Cardiovascular Systems, a developer and marketer of interventional treatment systems for vascular disease, saw its net loss decline year-over-year, driven by a 97 percent increase in revenue for its 2009 fiscal third quarter, which ended March 31.
The company reported a net loss of $3.82 million for the third quarter of 2009, reflecting a 64 percent decrease compared to a net loss of $10.6 million in the year-ago results. The 2009 fiscal third quarter net loss includes income of $3.2 million from a decline in the value of redeemable convertible preferred stock warrants, estimated prior to their conversion to common stock warrants in connection with the reverse merger.
Also, the third quarter's net income available to common shareholders includes income of $25.8 million from a decline in the value of redeemable convertible preferred stock, estimated just prior to its conversion to common stock. The third quarter of 2008 includes losses of $700,000 and $14.2 million from the accretion of the redeemable convertible preferred stock warrants and stock, respectively.
The St. Paul, Minn.-based CSI said its revenue in the third quarter of fiscal 2009 rose to $15.1 million, a 97 percent increase over revenue of $7.7 million in third quarter of last fiscal year. The third quarter loss from operations improved 30 percent to $6.5 million from $9.3 million in the third quarter of fiscal 2008.
On Feb. 25, CSI completed a reverse merger with Replidyne, and is now listed on the Nasdaq Global Market.