Cardiovascular Systems Buys WavePoint Medical’s Peripheral Support Catheters

Medical device company, Cardiovascular Systems (CSI), has purchased a line of peripheral support catheters from Utah-based WavePoint Medical, a medical device development company. The financial terms of the deal were not disclosed.

Peripheral support catheters are used in about 50% of peripheral vascular intervention (PVI) procedures, mainly in below-the-knee and intricate interventions. Cardiovascular Systems (CSII) is likely to incorporate the acquired catheters in its new ViperCross line in the first half of 2022.

A portfolio of specialty catheters used in the treatment of chronic total occlusions (CTO) and complex percutaneous coronary intervention (PCI) procedures will also be developed by WavePoint. These specialty catheters are anticipated to be available commercially in fiscal 2023.

Cardiovascular Systems CEO Scott R. Ward said, “With the acquisition of these peripheral support catheters, CSI will soon offer a complete portfolio of products for the treatment of peripheral artery disease, including atherectomy, balloon catheters, guidewires, support catheters and embolic protection.”

“In coronary, the successful development of a portfolio of CTO products will expand our existing offering of coronary support products,” he added. (See Cardiovascular Systems stock analysis on TipRanks)

On March 18, Northland Securities analyst James Terwilliger reiterated a Buy rating and a price target of $45 (11% upside potential) on the stock.

Terwilliger said, “We are encouraged that CSII continues to maximize their market position with approximately 200 direct U.S. sales representatives and approximately 125 U.S. clinical specialists.”

“CSII continues to focus on their core PAD and CAD markets but at the same time is soft-launching additional ancillary products that will expand their product portfolio and drive higher revenue per procedure,” the analyst added.

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 3 Buys versus 2 Holds. The average analyst price target of $46.50 implies 14.8% upside potential to current levels. Shares have increased 34.2% over the past year.

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