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Cardiovascular Systems Inc (CSII) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Cardiovascular Systems Inc

CIK: 1180145 Ticker: CSII

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CARDIOVASCULAR SYSTEMS, INC. REPORTS FISCAL 2017
THIRD-QUARTER FINANCIAL RESULTS

Conference Call Scheduled for Today, May 3, 2017, at 3:45 PM CT (4:45 PM ET)


Revenues of $52.1 million grew 17% compared to third quarter last year
Net loss was $(1.7) million, or $(0.05) per share
Includes $1.5 million charge related to voluntary recall of Saline Infusion Pumps and $1.3 million charge related to employee lawsuit
Cash position grew $23.9 million to $103.1 million
Diamondback 360® Coronary Orbital Atherectomy System (OAS) Micro Crown approved in Japan and US
First subject enrolled in ECLIPSE coronary clinical trial

St. Paul, Minn., May 3, 2017 – Cardiovascular Systems, Inc. (CSI) (NASDAQ: CSII), a medical device company developing and commercializing innovative interventional treatment systems for peripheral and coronary artery disease, today reported financial results for its fiscal third quarter ended March 31, 2017.

The company’s third-quarter revenues were $52.1 million, a 17% increase from the third quarter of fiscal 2016. Coronary revenues grew 28% over last year, while peripheral revenues increased 14%.

The third-quarter gross profit margin decreased to 78.6% from 80.4% in the prior-year period. Gross margin was lower than anticipated due to a charge to cover the costs associated with the previously announced voluntary recall and replacement of the company’s 7-10014 Saline Infusion Pump. The $1.5 million charge reduced gross margin by approximately 2.9 percentage points.

Operating expenses in the third quarter were 27% lower than the prior year. The current quarter includes a $1.3 million net charge related to a potential loss from a previously disclosed and pending employee lawsuit, while the prior-year quarter includes $12.4 million of one-time costs. The remaining operating expenses declined $4.6 million, or 10%, reflecting management’s cost realignment initiatives and timing of studies and programs.

Third-quarter net loss was $(1.7) million, or $(0.05) per share, improving $21.0 million from a net loss of $(22.7) million, or $(0.69) per share in the prior-year period. Adjusted EBITDA was positive in the quarter at $1.7 million. Cash increased $23.9 million for the quarter, primarily due to net proceeds of $20.9 million from the sale and leaseback of the company’s headquarters and the generation of $2.7 million of cash from operations.

Scott Ward, CSI’s Chairman, President and Chief Executive Officer, said, “CSI delivered a strong quarter, with attractive growth in both our coronary and peripheral franchises. In addition, we have improved CSI’s financial condition by increasing our cash balance through the sale and leaseback of our corporate headquarters and by securing a $40.0 million line of credit.”

Diamondback 360® Coronary OAS Micro Crown Approved in Japan and US
In March, CSI announced that Japan’s Ministry of Health, Labor and Welfare approved the Diamondback 360® Coronary OAS Micro Crown as a frontline treatment for de novo severely calcified lesions and to


The following information was filed by Cardiovascular Systems Inc (CSII) on Wednesday, May 3, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cardiovascular Systems Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (parenthetical)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Comprehensive Loss (unaudited)
Consolidated Statements Of Operations (unaudited)
Business Overview
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Commitment And Contingencies (details)
Commitment And Contingencies (tables)
Debt - Financing Obligation (details)
Debt - Revolving Credit Facility (details)
Debt Debt
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Deferred Compensation Plan - Narrative (details)
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Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Eps Reconciliation (additional Information) (details)
Earnings Per Share - Eps Reconciliation (details)
Selected Consolidated Financial Statement Information
Selected Consolidated Financial Statement Information (tables)
Selected Consolidated Financial Statement Information - Accounts Receivable (details)
Selected Consolidated Financial Statement Information - Accrued Expenses (details)
Selected Consolidated Financial Statement Information - Deferred Revenue (details)
Selected Consolidated Financial Statement Information - Inventories (details)
Selected Consolidated Financial Statement Information - Other Liabilities (details)
Selected Consolidated Financial Statement Information - Property And Equipment, Net (details)
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Stock Options And Restricted Stock Awards (tables)
Stock Options And Restricted Stock Awards - Narrative (details)
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Subsequent Event Subsequent Event
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Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Ticker: CSII
CIK: 1180145
Form Type: 10-Q Quarterly Report
Accession Number: 0001180145-17-000024
Submitted to the SEC: Fri May 05 2017 12:52:27 PM EST
Accepted by the SEC: Fri May 05 2017
Period: Friday, March 31, 2017
Industry: Surgical And Medical Instruments And Apparatus

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