $18.2 million, a 20
percent gain over revenue of $15.2 million in the first quarter of
last fiscal year. Adjusted EBITDA, calculated as loss from
operations, less depreciation and amortization and stock-based
compensation expense, improved by 51 percent to a loss of $(1.7)
million, as a result of stronger revenue and minimal operating
expense growth.
Net loss was $(4.3) million for the quarter, a 31 percent
improvement over a $(6.2) million net loss in the first quarter of
last year. Net loss per common share was $(0.28) in the fiscal 2011
first quarter, compared to $(0.43) per common share a year
earlier.
David L. Martin, CSI president and chief executive officer,
said, “We continued our quarterly progress toward profitability.
Our primary goals are profitability and positive cash flow,
proliferation of the Diamondback 360® as the first-line treatment
for peripheral arterial disease, and approval of a coronary
application for the Diamondback System.”
Revenue generated from customer reorders rose to 95 percent of
total revenue for the fiscal 2011 first quarter, up from 92 percent
in last year’s first quarter. Gross margin at 77 percent was
consistent with the same period last year, and in line with CSI’s
expectations. Operating efficiencies and cost management held
operating expenses to only a 2 percent increase at $17.9 million,
including $500,000 of net expenses related to a legal settlement
with ev3.
OPERATING HIGHLIGHTS
PAD Clinical Studies Continue to Progress
At a scientific symposium in September, data from three CSI
peripheral arterial disease (PAD) clinical studies reinforced the
advantages of the Diamondback 360°. These studies – CALCIUM 360°,
CONFIRM Diamondback and CLEAR 360° – added to CSI’s unprecedented
wealth of scientific data demonstrating the superior safety,
efficacy and cost effectiveness of the Diamondback 360° System. In
10 studies to date, over 1,700 patients have been studied by 250
physicians in 220 hospitals. Many of these patients are the most
difficult to treat and would have been excluded from other studies
due to the severity of their conditions, including lesions with
calcified plaque and disease in small arterial vessels. Some key
findings from these studies include:
- Excellent Safety – CSI’s studies show
extremely low rates of perforations (0.6 percent), bailout stenting
(2.3 percent) and mortality (
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