Cardiovascular Systems chips away at net losses

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Cardiovascular Systems, a developer of interventional treatment systems for vascular disease, has reported promising financial results for its fiscal fourth quarter and year, which ended June 30.

The net loss was $4.4 million for the 2010 fourth quarter, a 22 percent improvement from $5.6 million in the fourth quarter of last year, according to the St. Paul, Minn.-based company. The revenue in the fourth quarter rose to $18 million, a 15 percent gain over revenue of $15.7 million in the fourth quarter of last fiscal year.

“Our focus on customer education to drive adoption of our Diamondback 360 PAD [peripheral artery disease] system has been successful, resulting in significant revenue growth in the last two quarters of fiscal 2010,” said David L. Martin, Cardiovascular Systems’ president and CEO.

Financial results for fiscal year 2010 also improved over the prior year. Revenue increased 15 percent to $64.8 million for the fiscal year over the previous year. The net loss decreased 25 percent to $23.9 million.