Cardiovascular Systems, Inc. ($CSII) Stock | Shares Spike Up On Better Than Expected Revenue Numbers

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Cardiovascular Systems, Inc. (NASDAQ: CSII)

 

 

Cardiovascular Systems, Inc. (CSII), a medical technology company on Thursday after market announced their preliminary fiscal third quarter financial results. Cardiovascular Systems projected revenues to be in between $43.5 million and $44 million which beat analyst expectations of $41.05 million. The revenue projections were almost 5% better than its previously issued guidance range of $40.5 million and $42 million.    

 

Cardiovascular Systems, Inc. CEO’s Comments

Scott Ward, CSI’s Chairman and Interim President and Chief Executive Officer, said, “As we discussed on our second-quarter earnings call, our immediate focus is to stabilize our sales force and resume sequential quarterly revenue growth. We’ve made solid progress on these goals, resulting in revenues exceeding guidance for the third quarter of this fiscal year. We also discussed our longer term effort of positioning CSI for profitability and positive cash flow. The restructuring announced today is a significant step in achieving these goals.”  Business Wire

 

CSII Technical Analysis

CSII Chart

CSII gapped up in price on Friday to $11.50, up from the prior day’s close of $10.37, which is a 11% increase in price. Taking a look at the daily chart we can see that the last time CSII traded above this price level was on January 21st when it traded at $12.46. Taking a closer look at the daily chart we can see that CSII has been on an overall decline dating back to September 11th when it traded at $24.31. CSII has a float of 27.37 million shares and is trading over 5.25 times the normal daily trading volume. For trading purposes, my entry point would have been $11.60 looking for a run to $13. My stop loss would have been $11.40, fearing anything below that and the stock would start to fill in the gap up.

 

Company Profile

Cardiovascular Systems, Inc. (CSI), incorporated on December 6, 2000, is a medical technology company. The Company is engaged in treating patients suffering from peripheral and coronary arterial diseases, including those with arterial calcium. The Company has developed an orbital atherectomy technology for peripheral and coronary commercial applications. Its peripheral arterial disease systems are catheter-based platforms that treat a range of plaque types in leg arteries both above and below the knee. Its products include Stealth 360 degree Peripheral Orbital Atherectomy System (OAS) (Stealth 360); the Diamondback 360 Peripheral OAS (Diamondback 360 Peripheral), and Diamondback 360 Peripheral, Diamondback 360 60cm Peripheral OAS and Diamondback 360 4 French 1.25 Peripheral (collectively called as peripheral arterial disease systems (PAD systems)). Its coronary product, the Diamondback 360 Coronary OAS (CAD System), is a catheter-based platform designed to facilitate stent delivery in patients with coronary arterial disease (CAD) who are acceptable candidates for percutaneous transluminal coronary angioplasty or stenting due to de novo, severely calcified coronary artery lesions. The CAD System design is similar to technology used in its PAD Systems, customized specifically for the coronary application. The Company offers multiple accessory products designed to complement the use of the PAD and CAD Systems. The PAD Systems and CAD System devices are single-use catheters that incorporate a drive shaft with an offset diamond-grit-coated crown. The coronary device is used as vessel prep to facilitate stent delivery and prevent stent malposition. Its OAS uses a single-use, low-profile catheter that travels over its guide wires and is powered by a saline infusion pumps that also helps cool the system and remove debris. The catheter for its OAS consists of a control handle, which allows movement of the crown and predictable crown location; a drive shaft with a diamond-grit-coated offset crown, which tracks and orbits over the guide wire; and a sheath, which covers the drive shaft and permits delivery of saline or medications to the treatment area. The mechanism of action is a function of the centrifugal force generated by the OAS as it rotates and orbits inside the vessel. The Company has conducted around 14 clinical studies to demonstrate the safety and efficacy of the PAD Systems. The Company competes with Abbott Laboratories, Boston Scientific, Cook Medical, Johnson & Johnson, BARD, Medtronic, Spectranetics and Philips.  Reuters

 

 

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