Cardiovascular Systems Q4 numbers top estimates, releases Q1 2017 guidance

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 steady compared with the same period during the last fiscal year.

Analysts on Wall Street expected to see $45.9 million in revenue and losses per share of 22¢ for the quarter, both of which the company topped.

For the year, the St. Paul, Minn.-based company reported losses of $56 million, or $1.72 per share, on sales of $178.2 million. The company saw losses grow 70.7% from 2015 with sales shrinking 1.9%.

Shares have gone up 9.4% to trade at $21.50 as of 2:10 p.m. EDT.

“We delivered meaningful progress on all of our key objectives in the fourth quarter. Our sales force has been stabilized and our sales strategy is driving productivity increases, placing us in a strong position to grow our business. As a result, we posted solid sequential quarterly revenue growth from the third quarter for both our coronary and peripheral products, and exceeded our guidance for the quarter. At the same time, operating expenses have declined, primarily due to our cost reduction initiatives implemented earlier this year, reducing our net loss by over 40% compared to the fourth quarter of 2015. We expect our momentum to continue and anticipate revenue growth for fiscal 2017, while moving toward profitability,”interim CEO Scott Ward said in a press release.

Cardiovascular Systems released its 1st quarter outlook, expecting to see revenue between $48 million and $49.5 million, with operating expenses 4% higher than the 4th quarter. Net loss for the quarter is expected to be in the range of $5.8 million to $6.7 million, with loss per common share between 18¢ and 21¢, the company said.

“Our fiscal 1st quarter includes summer months that typically have lower procedure volumes. It is also a period of annual sales meetings and training for our sales force. These factors have been taken into consideration in establishing our guidance for the quarter,” Ward said in prepared remarks.

The company announced plans to present 30-day results from the Liberty 360 study next week at the 2016 AMP symposium in Chicago. The study is examining the clinical and economic outcomes of endovascular interventions for patients with peripheral artery disease, including procedures carried out with CSI’s Diamondback 360 peripheral orbital atherectomy system.

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