Cardiovascular Systems Stock Tanks 16% On Weak Outlook

(RTTNews) - Shares of Cardiovascular Systems Inc. (CSII) plunged over 16 percent in the after-hours trading on Wednesday after it detailed a weak outlook for the first quarter.

The St. Paul, Minnesota-based company expects first-quarter loss of $0.41 to $0.43 per share and revenues of about $43.9 million. Analysts polled by Thomson Reuters estimated loss of $0.39 per share on revenues of $49.37 million for the quarter.

Last year, the company reported a net loss of $8.2 million or $0.26 per share and revenues of $39.5 million.

CEO David Martin said, "Our recent results suggest, some aspects of the transition have been challenging. After a thorough review, we believe we have taken the right steps to address the immediate challenges and continue to expect the vast majority of the optimization effort to be completed by the third quarter of this fiscal year."