Cardiovascular Systems (CSII) Misses Q3 EPS by 15c

Cardiovascular Systems (NASDAQ: CSII) reported Q3 EPS of ($0.69), $0.15 worse than the analyst estimate of ($0.54). Revenue for the quarter came in at $44.5 million versus the consensus estimate of $42.13 million.

Scott Ward, CSI’s Chairman, Interim President and Chief Executive Officer, said, “This quarter we made significant progress toward achieving our near-term goals of stabilizing the sales force and resuming consecutive quarterly revenue growth, achieving a 7% increase over the second fiscal quarter of this year. We look forward to further growth and increasing productivity as our sales force continues to gain experience and tenure in their accounts. Furthermore, we’ve taken significant actions to realign our cost structure, including an 8% reduction in our workforce at the end of the third quarter. These actions better align our cost structure with revenues and position CSI to leverage revenue growth for positive cash flow and profitability in the future.”

For earnings history and earnings-related data on Cardiovascular Systems (CSII) click here.

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