Shares in Cardiovascular Systems (NSDQ:CSII) fell today despite the medical device maker beating expectations on Wall Street with its 4th quarter and fiscal year 2017 earnings and announcing that the recall of its saline infusion pumps, initiated in April, is nearing completion.
The St. Paul, Minn.-based company posted profits of $772,000, or 2¢ per share, on sales of $52.9 million for the 3 months ended June 30, seeing a 115.8% swing from losses while sales grew 9.2% compared with the same period last year.
Earnings per share for the quarter beat out the 5¢ loss-per-share consensus on Wall Street, where analysts were looking for sales of $52 million.
For the full year, Cardiovascular Solutions posted losses of $1.8 million, or 6¢ per share, on sales of $204.9 million, seeing losses shrink 96.8% while sales grew 15% compared with the previous fiscal year.
Full year losses per share were well ahead of the 13¢ loss-per-share consensus on The Street.
“We’ve made substantial progress over the past 18 months, moving from an organization in transition, to a strong company which is a market leader in treating coronary and peripheral artery disease. Our results highlight the continued improvement of our commercial execution and the strong demand for our unique technology. In addition to improved financial results, we also delivered on several key objectives in fiscal year 2017, which we anticipate will drive sustained growth and profitability in the years to come. Most notably, we expanded our commitment to building medical evidence for orbital atherectomy in our peripheral and coronary franchises. We received approvals for new orbital atherectomy devices that give our physicians more tools to effectively and routinely treat patients suffering from coronary and peripheral artery disease. Finally, the approval of our Diamondback 360 Coronary Orbital Atherectomy System Micro Crown in Japan marks CSI’s first international expansion, beginning in calendar year 2018. We look forward to building on these successes in the future,” prez & CEO Scott Ward said in a press release.
The company said that its voluntary recall of its 7-10014 saline infusion pumps, initiated in April due to potential electromagnetic interference, is nearing completion, with a slated end date of August 31.
“The voluntary recall of the saline infusion pump affected about 1-half of our customer base. I am pleased to note that we handled this recall efficiently, providing effective support for our patients and physicians during the process. Our ability to accelerate production of the recently approved replacement pump allowed us to deliver new pumps to the majority of our current affected customers and to begin shipments to new customers during July,” Ward said in prepared remarks.
Cardiovascular Systems released guidance for its upcoming 1st quarter of its fiscal 2018 year, expecting to see revenue between $52.6 million and $53.6 million, with net losses of between $2.8 million and $2.2 million, and losses per share of between 9¢ and 7¢.
“We posted solid financial results for our 4th quarter, especially given our pump recall. While much of the recall is behind us, our available selling time will continue to be affected during our first quarter as we fully complete the recall process. In addition, our new customer pipeline has declined, due to limited pump availability, which could affect the timing of new account revenue. These effects, combined with the usual slowdown of procedures in the summer months, have been factored into our 1st quarter guidance. We anticipate that our quarterly revenue growth rate over fiscal year 2017 will improve throughout the year, culminating in a fiscal year 2018 revenue range of $226 million to $233 million,” Ward said in a prepared statement.
Cardiovascular Systems shares have dropped 1.6% to $30.28 as of 12:23 p.m. EDT.
The post Cardiovascular Systems shares down despite Q4, FY2017 earnings beat appeared first on MassDevice.
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