Cardiovascular Systems, a developer of vascular interventional treatment systems, has reported its financial results for the 2009 second quarter, which ended Dec. 31, 2009, indicating a narrowing of net losses.
The St. Paul, Minn.-based company said its revenue in the 2009 second quarter rose to $15.1 million, an 8 percent increase over revenue of $14 million in the second quarter of 2008 fiscal year.
The net loss improved at a higher rate of 22 percent to $6.8 million, benefiting from improved gross margins and lower operating expenses, according to the company.
Cardiovascular Systems pointed out that revenue generated from customer reorders continued to grow, increasing by $3.3 million to 92 percent of the total revenue for the fiscal 2010 second quarter, from 76 percent in last year’s second quarter. However, the company only gained 48 new orders in the 2009 second quarter, compare with 117 in the 2008 second quarter.