Cardiovascular Systems (CSII): Notes From Management Meetings - Leerink
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Leerink Partners analyst, Danielle Analffy, reiterated her Outperform rating on shares of Cardiovascular Systems (NASDAQ: CSII) after hosting investor meetings with the new CEO, Scott Ward, and IR, Jack Nielsen.
The meetings reinforced her view that the company has reached a fundamental inflection point after several quarters of underperformance in light of sales force disruptions and poor execution. Key takeaways include:
1) Salesforce productivity has been and continues to be on a dramatic upswing, likely driving more consistently strong quarterly performance going forward that can push shares higher
2) Atherectomy is still a high-growth market both in the periphery and in the coronary, with a number of tailwinds including DCB pull-through and an increasing focus on treating the sickest patients
3) CSII is focused on increasing awareness via clinical data, with management viewing lack of awareness as one of the key barriers to adoption
4) Reimbursement remains a positive, but CSII is focused on managing COGS downward in order to improve pricing flexibility.
No change to the price target of $30.
Shares of Cardiovascular Systems closed at $24.95 yesterday.
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