Cardiovascular Systems ($CSII) generated a big revenue jump in its fiscal 2013 third quarter, positive news as the company waits for the FDA's approval decision on its new device to treat calcified coronary arteries.
The Minnesota maker of devices to treat vascular disease said it booked $26.5 million in revenue during the quarter, up 25% from $21.2 million in revenue during the fiscal 2012 third quarter. Driving the gain is the company's Stealth 360 peripheral arterial disease system, which accounted for 96% of overall revenue.
And while Cardiovascular Systems hasn't made a profit yet, $6.2 million in third quarter net losses were better than the company expected, it said. But they were higher than the $4.2 million net loss reported over the same period a year ago. A lot of that continued to be from extra expenses relating to the company's ORBIT II pivotal trial, which generated encouraging 30-day results for the company's orbital atherectomy tech and will help support a PMA application completed in March. The trial was the first IDE study of its kind to zero in on patients with calcified coronary arteries, the company said.
Cardiovascular Systems says it had nearly $70 million in cash and equivalents on hand as of March 31, nearly double the amount at the end of June 2012. Much of that came from a $38 million public offering the company completed in March designed to rev up for commercial launch and also boost sales and marketing infrastructure.
All of this is with an eye on a hoped-for PMA approval and an anticipated $1.5 billion market.
- read the release