MomsSpaghetti
2 years ago
Cardiovascular Systems (NASDAQ: CSII) Enters Into Agreement to be Acquired By Abbott Labs (NYSE: ABT) For $890 Million
by admin February 9, 2023
Cardiovascular Systems NASDAQ CSII Acquired By Abbott Labs NYSE ABT Spotlight Growth
Cardiovascular Systems NASDAQ CSII Acquired By Abbott Labs NYSE ABT Spotlight Growth
Cardiovascular Systems, Inc. (NASDAQ: CSII) is engaged as a medical device company, which is focused on the research, development and commercialization of novel solutions to treat coronary and vascular diseases. Shares of the heart medical device company are surging 48% through early trading on Thursday, February 9, 2023. Over the past three months, Cardiovascular Systems has seen average daily volume of 260,730 shares. However, volume of 5.16 million shares or dollar volume of around $101.7 million, has already exchanged hands through early trading.
Shares of Cardiovascular Systems are rallying after the company announced it has entered into a definitive agreement to be acquired by Abbott Labs (NYSE: ABT) for $20 per share or a total transaction value of $890 million. With the acquisition, Abbott Labs will leverage Cardiovascular Systemsβ atherectomy platform, which prepares vessels for angioplasty or stenting. CSIIβs platform will serve as a complementary solution to Abbottβs existing vascular disease assets.
Cardiovascular Systems is considered to be an industry leader with its atherectomy devices, which can treat plaque build-up in the arteries through a minimally invasive treatment process. Furthermore, the heart medical device company has an enticing pipeline of early-stage vascular intervention devices that would serve as a complement to its existing platform.
Abbott says the transaction is expected to have a neutral impact to the companyβs recently issued 2023 guidance. The transaction still requires approval from Cardiovascular Systems shareholders and regulatory agencies.
βWe are pleased to have reached an agreement with a leading global company that shares our passion for the development and commercialization of innovative solutions for treating complex peripheral vascular disease and coronary artery disease,β said Scott Ward, CSIβs chairman, president and chief executive officer. βWe believe combining with Abbott delivers value to our patients, physician customers, employees and stockholders while continuing our work to save limbs and save lives every day.β
Hawkeye_tt
4 years ago
News...offering.
Cardiovascular Systems Prices Public Offering of Common Stock
June 09 2020 - 10:32PM
Business Wire Print
Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII), a medical device company developing and commercializing innovative interventional treatment systems for patients with peripheral and coronary artery disease, today announced the pricing of its previously announced underwritten public offering of 3,676,471 shares of its common stock at a price to the public of $34.00 per share. Gross proceeds to CSI from the offering are expected to be approximately $125.0 million, before deducting underwriting discounts and commissions and offering expenses. In connection with the offering, CSI has granted to the underwriters of the offering a 30-day option to purchase up to an additional 551,470 shares of common stock at the same price to the public. The offering is expected to close on June 12, 2020, subject to customary closing conditions.
TREND1
10 years ago
The companyβs second-quarter revenues increased 38 percent to $44.7 million, from $32.3 million in the second quarter of fiscal 2014. Coronary revenues grew to $6.3 million. Customer reorder revenues remained strong at 95 percent of total revenue, compared to 96 percent a year ago. The gross profit margin increased to 79 percent from 77 percent, benefiting from higher average selling prices of coronary products and lower device unit costs than in the prior-year quarter.
CSIβs fiscal 2015 second-quarter net loss was $(5.3) million, or $(0.17) per common share, compared to a net loss of $(8.7) million, or $(0.32) per common share, in the fiscal 2014 second quarter. Adjusted EBITDA improved to $(1.3) million compared to $(4.6) million a year earlier. Losses narrowed from the prior year as revenue gains exceeded the growth of planned investments, including over $12 million related to the coronary market. Overall, expenses were favorable to guidance, due to lower than expected expenses for sales force expansion and timing of projects. Excluding net coronary investments, adjusted EBITDA was positive for the quarter.
mlkrborn
13 years ago
Down over $2 with preliminary financial report. Two downgrades but still buy!
