Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII), a medical device company developing and commercializing innovative interventional treatment systems for vascular disease, today reported financial results for its fourth quarter and fiscal year ended June 30, 2009.
CSI’s 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, or $(0.40) per basic and diluted share, in the fourth quarter, from $(11.3) million, or $(2.34) per basic and diluted share, in the year-ago period. Adjusted EBITDA, calculated as loss from operations, less depreciation and amortization and stock-based compensation expense, also improved by 64 percent to a loss of $(3.6) million versus $(10.0) million in the year-ago period. The number of weighted average common shares outstanding increased to 14.0 million from 8.3 million in the third quarter of fiscal 2009 and 4.9 million in the last quarter of fiscal 2008, primarily due to the February 2009 completion of the reverse merger with Replidyne, Inc. 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.
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