Revenue from sales of medical devices to clear plaque from blood vessels jumped 36 percent in the most recent quarter for New Brighton’s Cardiovascular Systems Inc. (CSI).
In particular, the company quadrupled its sales of devices to clear out coronary arteries before placement of a stent — a therapy that received full commercial approval from the Food and Drug Administration a year and a half ago. Sales of devices to treat coronary artery disease hit 2,020 units, up from 460 in the same quarter last year.
Total revenue for the quarter that ended March 31 was $47 million, up from $35 million in the year-ago period, becoming Cardiovascular Systems’ 11th consecutive period with revenue growth of at least 25 percent. However, the company still posted a net loss, and it expects to do so in the future.
The company’s net loss in the most recent quarter reached $10.7 million, or 34 cents per share, which was in line with analysts’ estimates for the quarter. That compares with losses of $9.7 million, or 32 cents per share, in the same quarter last year.
A company news release said the accelerated losses in the most recent quarter stemmed primarily from planned investments to expand its sales force and commercialize its coronary product line.
The company has never posted a profit, but it has set sights on what it estimates is a $14 billion market opportunity in the United States to treat patients with calcified artery disease using minimally invasive orbital atherectomy devices.
For the quarter ending June 30, the company released guidance predicting revenue growth between 24 and 28 percent, to as much as $50.5 million in revenue, and net losses between $9 million and $10 million, or 28 to 31 cents per share.
Results were released after the market closed. Earlier, CSI shares closed at $34.82, up 30 cents.