[October 29, 2014] |
|
Cardiovascular Systems Reports Fiscal 2015 First-Quarter Financial Results
ST. PAUL, Minn. --(Business Wire)--
Cardiovascular Systems, Inc. (CSI (News - Alert)) (NASDAQ: CSII), a medical device
company developing and commercializing innovative interventional
treatment systems for peripheral and coronary artery disease, today
reported financial results for its fiscal first quarter ended September
30, 2014.
The company's first-quarter revenues increased 39 percent to $41.4
million, from $29.8 million in the first quarter of fiscal 2014.
Coronary revenues grew to $5.0 million. Customer reorder revenues
remained strong at 97 percent of total revenue, compared to 96 percent
in the first quarter of fiscal 2014. The gross profit margin increased
to 78.5 percent, from 76.9 percent, benefiting from higher average
selling prices of coronary products and lower device unit costs than in
the prior-year quarter.
CSI's fiscal 2015 first-quarter net loss was $(8.2) million, or $(0.26)
per common share, compared to a net loss of $(7.3) million, or $(0.29)
per common share, in the fiscal 2014 first quarter. Adjusted EBITDA was
consistent between both quarters at a loss of $(4.2) million. Net loss
increased from the prior year as a result of planned investments,
including $12.4 million of expenses related to coronary market launch
initiatives, clinical studies and new product development. Expenses were
favorable to guidance due to timing of projects and hiring. Excluding
net coronary investments, adjusted EBITDA was positive for the quarter.
David L. Martin, CSI's President and Chief Executive Officer, said, "Our
robust sales growth is driven by market expansion for treatment of both
peripheral and coronary artery disease, as a growing number of
physicians embrace our technology to solve their most difficult
interventional vascular challenges -specifically calcified lesions. For
this patient population, other treatment options have historically led
to higher rates of adverse events and retreatment, resulting in higher
costs.
"Our technology is uniquely positioned to treat this underserved
population and we believe the market opportunity is extensive. It's
estimated that significant calcium is present in nearly 400,000 patients
undergoing coronary procedures annually in the United States In
addition, it's estimated that nearly 3 million people in the U.S. have
critical limb ischemia (CLI), a peripheral artery disease dominated by
calcium, particularly in small vessels below the knee. Annual CLI
endovascular interventions are currently less than 150,000; however,
over 160,000 patients receive debilitating amputations. The ability of
our technology to safely and effectively treat calcified artery disease,
even in small tortuous vessels, is expanding the number of endovascular
procedures performed, creating a multi-billion dollar market opportunity
for CSI."
Continued Rollout of Diamondback 360®
Coronary Orbital Atherectomy System (OAS) During the first
quarter, CSI continued the controlled commercial launch of its
Diamondback 360® Coronary Orbital Atherectomy System (OAS) in
the United States. Since FDA approval on October 21, 2013, over 2,600
patients have been treated using CSI's unique orbital atherectomy
technology. In the fourth quarter of fiscal 2014, CSI began training its
peripheral arterial disease (PAD) sales representatives to sell both the
Coronary OAS and the company's peripheral system. Going into the second
quarter, CSI has 60 of these "hybrid" sales representatives, in addition
to 24 dedicated coronary sales representatives. The majority of the
current PAD sales force is expected to be trained by the end of fiscal
year 2015.
According to Martin, "Approximately 70 percent of our PAD customers are
interventional cardiologists. Our hybrid sales representatives will now
be able work closely with these physicians to treat both peripheral and
coronary calcified lesions. The ability to sell both applications is
expected to lead to enhanced sales productivity, driving sustainable
growth and profitability in the future."
LIBERTY 360° Trial Enrolls 400th Patient In
September, CSI enrolled the 400th patient in the LIBERTY 360°
trial, with over 450 patients enrolled to-date, an increase of nearly
200 since June 30, 2014. The company is currently enrolling up to 1,200
patients in this prospective, observational, multi-center clinical study
to evaluate acute and long-term clinical, quality of life and economic
outcomes of endovascular device intervention in patients with distal
outflow peripheral arterial disease. This study is designed with unique
endpoints to demonstrate how the PAD Systems provide effective long-term
clinical and economic outcomes compared to other treatment alternatives.
As part of this study, Dr. Jihad Mustapha, of Metro Health Hospital in
Michigan, enrolled the first patient using CSI's Diamondback 360
peripheral device to remove calcified plaque prior to inflating the
newly-approved Lutonix® Drug Coated Balloon Catheter.
Per Dr. Mustapha, "When significant calcium is present, I believe plaque
modification is beneficial for adequate and uniform drug transfer of a
drug coated balloon to the vessel wall. In my experience CSI's orbital
technology is unique in its ability to treat these calcified lesions
prior to drug-coated balloon treatment."
First COAST Coronary Study Patients Enrolled in Japan On
October 27, CSI enrolled the first seven patients in Japan in the COAST
Study, an important milestone as the company seeks entry into Japan, the
world's second largest coronary market.
COAST is a prospective, single-arm, multi-center, global study designed
to evaluate safety and efficacy of the Diamondback 360 Coronary Micro
Crown OAS, the second generation of the current FDA approved Diamondback
360 Coronary OAS. CSI plans to enroll up to 100 subjects at up to 15
U.S. sites and five sites in Japan.
Fiscal 2015 Second-Quarter Outlook For the fiscal 2015
second quarter ending December 31, 2014, CSI anticipates:
-
Revenue growth of 33 percent to 39 percent over the second quarter of
fiscal 2014, to a range of $43.1 million to $44.8 million;
-
Gross profit as a percentage of revenues similar to the first quarter
of fiscal 2015;
-
Operating expenses approximately 13 percent higher than the first
quarter of fiscal 2015, primarily due to expansion of the field sales
organization and increased enrollment in clinical studies; and
-
Net loss in the range of $(11.0) million to $(12.0) million, or loss
per common share ranging from $(0.35) to $(0.38), assuming 31.5
million average shares outstanding.
