Cardiovascular Systems (CSII) Prelim. Q1 Results Miss Expectations

Cardiovascular Systems (NASDAQ: CSII) reported preliminary results for its fiscal 2016 first quarter ended September 30, 2015.

The company expects fiscal first-quarter revenues of approximately $43.9 million, an 11 percent increase from $39.5 million in the first quarter of fiscal 2015, excluding $1.9 million from the sale of Asahi guide wires in the prior year period. The fiscal 2016 first quarter net loss is anticipated to be in the range of $(13.1) million to $(13.9) million, or $(0.41) to $(0.43) per common share, compared to a net loss of $(8.2) million, or $(0.26) per common share, in the fiscal 2015 first quarter. CSI’s fiscal 2016 first-quarter results are preliminary and may change as the company completes its customary close procedures and independent auditor review.

*** The Street sees Q2 revenue of $49.4 and loss of $0.39 per share.

David L. Martin, CSI’s President and Chief Executive Officer, said, “We continued to make progress on our sales optimization strategy to significantly expand our sales organization, while cross training representatives to sell both peripheral and coronary applications. However, as our recent results suggest, some aspects of the transition have been challenging. After a thorough review, we believe we have taken the right steps to address the immediate challenges and continue to expect the vast majority of the optimization effort to be completed by the third quarter of this fiscal year.”

Concluded Martin, “We see no change in our multi-billion market opportunity, or our potential to address it. Our unique orbital atherectomy technology is groundbreaking, addressing the large population of underserved patients with calcified artery disease. We believe our sales optimization strategy, including a large focused sales force, is the ideal approach to capitalize on this opportunity and drive attractive double digit revenue growth and profitability in the future.”

CSI will provide final first-quarter results and fiscal 2016 second-quarter guidance at a future date during its customary earnings release and conference call for the first quarter.

Conference Call Today at 3:45 p.m. CT (4:45 p.m. ET)Cardiovascular Systems, Inc. will host a live conference call and webcast to discuss this announcement today, Oct. 7, 2015, at 3:45 p.m. CT (4:45 p.m. ET). To access the call, dial (877) 201-0168 and enter the access number 55778560. Please dial in at least 10 minutes prior to the call. To listen to the live webcast, go to the investor section of the company’s website, www.csi360.com, and click on the webcast icon.

For an audio replay of the conference call, dial (855) 859-2056 and enter 55778560. The audio replay will be available beginning at 6:45 p.m. CT on Wednesday, Oct. 7, 2015, through 10:59 p.m. CT on Wednesday, Oct. 14, 2015.

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