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Cardiovascular Systems (CSII) Q2 Earnings Top, Revenues Lag
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Cardiovascular Systems, Inc. reported adjusted loss per share of a penny in second-quarter fiscal 2018, against the year-ago quarter’s adjusted earnings of 3 cents.
The figure was narrower than the earlier guided range of loss per share of 6-3 cents. The figure also compared favorably with the Zacks Consensus Estimate of a loss of 4 cents.
Net Sales
Cardiovascular Systems recorded revenues of $52.6 million in the fiscal second quarter, marking a year-over-year increase of 5.1%. Also, the figure was within the guided range of $52.5-$54 million. However, revenues missed the Zacks Consensus Estimate of $53.3 million.
Cardiovascular Systems, Inc. Price, Consensus and EPS Surprise
Coronary device revenues increased 3.5% year over year to $13.4 million. To date, Cardiovascular Systems has sold over 3,56,000 devices to leading institutions in the United States
Meanwhile, peripheral device revenues rose 5.8% to $39.2 million on a year-over-year basis. The company added 29 new peripheral accounts and 30 coronary accounts in the fiscal second quarter.
Margin
Gross margin in the reported quarter was 81.9%, up 20 basis points (bps) year over year.
Meanwhile, selling and administrative (SG&A) expenses contracted 8.9% to $37 million and research and development (R&D) expenses were up 10.2% to $6.4 million. Resultantly, adjusted operating expenses were up 9.1% to $43.4 million.
Per management, operating expenses were lower than the earlier provided guidance due to reduced incentive compensation and payroll expenses. Operating loss was around $0.3 million, against operating income of $1.1 million in the year-ago quarter.
Financial position
The company exited the second quarter of fiscal 2018 with cash and cash equivalents of $107.3 million, compared with $104.7 million at the end of preceding quarter. The company has no long term debt.
Outlook
Cardiovascular Systems updated its fiscal 2018 revenue guidance to the range of $215-$219 million, down from $226-$233 million. The current Zacks Consensus Estimate for fiscal 2018 revenues is pegged at $225.3 million, below the company’s guided range.
The company expects revenues in the range of $55-$56.5 million for third-quarter fiscal 2018. The current Zacks Consensus Estimate is pegged at $59.5 million, above the company’s guided range.
Moreover, the company expects gross profit to account for 81% of revenues, while operating expenses are estimated at around $45.5 million for third-quarter fiscal 2018.
The company expects to incur net loss of $0.9 million to $0.0 million. Adjusted earnings per share is expected to be between negative 3 cents and breakeven. The current Zacks Consensus Estimate is pegged earnings at 3 cents, above the company’s guided range.
Our Take
Cardiovascular Systems exited second-quarter fiscal 2018 on a solid notewith year-over-year increase in both Coronary device and peripheral device segment. Overall revenues increased on a year-over-year basis on strength in both the company segments. Also, the expansion is gross margin buoys optimism. The company is putting efforts in product innovation through R&D investments. On the flipside, Cardiovascular Systems faces cutthroat competition in the niche space. Cardio Vascular incurred net loss in the recently-reported second quarter. In fact, the company has a long history of net losses since inception.
Zacks Rank & Key Releases
Cardiovascular Systems has a Zacks Rank #3 (Hold).
A few better-ranked stocks that reported solid results this earnings season are PetMed Express (PETS - Free Report) , PerkinElmer and Becton, Dickinson and Company (BDX - Free Report) . While PetMed sports a Zacks Rank #1 (Strong Buy), PerkinElmer and Becton, Dickinson carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PetMed recently reported third-quarter fiscal 2018 results. Adjusted earnings per share were 44 cents, up 88.3% from the prior-year quarter. Revenues rose 13.7% on a year-over-year basis to $60.1 million.
PerkinElmer reported fourth-quarter 2017 adjusted earnings per share of 97 cents. Adjusted revenues were approximately $641.6 million, up from $567 million in the year-ago quarter.
Becton, Dickinson reported first-quarter 2018 adjusted earnings per share of $2.48, up 3.9% at constant currency. Revenues totaled $3.08 billion, up 3.7% at constant currency.
