Cardiovascular Systems Q2 Loss Widens, Revenue Climbs 28%

(RTTNews) - Medical device company Cardiovascular Systems Inc. (CSII) Wednesday said second-quarter loss widened from the prior year, amid higher revenues. The stock gained 5 percent in the extended trade.

Net loss was $8.7 million, or $0.32 per common share, compared to a net loss of $5.8 million, or $0.28 per common share last year. The company attributed the wider loss to planned investments, including approximately $7.5 million of expenses related to coronary approval and market launch initiatives.

On average, 8 analysts polled by Thomson Reuters expected a loss of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues rose 28 percent to $32.34 million from $25.31 million in the second quarter of fiscal 2013. Customer reorder revenues remained strong at 96 percent of total revenue. Analysts expected revenues of $30.62 million.

For the third quarter, the company sees net loss in the range of $9.2 million to $10.1 million, or loss per common share ranging from $0.31 to $0.34.

The company expects revenue growth of 25 to 30 percent over the third quarter of fiscal 2013, to a range of $33.0 million to $34.5 million.

Wall Street expects a loss of $0.28 per share on revenues of $32.71 million.

CSII closed up 0.4 percent on Wednesday at $29.41 and advanced 5 percent in the extended trade.