Cardiovascular Systems posts Q2 sales uptick

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Cardiovascular Systems, a developer of interventional treatment systems for vascular disease, saw triple-digit growth in revenues for the firm's fiscal 2009 second quarter, which ended Dec. 31.

The St. Paul, Minn.-based company booked revenue of $14 million for the period, a more than 300 percent jump from revenue of $4.6 million in the fiscal 2008 second quarter.

CSI realized a net loss of $8.73 million for the second quarter, an improvement over net losses of $9.77 million for the prior-year quarter.

"CSI's fiscal second-quarter revenue was driven by solid increases in both the number of accounts and Diamondback 360º devices sold. Over the last year, our direct sales staff grew to nearly 90 professionals from 20, and we are seeing the results of this investment. To sustain our growth, we have continued to make additional investments in infrastructure and product development," said David L. Martin, CSI's president and CEO.

The number of hospitals using the Diamondback 360º system rose to 400 by the end of the second quarter, up from 283 at the end of the first quarter of fiscal 2009 and 39 at the end of the second quarter of fiscal 2008, according to the company.

CSI also reported it expects to close a merger transaction on or about Feb. 25, in which it will combine its business with Replidyne in an all-stock transaction. The combined company will be named Cardiovascular Systems, Inc. and has applied for listing on the Nasdaq Global Market under the symbol "CSII."