Cardiovascular Systems Archives - Medical Design Sourcing

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Abbott completes $890M acquisition of Cardiovascular Systems

Abbott (NYSE:ABT) + announced today that it completed its acquisition of Cardiovascular Systems.

In February, Abbott announced its agreement to acquire the atherectomy technology developer. Abbott agreed to pay $20 per common share of Cardiovascular Systems, leading to a total expected equity value of about $890 million.

Cardiovascular Systems develops the Diamondback 360 system for atherectomy in treating peripheral and coronary artery disease. The minimally invasive procedure cuts plaque from the walls of a blood vessel. Healthcare professionals use it in addition to or as an alternative to balloon angioplasty. The system prepares vessels for angioplasty or stenting to restore blood flow.

Abbott said in a news release that the acquisition provides the company with a complementary solution for treating vascular disease. The company develops its own angioplasty solutions and stents.

Pursuant to the terms o…

Abbott to acquire Cardiovascular Systems for $890M

Abbott (NYSE: ABT) is making an important play to expand its cardiovascular device portfolio, announcing that it plans to acquire Cardiovascular Systems (Nasdaq: CSII).

The two companies’ agreement, announced after market close yesterday, would provide $20 per common share for Cardiovascular Systems stockholders. The total expected equity value of the deal would be roughly $890 million.

The news sent CSII shares up more than 48% to $19.70 in after-hours trading. ABT shares were down slightly to $109.50 apiece.

CSI and Abbott’s boards have approved the merger. It’s subject to the approval of CSI stockholders and customary closing conditions, including applicable regulatory approvals.

J.P. Morgan Securities is Cardiovascular Systems’ financial advisor in the transaction.

Why buying Cardiovascular Systems makes sense to Abbott

Abbott officials view the planned purchase as complementary to the company’s cardiovascu…

Cardiovascular Systems posts mixed-bag Q1 results

Cardiovascular Systems (NSDQ:CSII) today posted first-quarter results that beat the revenue consensus on Wall Street but missed earnings estimates.

The St. Paul, Minnesota-based heart device maker reported losses of $10.6 million, or -27¢ per share, on sales of $59.67 million for the three months ended September 30 for a sales gain of 2.23% compared with Q1 2022.

Earnings per share were 4¢ behind The Street, where analysts were looking for sales of $59.14 million.

“We are pleased with the state of our business and our performance in the first quarter. Q1 revenue of $59.7 million represented 2.2% revenue growth compared to last year. Worldwide coronary revenue increased 7.9% and worldwide peripheral revenue decreased less than 1%,” CEO Scott Ward said in a news release.

“Fiscal Q1 is typically our lowest revenue quarter of the year due to lower procedure volumes in the July and August timeframe,” he continued. “This seasonal…

Cardiovascular Systems launches 2.00 Max Crown for peripheral orbital atherectomy systems

Cardiovascular Systems (Nasdaq:CSII) announced today that it fully launched its 2.00 Max Crown for peripheral orbital atherectomy systems.

St. Paul, Minnesota–based Cardiovascular Systems built the 2.00 Max Crown on its Diamondback 360 orbital atherectomy platform. It features an increased 70-micron, diamond-coated crown.

According to a news release, the crown creates more efficient engagement in mixed plaque. This helps achieve an optimal luminal gain in mild to moderately calcified lesions above the knee.

Dr. Amit Srivastava of the Bay Area Heart Center in St. Petersburg, Florida, incorporated the 2.00 Max Crown into his practice. He said it “greatly expands” lesions treatable with Cardiovascular Systems’ orbital atherectomy system. He added that it “delivers exceptional luminal gain” for mixed morphology lesions above the knee.

“The full commercial launch of the 2.00 Max Crown represents another important product l…

Cardiovascular Systems misses Wall Street estimates in Q4, anticipates revenue growth in FY 2023

Cardiovascular Systems (NSDQ:CSII) today posted fourth-quarter results that missed the overall consensus on Wall Street.

The St. Paul, Minnesota-based heart device company reported losses of $9.69 million, or -25¢ per share, on sales of $62.5 million for the three months ended June 30, for a bottom-line loss of 83.3% on sales loss of 11.96% compared with Q4 2021.

Adjusted to exclude one-time items, earnings per share were -25¢, 3¢ behind The Street, where analysts were looking for sales of $62.97 million.

“During Q4, we achieved strong sequential growth across all business segments with our U.S. peripheral and coronary atherectomy franchises growing 9% and 16% over the prior quarter, respectively. International revenues grew 14% sequentially to $5 million,” CEO and President Scott Ward said in a news release.

