CARDIOVASCULAR SYSTEMS, INC. Q2 FY22
Earnings Supplement
February 3, 2022
©2022 Cardiovascular Systems, Inc. All Rights Reserved.
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; 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. In addition, this presentation also includes certain non-GAAP financial measures, such as Adjusted EBITDA. Reconciliations of the non-GAAP financial measures used in this presentation to the most comparable U.S. GAAP measures for the respective periods can be found in tables in the appendix to this presentation. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for CSI's financial results prepared in accordance with GAAP.
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Q2 FY22 Worldwide Revenues of $59.1 Million
1.3% increase Q/Q and 7.8% decrease Y/Y
Q2 FY22 Revenue Breakdown
Worldwide Peripheral | Worldwide Coronary |
Worldwide | |
Coronary | |
$20.2 | |
+4.5% Q/Q | |
Worldwide | +0.1% Y/Y |
Peripheral | |
$38.9 | |
-0.3% Q/Q | |
-11.5% Y/Y |
Q2 FY22 Highlights
- Resurgence of Covid and the related staffing shortages disrupted procedure volumes, referral patterns and had the largest impact on our procedures deemed to be more elective, such as the treatment of lower acuity peripheral claudication in the hospital setting
- Announced first in-human experience with coronary everolimus drug coated balloon
- Net loss of ($9.0M) compared to ($0.1M) in the year ago period
- Cash and cash equivalents of $176.5M as of December 31, 2021
($ in millions, Q/Q and Y/Y represent Quarter-over-Quarter and Year-over-Year growth rates)
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Q2 FY22: U.S. Peripheral
Recovery from Delta variant was suppressed by arrival of Omicron variant in December
Revenue decreased 0.2% Q/Q and decreased 11.6% Y/Y
- U.S. Peripheral units increased 2.6% Q/Q and decreased 11.3% Y/Y due to:
- Covid related weakness, including staffing shortages, disruptions in the referral pipeline and procedure deferrals, reduced procedure volumes in the hospital setting
- Hospital units decreased 1.9% Q/Q and 15.7% Y/Y
- Migration of patients to OBL during pandemic continued
- 51% of units sold to OBLs during Q2 - first time above 50%
- OBL units sold increased 7.4% Q/Q and decreased 6.6% Y/Y
- Peripheral ISD revenue increased 292% Y/Y to $1.2M
- Trained 61 new physicians and opened 52 new peripheral accounts
Orbital Atherectomy System Revenue2
($ in 000) | Q1 | Q2 | Q3 | Q4 | Total |
FY20 | $44,944 | $47,159 | $41,839 | $30,465 | $164,407 |
FY21 | $42,657 | $43,625 | $41,782 | $46,836 | $174,900 |
FY22 | $37,521 | $37,640 | - | - | $75,161 |
U.S Peripheral Revenue1
($ in 000) | Q1 | Q2 | Q3 | Q4 | Total |
FY20 | $45,272 | $47,463 | $42,134 | $30,667 | $165,536 |
FY21 | $42,932 | $43,924 | $42,104 | $47,648 | $176,608 |
FY22 | $38,878 | $38,813 | - | - | $77,691 |
Interventional Support Device Revenue3
($ in 000) | Q1 | Q2 | Q3 | Q4 | Total |
FY20 | $328 | $304 | $295 | $202 | $1,129 |
FY21 | $275 | $299 | $322 | $812 | $1,708 |
FY22 | $1,357 | $1,173 | - | - | $2,530 |
1 Is the total of Orbital Atherectomy System Revenue plus Interventional Support Device Revenue
2 Includes peripheral orbital atherectomy devices, ViperWire, ViperSlide, Exchangeable cartridges, ViperTrack and other | 4 | |
3 Zilient Guidewires, ViperCath and WIRION |
Q2 FY22: U.S. Coronary
Modest Q/Q growth as COVID weighed on procedure volumes
Revenue increased 3.1% Q/Q and decreased 7.4% Y/Y
- U.S. Coronary OAS units sold increased 3.4% Q/Q, but declined 11.2% Y/Y as surge in COVID infections reduced procedure volumes
- Coronary ISD revenue increased 2.7% Q/Q and 23.0% Y/Y to $2.7M and generated $751 of incremental revenue for every coronary OAS sold
- Initiated certification with over 200 fellows
- Certified 101 new physicians and opened 11 new coronary accounts
- ECLIPSE enrollment ≈1,750 as of December 31, 2021
- Scoreflex NC Scoring PTCA Catheter to be launched in Q3 FY22 targeting dilation of de novo stenotic lesions and in-stent restenosis
Orbital Atherectomy System Revenue2
($ in 000) | Q1 | Q2 | Q3 | Q4 | Total |
FY20 | $14,669 | $16,490 | $14,058 | $8,651 | $53,868 |
FY21 | $13,952 | $15,762 | $15,093 | $16,781 | $61,588 |
FY22 | $13,505 | $13,927 | - | - | $27,432 |
U.S Coronary Revenue1
($ in 000) | Q1 | Q2 | Q3 | Q4 | Total |
FY20 | $16,257 | $18,497 | $15,988 | $9,785 | $60,527 |
FY21 | $15,899 | $17,983 | $17,489 | $19,645 | $71,016 |
FY22 | $16,164 | $16,658 | - | - | $32,822 |
Interventional Support Device Revenue3
($ in 000) | Q1 | Q2 | Q3 | Q4 | Total |
FY20 | $1,588 | $2,007 | $1,930 | $1,134 | $6,659 |
FY21 | $1,947 | $2,221 | $2,396 | $2,864 | $9,428 |
FY22 | $2,659 | $2,731 | - | - | $5,390 |
1 Is the total of Orbital Atherectomy System Revenue plus Interventional Support Device Revenue.
2 Includes coronary orbital atherectomy devices, Coronary ViperWire, ViperSlide and other | 5 | |
3 Includes Sapphire angioplasty balloons and Teleport microcatheters |
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Cardiovascular Systems Inc. published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 12:10:12 UTC.
