Cardiovascular Systems (CSII) Misses Q3 EPS by 5c

Cardiovascular Systems (NASDAQ: CSII) reported Q3 EPS of ($0.15), $0.05 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $63.3 million versus the consensus estimate of $63.12 million.

Executive Commentary – Scott Ward, Chairman, President and CEO

“We finished the third quarter on a strong note. The increase in vaccinations and simultaneous decrease in Covid hospitalizations in February and March resulted in improved procedure volumes during the second half of the quarter.

“Third quarter revenues increased 3.4% to $63.3 million and were led by our coronary franchise, due to strong procedure volume domestically, increased sales of procedure support products, and growing adoption of orbital atherectomy internationally. Peripheral revenues were flat as patients with claudication continued to defer evaluation and treatment. Office-based labs (OBLs) purchased nearly one-half of our peripheral unit volume during the quarter demonstrating that an increased number of complex peripheral procedures were performed outside the hospital. Throughout the pandemic, we have seen the OBL become another viable option for complex procedures, which we expect to continue even as the pandemic subsides.

“As we head into our fourth quarter, we believe the majority of markets we serve have either returned to pre-Covid procedure levels or are poised to do so in the very near future.

“As a result, the momentum that we built in the latter half of the third quarter continued through early May and we are optimistic that we will benefit from the continued growth in peripheral and coronary procedure volumes throughout the rest of the fourth quarter.

“The improvement in the state of the U.S. healthcare system aligns well with the planned commercial launch of our peripheral support devices later this month. The increasing ability of our field sales organization to support cases and introduce these products to our physicians is a core component of our growth strategy going forward.”

GUIDANCE:

Cardiovascular Systems sees Q4 2021 revenue of $67-70 million, versus the consensus of $69.8 million.

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

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