Cardiovascular Systems (CSII) Tops Q2 EPS by 6c, Revenues Miss; Offers 3Q Revenue Guidance Below Consensus

Cardiovascular Systems (NASDAQ: CSII) reported Q2 EPS of $0.00, $0.06 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $64.2 million versus the consensus estimate of $65.51 million.

• Revenues of $64.2 million increased 6% sequentially compared to first quarter
• Net loss was $0.1 million, or $0.00 per basic and diluted share
• Management provides fiscal 2021 third quarter revenue guidance of $60 million to $65 million
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• Sachin H. Jain, MD, MBA, joins Board of Directors
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“Today we reported second quarter revenues of $64.2 million, representing a sequential quarterly improvement of 6%. The surge in new COVID cases and increased ICU demand began negatively impacting our procedures during the final weeks of December and as a result our revenue finished slightly below the midpoint of our guidance range.

“Considering the unprecedented spike in hospital admissions, we are really pleased with these results and proud of our team’s focused support of our customers and patients under these extreme conditions.

“We expect that our Q3 revenue of $60 to $65 million may be slightly down sequentially, but essentially in line with last year. Even though the pandemic will negatively impact our sales in Q3, we are optimistic about calendar 2021 and we expect our business to ramp sequentially throughout the year as the pandemic subsides and we leverage advancements in our core product offering, drive higher revenue per procedure and resume our international expansion plans.”

GUIDANCE:

Cardiovascular Systems sees Q3 2021 revenue of $60-65 million, versus the consensus of $69.27 million.

For the fiscal 2021 third quarter ending March 31, 2021, CSI anticipates:

• Revenue of $60 million to $65 million, representing 98% to 106% of third quarter of fiscal 2020;
• Gross profit as a percentage of revenues in the 77% to 78% range;
• Operating expenses in a range of $52 to $54 million;
• Net loss in a range of $3.5 to $6.0 million; and
• Near neutral Adjusted EBITDA

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

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