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Cardiovascular Systems, Inc. has a market cap of $329.3 million; its shares were traded at around $15.95 with and P/S ratio of 3.4247.
Highlight of Business Operations:Revenues. Revenues increased by $5.6 million, or 28.4%, from $19.7 million for the three months ended December 31, 2011 to $25.3 million for the three months ended December 31, 2012. This increase was attributable to a $4.8 million, or 27.2%, increase in revenues generated from the sale of PAD Systems, primarily from an increased number of devices sold. The sales of supplemental products and other revenue also increased $833,000, or 37.4%, primarily from additional sales of both Asahi and the Company’s guidewires. Supplemental products include our Viper product line, and distribution partner products.
Selling, General and Administrative Expenses. Our selling, general and administrative expenses increased by $4.7 million, or 29.8%, from $15.7 million for the three months ended December 31, 2011 to $20.4 million for the three months ended December 31, 2012. Our selling, general and administrative expenses for the three months ended December 31, 2012 have increased due to the expansion of our sales and marketing organization, increased variable compensation, increased medical education programs, and higher stock-based compensation. Selling, general and administrative expenses for the three months ended December 31, 2012 and 2011 includes $1.4 million and $1.1 million, respectively, for stock-based compensation. We expect our selling, general and administrative expenses to increase in the future as a result of the costs associated with expanding our sales and marketing organization, medical education programs to further commercialize our products, preparation for a potential future coronary application, and the medical device tax equaling 2.3% of eligible revenues, effective January 1, 2013.
Revenues. Revenues increased by $10.2 million, or 26.6%, from $38.4 million for the six months ended December 31, 2011 to $48.6 million for the six months ended December 31, 2012. This increase was attributable to an $8.7 million, or 25.5%, increase in revenue generated from the sale of PAD Systems, primarily from an increased number of devices sold. Supplemental product and other revenues increased by $1.6 million, or 35.4%, from $4.3 million for the six months ended December 31, 2011, to $5.9 million for the six months ended December 31, 2012, primarily from additional sales of both Asahi and the Company’s guidewires. Supplemental product and other revenues include our Viper product line, and distribution partner products.
Selling, General and Administrative Expenses. Our selling, general and administrative expenses increased by $9.3 million, or 30.1%, from $31.1 million for the six months ended December 31, 2011 to $40.4 million for the six months ended December 31, 2012. Our selling, general and administrative expenses for the six months ended December 31, 2012 have increased due to the expansion of our sales and marketing organization, increased variable compensation, increased medical education programs, and higher stock-based compensation. Selling, general and administrative expenses for the six months ended December 31, 2012 and 2011 includes $2.9 million and $2.3 million, respectively, for stock-based compensation.
The decline in Adjusted EBITDA of $2.8 million, or 79.3%, is primarily the result of an increase in the loss from operations. The loss from operations was impacted by increases in operating expenses and an increase in stock compensation expense as discussed above, partially offset by an increase in revenues and gross profit. Stock-based compensation increased $721,000, or 26.5%, from $2.7 million for the six months ended December 31, 2011 to $3.4 million for the six months ended December 31, 2012. Stock-based compensation increased as a result of vesting of previously granted share awards with a higher grant date fair value, and the granting of performance based restricted stock awards with accelerated vesting periods.
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