Cardiovascular Systems PAD treatment tech kickstarts revenue growth
|Cardiovascular Systems' PAD--courtesy Cardiovascular Systems|
Cardiovascular Systems' ($CSII) fiscal 2013 second-quarter revenue soared, thanks in part to new product sales expansion and high customer reorders. But losses also grew as the company completed enrollment in a crucial clinical trial for technology designed to treat peripheral artery disease.
Cardiovascular Systems' revenues reached $25.3 million during the second quarter ending Dec. 31, 2012. That's up 28% from $19.7 million in the fiscal 2012 second quarter, thanks in part to conversions to selling the company's Stealth 360 PAD system, which executives said "continued at a high rate." Net losses hit the negative $5.8 million mark, versus a $4.1 million net loss during the same period last year. But the Minnesota company blames that figure on $4.7 million in additional spending to propel its pivotal Orbit II clinical trial, boost sales and marketing capacity and ramp up for a commercial launch,
Orbit II involves Cardiovascular Systems' Orbital catheter-based system. Scientists enrolled 443 patients in the trial, with a focus on treating severely calcified coronary arteries. With enrollment complete, the last part of the company's pre-market approval submission with the FDA is expected by March 31, 2013.
Last May, Cardiovascular systems raised $15 million in a public offering to help support trial efforts. The company said it had $29.2 million in cash on hand as of Dec. 31, 2012, down from $35.5 million as of June 30.
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