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Cardiovascular Systems Inc (CSII) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, June 30, 2010

Cardiovascular Systems Inc

CIK: 1180145 Ticker: CSII
Exhibit 99.1
(CSI LOGO)
CARDIOVASCULAR SYSTEMS REPORTS FISCAL 2010 FOURTH-QUARTER
AND FULL-YEAR FINANCIAL RESULTS
Conference Call Scheduled for Today, August 10, 2010 at 3:45 PM CT (4:45 PM ET)
    Key financial results improved in fiscal 2010 fourth quarter over prior-year quarter
    Revenue increased 15 percent to $18.0 million
 
    Revenue from reorders grew to 93 percent of total revenue from 89 percent
 
    Gross margin rose to 77 percent from 73 percent
 
    Adjusted EBITDA loss improved 58 percent to $(1.5) million
 
    Net loss improved 22 percent to $(4.4) million
    Second-generation product, the Diamondback Predator 360°™ PAD System, was launched
 
    Prospective clinical trials were advanced
    ORBIT II coronary trial began patient enrollment
 
    CALCIUM 360° and COMPLIANCE 360° studies completed patient enrollment
St. Paul, Minn., August 10, 2010 — Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII), a medical device company developing and commercializing innovative interventional treatment systems for vascular disease, today reported financial results for its fiscal fourth quarter and year ended June 30, 2010.
CSI’s revenue in the fourth quarter rose to $18.0 million, a 15 percent gain over revenue of $15.7 million in the fourth quarter of last fiscal year. Adjusted EBITDA, calculated as loss from operations, less depreciation and amortization and stock-based compensation expense, improved by 58 percent to a loss of $(1.5) million, as a result of stronger revenue and gross margins, with limited operating expense growth.
David L. Martin, CSI president and chief executive officer, said, “Our focus on customer education to drive adoption of our Diamondback 360® PAD System has been successful, resulting in significant revenue growth in the last two quarters of fiscal 2010. As a result, we enter fiscal 2011 with a strong customer base. We also made substantial progress toward profitability, greatly reducing our net and adjusted EBITDA losses. These accomplishments occurred while we made progress on key growth initiatives, including launch of our ORBIT II trial for a coronary application — a major new potential market for the company, and introduction of CSI’s second-generation product, the Diamondback Predator 360°™ PAD System.”
Net loss was $(4.4) million for the quarter, a 22-percent improvement from $(5.6) million in the fourth quarter of last year and a 32-percent reduction from the third quarter of fiscal 2010. Net loss per diluted common share was $(0.29) in the fiscal 2010 fourth quarter, compared to $(0.40) per diluted common share a year earlier.
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The following information was filed by Cardiovascular Systems Inc (CSII) on Tuesday, August 10, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: CSII
CIK: 1180145
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-089614
Submitted to the SEC: Tue Sep 28 2010 5:14:58 PM EST
Accepted by the SEC: Tue Sep 28 2010
Period: Wednesday, June 30, 2010
Industry: Surgical And Medical Instruments And Apparatus

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