Cardiovascular Systems misses Wall Street estimates in Q4, anticipates revenue growth in FY 2023

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Cardiovascular Systems (NSDQ:CSII) today posted fourth-quarter results that missed the overall consensus on Wall Street.

The St. Paul, Minnesota-based heart device company reported losses of $9.69 million, or -25¢ per share, on sales of $62.5 million for the three months ended June 30, for a bottom-line loss of 83.3% on sales loss of 11.96% compared with Q4 2021.

Adjusted to exclude one-time items, earnings per share were -25¢, 3¢ behind The Street, where analysts were looking for sales of $62.97 million.

“During Q4, we achieved strong sequential growth across all business segments with our U.S. peripheral and coronary atherectomy franchises growing 9% and 16% over the prior quarter, respectively. International revenues grew 14% sequentially to $5 million,” CEO and President Scott Ward said in a news release.

“In addition, key operating statistics, like new accounts, new customers trained and new contracts, continue to demonstrate strong demand for our products and position us for continued momentum in fiscal 2023.”

For fiscal 2023, Cardiovascular Systems anticipates revenue to be in the range of $255 million to $265 million with a gross profit as a percentage of approximately 72% to 74% of revenues.

“Our guidance anticipates attractive revenue growth in fiscal 2023 with a gradual improvement in the state of the U.S. healthcare system combined with strong sales execution, accelerating revenue from the sale of interventional support devices, successful new product introductions and international expansion. Guidance assumes no new Covid headwinds, a gradual improvement in US hospital staffing shortages and the full resolution of the imaging contrast shortage in September,” Ward said.

Shares in CSII were at a standstill in premarket hours.