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

Cardiovascular Systems Inc

CIK: 1180145 Ticker: CSII
Exhibit 99.1

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CARDIOVASCULAR SYSTEMS, INC. REPORTS FISCAL 2018
SECOND-QUARTER FINANCIAL RESULTS

Conference Call Scheduled for Today, February 7, 2018, at 3:45 PM CT (4:45 PM ET)


Revenues of $52.6 million increased 5% from second quarter last year
Net loss was $(0.4) million, or $(0.01) per basic share
International expansion begins with commercial launch of CSI’s coronary device in Japan
Rhonda Robb joins company as new Chief Operating Officer
Company to distribute OrbusNeich balloons and ZILIENT™ guidewires

St. Paul, Minn., February 7, 2018 – 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 second quarter, ended December 31, 2017.

The company’s second-quarter revenues were $52.6 million, an increase of $2.6 million from the second quarter of fiscal 2017. Gross profit margin rose to 81.9% from 81.7%, driven primarily by unit cost reductions. Operating expenses increased $3.6 million to $43.4 million, driven primarily by the expansion of the sales force with additional clinical specialists and increased ECLIPSE clinical study activity.

Second-quarter net loss was $(0.4) million, or $(0.01) per basic share, compared to a net income of $1.0 million, or $0.03 per share, in the prior-year period. Adjusted EBITDA was positive in the quarter at $3.4 million.

Scott Ward, CSI’s Chairman, President and Chief Executive Officer, said “We are encouraged that the adjustments we made to our sales model last quarter resulted in 6% sequential revenue growth. However, we believe that the ramp in productivity from the recent addition of 45 clinical specialists may take longer than we anticipated in October. As a result, we now forecast fiscal year 2018 revenue to be in a range of $215 million to $219 million.”

Added Ward, “During the second half of the fiscal year, we forecast continued attractive sequential quarterly revenue growth, due to improving sales productivity, our commercial launch in Japan, and the limited market release of OrbusNeich angioplasty balloons and ZILIENT™ guidewires.”

International Expansion Begins with Commercial Launch of Coronary Device in Japan
On February 1, CSI announced that it had commercially treated the first patient in Japan with its Diamondback 360® Coronary Orbital Atherectomy System Micro Crown (Micro Crown).

CSI received PMDA approval for the Micro Crown in March 2017 and reimbursement approval effective February 2018. Medikit, Co., Ltd. is CSI’s exclusive distribution partner in Japan. With a controlled launch now underway, CSI expects to complete an initial Micro Crown stocking order during its third fiscal quarter and open approximately 15 accounts by the end of the fiscal year.

Commented Ward, “We are excited to bring orbital atherectomy technology to Japan. Of the 280,000 Japanese patients who undergo percutaneous coronary procedures each year, 10-20% have severely


The following information was filed by Cardiovascular Systems Inc (CSII) on Wednesday, February 7, 2018 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)
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Selected Consolidated Financial Statement Information
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Selected Consolidated Financial Statement Information - Deferred Revenue (details)
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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: 0001180145-18-000012
Submitted to the SEC: Fri Feb 09 2018 9:10:54 AM EST
Accepted by the SEC: Fri Feb 09 2018
Period: Sunday, December 31, 2017
Industry: Surgical And Medical Instruments And Apparatus

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