The St. Paul, Minn., Company posted losses of -15.2 million, or -43 per share, on sales of $ 42.5 million for the quarter ended June 30, 2020, for a drop in results in the red on a drop in sales of 37.6%.
Adjusted to exclude one-off items, earnings per share were also -43.3 ahead of Wall Street, where analysts were looking for sales of $ 38.3 million.
“At the onset of the coronavirus pandemic, we established three short-term goals: ensuring our continued ability to serve customers and support patients; protect the health of employees while maintaining the strength and capacity of our business; and to ensure business continuity ”, President of Cardiovascular Systems, President and CEO Scott Ward noted in a press release. “We have achieved each of these goals. In addition, we have taken steps to grow our brand, strengthen our relationships with our customers, and maximize the number of patients we reach during the recovery period and into the future. As a result, our financial results for the quarter were better than expected.
Cardiovascular Systems said it expects to record first quarter revenue of between $ 55 million and $ 58 million for the quarter ended September 30, 2020.
CSII shares closed the day down -1.4% to $ 30.80 per share but rose 0.5% to $ 30.96 after hours. MassDevice MedTech 100 Index – which includes shares of the world’s largest medical device companies – ended the day down -0.6%.