Cardiovascular Systems Could Have A Much Higher Value To A Strategic Buyer
Stephen Simpson, CFA • 11 Comments
Stephen Simpson, CFA • 11 Comments
Wed, May 4, 4:24 PM
Tue, May 3, 5:35 PM
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Fri, Apr. 1, 12:46 PM
Fri, Apr. 1, 11:25 AM
- Cepheid (CPHD +6%) upgraded to Buy from Neutral by BTIG Research. Price target set at $42 (19% upside).
- Cardiovascular Systems (CSII +28.1%) upgraded to Buy from Underperform by Needham. Price target set at $16 (20% upside).
- United Health Services (UHS -0.6%) upgraded to Outperform from Market Perform by Wells Fargo.
- PRA Health Services (PRAH +1.4%) upgraded to Buy from Neutral by SunTrust Robinson Humphrey. Price target raised to $51 (17% upside) from $47.
- Dimension Therapeutics (DMTX +3.1%) downgraded to Neutral from Buy by Goldman Sachs. Price target lowered to $10 (25% upside) from $12.
- Novartis (NVS -2%) downgraded to Neutral from Buy by UBS. Price target lowered to CHF72 (3% upside) from CHF100. Downgraded to Neutral from Buy by Citigroup.
- Intuitive Surgical (ISRG -0.2%) downgraded to Neutral from Buy by BTIG Research.
- ATyr Pharma (LIFE -1%) downgraded to Market Perform from Outperform by William Blair. Price target lowered to $8 (106% upside) from $42.
- Achaogen (AKAO -1.4%) downgraded to Market Perform from Outperform by Cowen & Co.
- Portola Pharmaceuticals (PTLA +4.1%) downgraded to Neutral from Buy by Goldman Sachs. Price target lowered to $30 (40% upside) from $65.
- Quintiles Transnational Holdings (Q +1.9%) downgraded to Neutral from Buy by SunTrust Robinson Humphrey.
Fri, Apr. 1, 8:52 AM
- Cardiovascular Systems (NASDAQ:CSII) is up 5% premarket, albeit on only 1,500 shares, in response to its announcement that its preliminary fiscal Q3 (calendar Q1) top line should come in at $43.5M - 44.0M, 4 - 5% above its previously reported guidance of $40.5M - 42.0M.
- The company is instituting a restructuring plan to rein in operating costs that includes a workforce reduction of 8%. It will book a one-time charge of ~$4.5M in fiscal Q3 as a result. It will also record a one-time charge of ~$8M to settle the U.S. Department of Justice investigation into its marketing practices.
- Final results will be released on May 4.
- Previously: Cardiovascular Systems settles False Claims Act case for $8M (March 21)
Mon, Mar. 21, 8:53 AM
- In a regulatory filing, Cardiovascular Systems (NASDAQ:CSII) discloses that it has reached an agreement in principle to settle its case with the U.S. Attorney's Office for the Western District of North Carolina over alleged violations of the False Claims Act. The complaint, filed in District Court in July 2013, was a whistleblower suit accusing the company of participating in illegal kickbacks and off-label promotions of certain medical devices which resulted in false claims being submitted for reimbursement.
- The company has agreed to pay $8M over a three-year period to resolve the matter. It will also be responsible for a portion of the whistleblower's legal expenses.
- Previously: Cardiovascular Systems faces whistleblower lawsuit (July 8, 2015)
Mon, Feb. 29, 4:46 PM
- Cardiovascular Systems (NASDAQ:CSII) President & CEO David Martin has stepped down in order to focus on his treatment for stomach cancer. He took a medical leave of absence in November but he appears to need additional therapy. Interim CEO Scott Ward will continue leading the firm until a permanent successor is hired.
- Previously: Cardiovascular Systems chief takes medical leave (Nov. 16, 2015)
Fri, Jan. 22, 12:44 PM
Fri, Jan. 22, 9:21 AM
Fri, Jan. 22, 8:47 AM
- Thinly traded micro cap Cardiovascular Systems (NASDAQ:CSII) is down 31% premarket on modestly higher volume in response to its fiscal Q2 results released after the close yesterday. Revenues fell short of consensus by $3.4M.
- Previously: Cardiovascular Systems beats by $0.03, misses on revenue (Jan. 21)
Fri, Jan. 22, 8:34 AM
- Cardiovascular Systems (CSII) FQ2 results: Revenues: $41.4M (-7.4%); R&D Expense: $7.2M (-11.1%); SG&A: $41.3M (+26.7%); Operating Loss: ($15.1M) (-184.9%); Net Loss: ($15.2M) (-186.8%); Loss Per Share: ($0.47) (-176.5%); sQuick Assets: $65.3M (-22.1%).
- FQ3 Guidance: Revenue: $40.5M - 42M; Net Loss: ($13.7M) - (14.6M); Loss Per Share: ($0.42) - (0.45).
Thu, Jan. 21, 5:37 PM
Thu, Jan. 21, 4:20 PM
- Cardiovascular Systems (NASDAQ:CSII): FQ2 EPS of -$0.47 beats by $0.03.
- Revenue of $41.39M (-7.5% Y/Y) misses by $3.43M.
Wed, Jan. 20, 5:35 PM
Fri, Jan. 15, 5:40 PM
Nov. 16, 2015, 4:18 PM
Cardiovascular Systems, Inc. is a medial device company that develops and sells devices for treating cardiovascular diseases. It focuses on developing and commercializing minimally invasive treatment solutions for vascular diseases. The company's products such as diamondback 360° PAD system and... More
Industry: Medical Appliances & Equipment
Country: United States
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