Cardiovascular Systems Reports Fiscal 2017 Third-Quarter Financial Results

ST. PAUL, Minn.--(BUSINESS WIRE)--Cardiovascular Systems, Inc. (NASDAQ: CSII):

Conference Call Scheduled for Today, May 3, 2017, at 3:45 PM CT (4:45 PM ET)

• Revenues of $52.1 million grew 17% compared to third quarter last year
• Net loss was $(1.7) million, or $(0.05) per share
  • Includes $1.5 million charge related to voluntary recall of Saline Infusion Pumps and $1.3 million charge related to employee lawsuit
• Cash position grew $23.9 million to $103.1 million
• Diamondback 360^® Coronary Orbital Atherectomy System (OAS) Micro Crown approved in Japan and US
• First subject enrolled in ECLIPSE coronary clinical trial

Cardiovascular Systems, Inc. (CSI) (NASDAQ: CSII), a medical device company developing and commercializing innovative interventional treatment systems for peripheral and coronary artery disease, today reported financial results for its fiscal third quarter ended March 31, 2017.

The company’s third-quarter revenues were $52.1 million, a 17% increase from the third quarter of fiscal 2016. Coronary revenues grew 28% over last year, while peripheral revenues increased 14%.

The third-quarter gross profit margin decreased to 78.6% from 80.4% in the prior-year period. Gross margin was lower than anticipated due to a charge to cover the costs associated with the previously announced voluntary recall and replacement of the company’s 7-10014 Saline Infusion Pump. The $1.5 million charge reduced gross margin by approximately 2.9 percentage points.