Cardiovascular Systems trims losses in Q4, FY09

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

St. Paul, Minn.-based company said its revenue in the fourth quarter of fiscal 2009 rose to $15.7 million, a 59 percent increase over revenue of $9.9 million in the fourth quarter of last fiscal year. The net loss improved 50 percent to $5.6 million, in the fourth quarter, from a net loss of $11.3 million in the year-ago period. Cash and cash equivalents remained strong at $33.4 million, declining only $4.4 million from the end of the third quarter of fiscal 2009.

“We have limited operating expense growth, which has improved the bottom line dramatically, and continued to grow our revenue sequentially each quarter,” David L. Martin, CSI president and CEO. “Investments have focused on new procedure and product training for our commercial team, clinical studies to provide useful data to physicians, and product development to expand our peripheral and coronary product portfolios.”

For the full year of fiscal 2009, CSI reported that revenue grew to $56.5 million, compared to $22.2 million in the same period last year, which only had three quarters of revenue due to the timing of FDA clearance and September 2007 launch of the Diamondback 360º product. The fiscal year 2009 net loss was $31.9 million, compared to a net loss of $39.2 million in the prior fiscal year. The lower net loss reflects higher revenue and gross profit, partially offset by investments in sales and marketing, infrastructure to support growth and product development, according to the company.