Zacks Investment Research Downgrades Cardiovascular Systems (CSII) to Hold

Zacks Investment Research lowered shares of Cardiovascular Systems (NASDAQ:CSII) from a buy rating to a hold rating in a research note published on Monday.

According to Zacks, “Cardiovascular Systems exited second-quarter fiscal 2018 on a solid note with year-over-year increase in revenues at both CAD and PAD businesses. Also, the expansion is gross margin was impressive. Moreover, the company is putting efforts in product innovation through R&D investments. The market is also looking forward to the recently-launched coronary device in Japan, reflecting the company’s focus on international expansion. On the flip side, Cardiovascular Systems faces cutthroat competition in the niche space. Coming to profitability, Cardio Vascular incurred net loss in the recently-reported second quarter. In fact, the company has a long history of net losses since inception. Also, the lowered revenue guidance for fiscal 2018 is discouraging. Over the past year, Cardiovascular Systems has been trading below the broader industry.”

Other analysts have also recently issued research reports about the company. ValuEngine cut Cardiovascular Systems from a hold rating to a sell rating in a research report on Friday, February 2nd. BidaskClub upgraded Cardiovascular Systems from a sell rating to a hold rating in a research report on Friday, January 26th. William Blair restated a market perform rating on shares of Cardiovascular Systems in a research report on Thursday, December 21st. Needham & Company LLC restated a buy rating and issued a $36.00 price target (down previously from $37.00) on shares of Cardiovascular Systems in a research report on Thursday, October 26th. Finally, Leerink Swann reduced their price target on Cardiovascular Systems from $31.00 to $30.00 and set an outperform rating for the company in a research report on Thursday, February 8th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $27.00.

Shares of Cardiovascular Systems (CSII) opened at $22.50 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 4.65 and a quick ratio of 3.83. The company has a market capitalization of $699.24, a PE ratio of -224.98 and a beta of 2.32. Cardiovascular Systems has a 1 year low of $20.58 and a 1 year high of $33.11.

Cardiovascular Systems (NASDAQ:CSII) last issued its quarterly earnings results on Wednesday, February 7th. The medical device company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $52.63 million during the quarter, compared to analysts’ expectations of $53.39 million. Cardiovascular Systems had a negative return on equity of 0.50% and a negative net margin of 1.62%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.03 earnings per share. sell-side analysts expect that Cardiovascular Systems will post -0.07 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brown Capital Management LLC boosted its stake in shares of Cardiovascular Systems by 7.0% in the fourth quarter. Brown Capital Management LLC now owns 2,659,509 shares of the medical device company’s stock worth $63,004,000 after acquiring an additional 173,271 shares during the period. BlackRock Inc. boosted its stake in shares of Cardiovascular Systems by 4.1% in the fourth quarter. BlackRock Inc. now owns 2,265,706 shares of the medical device company’s stock worth $53,676,000 after acquiring an additional 88,999 shares during the period. Champlain Investment Partners LLC boosted its stake in shares of Cardiovascular Systems by 21.3% in the fourth quarter. Champlain Investment Partners LLC now owns 2,253,355 shares of the medical device company’s stock worth $53,382,000 after acquiring an additional 396,145 shares during the period. Vanguard Group Inc. boosted its stake in shares of Cardiovascular Systems by 12.6% in the second quarter. Vanguard Group Inc. now owns 1,864,604 shares of the medical device company’s stock worth $60,096,000 after acquiring an additional 208,248 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Cardiovascular Systems by 69.7% in the fourth quarter. Renaissance Technologies LLC now owns 899,300 shares of the medical device company’s stock worth $21,304,000 after acquiring an additional 369,500 shares during the period. 74.22% of the stock is owned by hedge funds and other institutional investors.

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Cardiovascular Systems Company Profile

Cardiovascular Systems, Inc is a medical technology company. The Company is engaged in treating patients suffering from peripheral and coronary artery diseases, including those with arterial calcium. The Company develops an orbital atherectomy technology for both peripheral and coronary commercial applications.

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