Minnesota-based medical devices firm Cardiovascular Systems (CSII) has reported strong financial results for the fiscal fourth quarter ended June 30. The company develops and sells solutions for the treatment of coronary and vascular diseases.
Cardiovascular Systems reported a net loss of $0.14 per share, narrower than the Street’s estimate of a loss of $0.17 per share and the year-ago loss of $0.43 per share.
Quarterly revenues surged 66.8% year-over-year to $71 million, exceeding analysts’ expectations of $68.82 million. (See Cardiovascular Systems stock chart on TipRanks)
The Chairman, President and CEO of Cardiovascular Systems, Scott Ward, said, “The sustained improvement in the state of the U.S. healthcare system combined with new product introductions and planned international expansion position CSII to forecast revenue growth of $295 million to $305 million in Fiscal Year 2022, representing growth of 14% to 18% compared to Fiscal Year 2021 revenue of $259 million.”
Furthermore, the company expects a net loss in the range of 2% to 3% of revenues for the Fiscal Year 2022.
Last month, Northland Securities analyst James Terwilliger reiterated a Buy rating on the stock with a price target of $45 (18.6% upside potential). The analyst expects Cardiovascular Systems to record a loss of $0.15 per share in the first quarter of Fiscal Year 2022.
Overall, the stock has a Moderate Buy consensus based on 4 Buys and 2 Holds. The average Cardiovascular Systems price target of $46.50 implies 22.6% upside potential. Shares have gained 23.4% over the past year.
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