Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - Cardiovascular Systems Inc | exhibit991-110420.htm |
| 8-K - 8-K - Cardiovascular Systems Inc | csii-20201104.htm |
Q1 FY21 Earnings Call November 4, 2020
Safe Harbor FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Report Act of 1995, which are provided under the protection of the safe harbor for forward-looking statements provided by that Act. For example, statements in this presentation regarding CSI’s strategy; growth; future financial measurements and investments; product development plans, milestones and introductions; geographic expansion; clinical trials and evidence; professional education efforts; market estimates and opportunities; and developments related to the COVID-19 pandemic are forward-looking statements. These statements involve risks and uncertainties that could cause results differ materially from those projected, including, but not limited to, those described in CSI’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent quarterly and annual reports. CSI encourages you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this presentation. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, CSI’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this presentation. The forward-looking statements contained in this presentation are made only as of the date of this presentation, and CSI undertakes no obligation to update them to reflect subsequent events or circumstances. FINANCIAL INFORMATION This presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by CSI’s independent registered accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences, which may be material.
Q1 Revenues of $60.5 Million 6% Decrease ($ in millions) Revenues US Peripheral revenue declined 5% US Peripheral, US Coronary revenue US Coronary, $42.9 declined 2% $15.9 International, International decreased 42% $1.7 US Peripheral US Coronary International
Q1 FY21 Financial Results ($ in millions) Worldwide Peripheral Revenue Worldwide Coronary Revenue $45.5 $47.6 $42.6 $42.9 $20.8 $19.0 $18.5 $17.6 $30.6 6% decline $11.9 7% decline WW in Q1 WW in Q4 due to due to Covid-19 Covid-19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Gross Margin Cash and Marketable Securities $232.2 80.4% 79.9% 80.0% 76.2% 79.2% $222.9 $105.0 $109.4 $107.3 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21
Q1 FY21 vs. Q1 FY20 and Q4 FY20 $ in (000) Q1 FY21 vs. Q1 FY20 vs. Q4 FY20 Total Revenue $60,544 -6.1% 42.3% Worldwide Peripheral Revenue $42,932 -5.7% 40.0% Worldwide Coronary Revenue $17,612 -7.1% 48.4% US Revenue $58,831 -4.4% 45.4% US Peripheral Revenue $42,932 -5.2% 40.0% US Coronary Revenue $15,899 -2.2% 62.5% International Revenue $1,713 -42.1% -18.2% US Peripheral Units - -2.7% 39.9% US Coronary Units - -5.9% 62.6%
Q1 FY21 Highlights Financial Operational - Peripheral Operational - Coronary Other Revenues -6.1% vs. LY • Peripheral franchise performed • Coronary OAS units increased • Sold 20,000 OAS units better than expected, led by an 63% compared to Q4 and were • Nearly 1,000 medical Gross Margin 79.2% 8% year-over-year growth in the 94% compared to Q1 last year professionals attended CSI OBL segment. • Continued adoption of coronary virtual education programs SGA Expenses -13.8% to $40.3M • Peripheral units sold were 97% toolkit featuring OAS with • Targeting FIH experience for compared to last year. GlideAssist, 1.0mm Sapphire pVAD device in FY21 R&D Expenses -15.9% to $9.1M • Exchangeable OAS now angioplasty balloons, Teleport • Review of lower extremity represents nearly 20% of Microcatheter and nitinol endovascular code set was Net Loss of $(2.1)M peripheral volume. ViperWire with Flex Tip drove withdrawn from October 2020 • Targeting launch of peripheral $543 of incremental revenue CPT Editorial Panel agenda Cash and marketable securities support products in 2H FY21 for every coronary OAS sold in • Amputation Reduction and decreased to $222.9M • 7,900 patients clicked through to Q1 Compassion Act introduced in identify physician using • Anticipate CE Mark in FY21 U.S. House of No long-term debt www.standagainstamputation.com • ECLIPSE enrollment resumed Representatives to cover PAD October 1, 2020 screening, require diagnostic testing prior to amputation and increased PAD education
Fiscal 2021 Second Quarter Guidance For the fiscal 2021 second quarter ending December 31, 2020, CSI anticipates: • Revenue of $63 million to $67 million, representing sequential revenue growth compared to the first quarter of fiscal 2021 of 4% to 11%; • Gross profit as a percentage of revenues in the 78% to 79% range; • Operating expenses in a range of $52 to $54 million; • Net loss in a range of $1 to $3 million; and • Positive Adjusted EBITDA
Investor Contact: Jack Nielsen 651-202-4919 j.nielsen@csi360.com CSI®, Diamondback®, Diamondback 360®, GlideAssist®, ViperWire®, WIRION® and ViperWire Advance® are trademarks of Cardiovascular Systems, Inc. © 2020 Cardiovascular Systems, Inc. CSII OrbusNeich®, Teleport® and Sapphire® are trademarks of OrbusNeich Medical, Inc. Cardiovascular Systems, Inc. For more information: www.csi360.com @csi360