Cardiovascular Systems Announces Preliminary First-Quarter Financial Results
Revenue of $18.7 Million Is Below Guidance Range, Grows 3 Percent Over Prior Yearβs First Quarter
Company Still Expects Double-Digit Growth for the Full Year of Fiscal 2012
Conference Call Scheduled for Today, October 6, 2011, at 3:45 PM CT (4:45 PM ET)
Related Quotes
Symbol Price Change
CSII 8.16 -2.14
Press Release Source: Cardiovascular Systems, Inc. On Thursday October 6, 2011, 4:05 pm EDT
ST. PAUL, Minn.--(BUSINESS WIRE)-- Cardiovascular Systems, Inc. (CSI) (Nasdaq:CSII - News), a medical device company developing and commercializing innovative interventional treatment systems for vascular disease, today announced preliminary revenue of approximately $18.7 million for the fiscal 2012 first quarter ended September 30, 2011, compared with $18.2 million in the first quarter of fiscal 2011.
The fiscal 2012 first-quarter net loss is expected to be in the range of $(3.9) million to $(4.2) million, or $(0.22) to $(0.24) per common share, including approximately $(400,000), or $(0.02) per common share, of expenses related to conversion and valuation changes of convertible debt. Net loss was $(4.3) million, or $(0.28) per common share, in the fiscal 2011 first quarter.
CSIβs first-quarter results are preliminary and subject to the companyβs management and independent auditors completing their customary quarterly review procedures.
David L. Martin, CSI president and chief executive officer, commented, βAfter five consecutive quarters of double-digit revenue growth, CSIβs growth slowed in the fiscal 2012 first quarter and was below our guidance. While we are still reviewing the results, we believe several factors disrupted growth in the short-term, but will lead to higher revenue growth in the future.β
The following factors affected first-quarter fiscal 2012 revenue growth:
1. PAD (peripheral arterial disease) procedures are shifting from hospitals to physician office-based labs. This transition is expected to increase the number of PAD procedures performed in the future. In the short-term, however, hospital-based procedures and related purchases are decreasing. Purchases in the new office-based labs are lagging, due to the time dedicated to open those facilities and to limited cash resources that constrain their inventory levels. Sales to these labs are also highly competitive, which extends selling cycles.
2. Customer demand for conversion to the Stealth 360° PAD System was stronger than expected. The Stealth 360° customer base grew more than 120 percent to 240 accounts in the just-completed quarter. This higher demand consumed selling time, as sales professionals installed the new device in accounts, and reduced purchases in the short-term, as customers transitioned inventory between product lines. The Stealth 360° also has significantly fewer crown configurations, reducing the number of devices the customer needs to have in inventory.
3. Significant changes are under way in sales and marketing. With the May 2011 addition of Kevin Kenny as executive vice president of sales and marketing, many important changes to the sales and marketing organization and programs are in progress. These changes are necessary to build a foundation for higher growth in the future, but can be disruptive initially.
4. A general decline in PAD procedures occurred. Typically, PAD surgical procedures slow down in the summer months. Several sources indicate that the decline was more significant in 2011. While CSI does not believe this was a major cause for the lower revenue in the quarter, it likely heightened the effect of the other factors identified.
Martin continued, βWe believe the sluggish first-quarter revenue growth is temporary, and we expect double-digit revenue growth for the full fiscal year. In fact, revenue in the month of September improved significantly as the short-term effect of these factors began to subside, growing 14 percent over September 2010. We remain confident that the strength of our Stealth 360° in an underserved PAD market, supported by unprecedented clinical data demonstrating its excellent safety and effectiveness, will result in attractive, sustainable growth over the long term.β
CSI will update fiscal 2012 guidance and provide guidance for second quarter of fiscal 2012 during its first-quarter earnings announcement, expected to be in early November.