Cardiovascular Systems shares dip on mixed-bag Q2

Shares in Cardiovascular Systems (NSDQ:CSII) fell today after the medical device maker posted growing losses, despite having topped loss-per-share consensus on Wall Street with its second quarter earnings results. The St. Paul, Minn.-based company posted losses of $413,000, or 1¢ per hare, on sales of $52.6 million for the three months ended December 31, seeing losses grow 139.6% while sales grew by 5.2% compared with the same period last year. Losses per share were just ahead of the 4¢ consensus on Wall Street, while sells fell just short of the $53.3 million analyst’s expectations. “We are encouraged that the adjustments we made to our sales model last quarter resulted in 6% sequential revenue growth. However, we believe that the ramp in productivity from the recent addition of 45 clinical specialists may take longer than we anticipated in October. As a result, we now forecast fiscal year 2018 revenue to be in a range of $215 million to $219 million. During the second half of the fiscal year, we forecast continued attractive sequential quarterly revenue growth, due to improving sales productivity, our commercial launch in Japan, and the limited market release of OrbusNeich angioplasty balloons and Zilient guidewires,” prez, chair & CEO Scott Ward said in a press release. Cardiovascular Solutions also updated its guidance for the coming third quarter, expecting to post sales of between $55 million and $56.5 million, with net losses per share of between 3...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat Cardiovascular Systems Inc. Source Type: news