“In addition, key operating statistics, like new accounts, new customers trained and new contracts, continue to demonstrate strong demand…

The biggest medtech personnel moves so far in 2022

In the ever-changing world of medtech, those who are leading the companies are bound to move around a bit.

At the end of last year, we compiled a list of medtech’s biggest personnel changes in 2021. Throughout just over half of 2022, we’ve already seen a slew of major moves around some of the space’s most powerful players.

Here is a list of some of the biggest personnel changes in medtech so far in 2022:

3M’s healthcare president retires 3M Health Care Business Group President Mojdeh Poul [Image courtesy of 3M]Mojdeh Poul, the president of 3M’s healthcare business, announced in May that she would retire from the position and her retirement was made effective on July 1.

Poul joined 3M in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, including infection prevention, 3M Canada, and sa…

Cardiovascular Systems reports 11% sales loss in Q3 results

Cardiovascular Systems (NSDQ:CSII) this week posted third-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.

The St. Paul, Minnesota-based heart device company reported losses of $9.7 million, or -25¢ per share, on sales of $56.2 million for the three months ended March 31, for a sales loss of -11.15% compared with Q3 2021.

Earnings per share were 3¢ ahead of The Street, where analysts were looking for sales of $57.38 million.

“Third-quarter results were in line with our expectations. Despite the impact that Omicron had on hospital capacity and procedure volumes in January and into February, our Q3 sales were encouraging as we exited March with momentum. We are seeing staffing shortages slowly improve and we expect the backlog of cases to gradually flow through our accounts in calendar 2022,” CEO Scott Ward said in a news release.

For the fiscal year 2022, Cardiovascular Systems expects revenue to b…

Cardiovascular Systems treats first patients using Propel pVAD

Cardiovascular Systems (Nasdaq:CSII) today announced the first in-human procedures using its Propel percutaneous ventricular assist device.

The first patients were treated at Piedmont Heart Institute and Cardiovascular Services in Tbilisi, Georgia by Dr. David Kandzari. The St. Paul, Minnesota-based company reported that Propel performed as intended and provided uninterrupted hemodynamic support leading to successful revascularization.

Get the full story on our sister site, Medical Tubing + Extrusion.

Former Cardiovascular Systems chief medical officer joins Big Sky Biomedical incubator

Dr. Ryan Egeland [Image courtesy of Egeland]Dr. Ryan Egeland — who served as Cardiovascular Systems’ chief medical officer until earlier this month — has joined the Big Sky Biomedical incubator as a managing director.

“Big Sky Biomedical was founded to enhance early-stage innovation and development in some of the fastest-growing segments of healthcare, including neurovascular, structural heart, and regenerative medicine,” Egeland in a news release out today.

“I’m extremely excited to apply my scientific, medical, and commercial experience to our portfolio companies in a much broader and deeper capacity,” Egeland said. “Alongside our exceptional teams of engineers, scientists, operators, and physician partners, I look forward to addressing significant underserved patient populations and large unmet clinical needs through compelling and differentiated technologies.”

Founded by a group of medical device serial entrepreneurs in the cardiovascu…

Cardiovascular Systems appoints chief medical officer

Cardiovascular Systems (NSDQ:CSII) announced today that it appointed Dr. Jeffery W. Chambers as its chief medical officer.

St. Paul, Minnesota-based Cardiovascular Systems said in a news release that Chambers served as the primary investigator for the Orbit II study — the pivotal trial supporting premarket approval for the use of orbital atherectomy in coronary arteries. He has also served as a consultant in connection with Cardiovascular Systems’ product development, quality assurance, medical affairs and clinical research.

“I am excited to join CSI and I look forward to working with the team to bring innovative and important technologies to underserved patient populations,” Chambers said in the release. “In doing so, together, we will improve the health of people with coronary and peripheral artery disease and fulfill our mission.”

Chambers has been employed at the Metropolitan Heart and Vascular Institute since 1995 and, as an entrep…

Cardiovascular Systems, Innova Vascular partner to develop thrombectomy devices

Cardiovascular Systems (NSDQ:CSII) this week announced that it has partnered with Innova Vascular to develop a full line of thrombectomy devices.

Under the terms of the agreement, Cardiovascular Systems will provide financing to Innova for the development of thrombectomy devices to remove blood clots from arteries and veins. Through an acquisition option agreement, Cardiovascular Systems will have exclusive rights to acquire the devices upon Innova’s completion of key technical, regulatory and clinical milestones.

Get the full story on our sister site, Medical Tubing + Extrusion.