Cardiovascular Systems Inc (CSII) Shares Tumble After Revenue Falls Short of Estimates

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Shares of Cardiovascular Systems Inc (NASDAQ:CSII) are trading down quite significantly this morning after the company reported rather disappointing 2Q financials. Sales came in at just $41.4 million, which is about $2 million less than consensus estimates. The company also released their Q3 earnings guidance, which also came in significantly below Wall Street estimates. They estimate earnings of between $40.5 million and $42 million while the Street had been guessing $46.1 million.

In response to these numbers, Leerink Partners have maintained their “Market Perform” rating but did cut their price target of $17.00 all the way down to just $13.00.

The stock is down 29.78% or $3.71 following the news, hitting $8.75 per share. About 1.01M shares traded hands or 137.87% up from the average. CSII has declined 58.00% since June 17, 2015 and is downtrending. It has underperformed the S&P500 by 46.99%.

From a total of 6 analysts covering Cardiovascular Systems (NASDAQ:CSII) stock, 2 rate it a “Buy”, 3 a “Sell”, and 1 a “Hold”. This means that 33% of the ratings are positive. The highest target price is $37 while the lowest target price is $15. The mean of all analyst targets is $21.50 which is 145.71% above today’s ($8.75) stock price. Cardiovascular Systems was the topic of 11 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Needham downgraded shares on January 22 to a “Underperform” rating. Bank of America downgraded CSII stock in a recent report from October 8 to a “Underperform” rating. Finally, Zacks downgraded the stock to a “Sell” rating in a report they issued on a September 3.

The institutional sentiment decreased to 1.17 in Q2 2015. It’s down 0.26, from 1.43 in 2015Q2. The ratio worsened, as 30 funds sold all their Cardiovascular Systems Inc shares they owned while 34 reduced their positions. 19 funds bought stakes while 56 increased their total positions. Institutions now own 33.37 million shares which is 43.44% more than the previous share count of 23.26 million in 2015Q2.

Consonance Capital Management Lp holds 5.19% of its total portfolio in Cardiovascular Systems Inc, equating to 2.33 million shares. Perkins Capital Management Inc owns 145,850 shares representing 2.57% of their total US portfolio. Moreover, Ironwood Investment Management Llc has 1.22% of their total portfolio invested in the company, equating to 208,946 shares. The New York-based Broadfin Capital Llc has a total of 1.06% of their portfolio invested in the stock. Granahan Investment Management Inc Ma, a Massachusetts-based fund reported 1.21 million shares owned.

Cardiovascular Systems, Inc. is a medical technology company. The company has a market cap of $284.37 million. The Firm is engaged in treating patients suffering from peripheral and coronary arterial diseases. It currently has negative earnings. It has developed an orbital atherectomy technology for peripheral and coronary commercial applications.

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