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Cardiovascular Systems (CSII) Q2 Earnings Top, Revenues Lag
Cardiovascular Systems, Inc. reported adjusted loss per share of a penny in second-quarter fiscal 2018, against the year-ago quarter’s adjusted earnings of 3 cents.
The figure was narrower than the earlier guided range of loss per share of 6-3 cents. The figure also compared favorably with the Zacks Consensus Estimate of a loss of 4 cents.
Net Sales
Cardiovascular Systems recorded revenues of $52.6 million in the fiscal second quarter, marking a year-over-year increase of 5.1%. Also, the figure was within the guided range of $52.5-$54 million. However, revenues missed the Zacks Consensus Estimate of $53.3 million.
Cardiovascular Systems, Inc. Price, Consensus and EPS Surprise
Cardiovascular Systems, Inc. Price, Consensus and EPS Surprise | Cardiovascular Systems, Inc. Quote
Segment Details
Coronary device revenues increased 3.5% year over year to $13.4 million. To date, Cardiovascular Systems has sold over 3,56,000 devices to leading institutions in the United States
Meanwhile, peripheral device revenues rose 5.8% to $39.2 million on a year-over-year basis. The company added 29 new peripheral accounts and 30 coronary accounts in the fiscal second quarter.
Margin
Gross margin in the reported quarter was 81.9%, up 20 basis points (bps) year over year.
Meanwhile, selling and administrative (SG&A) expenses contracted 8.9% to $37 million and research and development (R&D) expenses were up 10.2% to $6.4 million. Resultantly, adjusted operating expenses were up 9.1% to $43.4 million.
Per management, operating expenses were lower than the earlier provided guidance due to reduced incentive compensation and payroll expenses. Operating loss was around $0.3 million, against operating income of $1.1 million in the year-ago quarter.
Financial position
The company exited the second quarter of fiscal 2018 with cash and cash equivalents of $107.3 million, compared with $104.7 million at the end of preceding quarter. The company has no long term debt.
Outlook
Cardiovascular Systems updated its fiscal 2018 revenue guidance to the range of $215-$219 million, down from $226-$233 million. The current Zacks Consensus Estimate for fiscal 2018 revenues is pegged at $225.3 million, below the company’s guided range.
The company expects revenues in the range of $55-$56.5 million for third-quarter fiscal 2018. The current Zacks Consensus Estimate is pegged at $59.5 million, above the company’s guided range.
Moreover, the company expects gross profit to account for 81% of revenues, while operating expenses are estimated at around $45.5 million for third-quarter fiscal 2018.
The company expects to incur net loss of $0.9 million to $0.0 million. Adjusted earnings per share is expected to be between negative 3 cents and breakeven. The current Zacks Consensus Estimate is pegged earnings at 3 cents, above the company’s guided range.
Our Take
Cardiovascular Systems exited second-quarter fiscal 2018 on a solid notewith year-over-year increase in both Coronary device and peripheral device segment. Overall revenues increased on a year-over-year basis on strength in both the company segments. Also, the expansion is gross margin buoys optimism. The company is putting efforts in product innovation through R&D investments. On the flipside, Cardiovascular Systems faces cutthroat competition in the niche space. Cardio Vascular incurred net loss in the recently-reported second quarter. In fact, the company has a long history of net losses since inception.
Zacks Rank & Key Releases
Cardiovascular Systems has a Zacks Rank #3 (Hold).
A few better-ranked stocks that reported solid results this earnings season are PetMed Express (PETS - Free Report) , PerkinElmer and Becton, Dickinson and Company (BDX - Free Report) . While PetMed sports a Zacks Rank #1 (Strong Buy), PerkinElmer and Becton, Dickinson carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PetMed recently reported third-quarter fiscal 2018 results. Adjusted earnings per share were 44 cents, up 88.3% from the prior-year quarter. Revenues rose 13.7% on a year-over-year basis to $60.1 million.
PerkinElmer reported fourth-quarter 2017 adjusted earnings per share of 97 cents. Adjusted revenues were approximately $641.6 million, up from $567 million in the year-ago quarter.
Becton, Dickinson reported first-quarter 2018 adjusted earnings per share of $2.48, up 3.9% at constant currency. Revenues totaled $3.08 billion, up 3.7% at constant currency.
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Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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