Concluded Martin, "We remain steadfast in our priorities for fiscal
2015: expanding the PAD market with our unique, low-profile orbital
technology that safely and effectively treats even the most difficult
calcified artery disease, and successfully broadening our commercial
launch to penetrate and expand the calcified coronary arterial disease
market. To that end, we're also focused on optimizing our sales force to
capitalize on our large market opportunity and on advancing CSI's
clinical trials. Given our success to-date, we're very optimistic about
our ability to continue delivering attractive growth in the future."
Conference Call Today at 3:45 p.m. CT (4:45 p.m. ET) Cardiovascular
Systems, Inc. will host a live conference call and webcast of its fiscal
first-quarter results today, October 29, 2014, at 3:45 p.m. CT (4:45
p.m. ET). To access the call, dial (844) 421-0596 and enter access
number 19802977. Please dial in at least 10 minutes prior to the call
and wait for assistance, or dial "0" for the operator. To listen to the
live webcast, go to the investor information section of the company's
website, www.csi360.com,
and click on the webcast icon. A webcast replay will be available
beginning at 7 p.m. CT the same day.
For an audio replay of the conference call, dial (855) 859-2056 and
enter access number 19802977. The audio replay will be available
beginning at 6:45 p.m. CT on Wednesday, October 29, 2014, through 10:59
p.m. CT on Wednesday, November 5, 2014.
Use of Non-GAAP Financial Measures To supplement CSI's
consolidated condensed financial statements prepared in accordance with
U.S. generally accepted accounting principles (GAAP), CSI uses certain
non-GAAP financial measures in this release. Reconciliations of the
non-GAAP financial measures used in this release to the most comparable
U.S. GAAP measures for the respective periods can be found in tables
later in this release immediately following the consolidated statements
of operations. 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.
About Peripheral Artery Disease (PAD) As many as 12 million
Americans, most over age 65, suffer from PAD, which is caused by the
accumulation of plaque in peripheral arteries (commonly the pelvis or
leg) reducing blood flow. Symptoms include leg pain when walking or at
rest. Left untreated, PAD can lead to severe pain, immobility,
non-healing wounds and eventually limb amputation. With risk factors
such as diabetes and obesity on the rise, the prevalence of PAD is
growing at double-digit rates.
Millions of patients with PAD may benefit from treatment with orbital
atherectomy utilizing the Stealth 360 and Diamondback 360
Peripheral Orbital Atherectomy Systems, minimally invasive catheter
systems developed and manufactured by CSI. These systems use a
diamond-coated crown, attached to an orbiting shaft, which sands away
plaque while preserving healthy vessel tissue - a critical factor in
preventing reoccurrences. Balloon angioplasty and stents have
significant shortcomings in treating hard, calcified lesions. Stents are
prone to fractures and high recurrence rates, and treatment of hard,
calcified lesions often leads to vessel damage and suboptimal results.
About Coronary Artery Disease (CAD) CAD is a
life-threatening condition and a leading cause of death in men and women
in the United States. CAD occurs when a fatty material called plaque
builds up on the walls of arteries that supply blood to the heart. The
plaque buildup causes the arteries to harden and narrow
(atherosclerosis), reducing blood flow. The risk of CAD increases if a
person has one or more of the following: high blood pressure, abnormal
cholesterol levels, diabetes, or family history of early heart disease.
According to the American Heart Association, 16.3 million people in the
United States have been diagnosed with CAD, the most common form of
heart disease. Heart disease claims more than 600,000 lives in the
United States each year. According to estimates, significant arterial
calcium is present in nearly 40 percent of patients undergoing a
percutaneous coronary intervention (PCI (News - Alert)). Significant calcium
contributes to poor outcomes and higher treatment costs in coronary
interventions when traditional therapies are used, including a
significantly higher occurrence of death and major adverse cardiac
events (MACE).
About Cardiovascular Systems, Inc. Cardiovascular Systems,
Inc., based in St. Paul, Minn., is a medical device company focused on
developing and commercializing innovative solutions for treating
vascular and coronary disease. The company's Orbital Atherectomy Systems
treat calcified and fibrotic plaque in arterial vessels throughout the
leg and heart in a few minutes of treatment time, and address many of
the limitations associated with existing surgical, catheter and
pharmacological treatment alternatives. The U.S. FDA granted 510(k)
clearance for the use of the Diamondback Orbital Atherectomy System in
peripheral arteries in August 2007. In October 2013, the company
received FDA approval for the use of the Diamondback Orbital Atherectomy
System in coronary arteries. To date, nearly 170,000 of CSI's devices
have been sold to leading institutions across the United States. For
more information, visit the company's website at www.csi360.com.
Safe Harbor Certain statements in this news release are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and are provided under the protection of
the safe harbor for forward-looking statements provided by that Act. For
example, statements in this press release regarding (i) the market
expansion resulting from CSI's technology; (ii) the extensive market
opportunity for our technology, including the estimate of a
multi-billion dollar market opportunity; (iii) the coronary launch
strategy and timeline; (iv) the expected training of our sales
representatives; (v) the expectation that our hybrid sales strategy will
lead to enhanced sales productivity, driving sustainable growth and
profitability in the future; (vi) the LIBERTY 360° trial, including the
number of patients expected to be enrolled; (vii) the COAST trial,
including the number of patients expected to be enrolled, and the
potential to secure commercial approval in Japan; (viii) anticipated
revenue, gross profit, operating expenses, and net loss; (ix) CSI's
priorities in fiscal 2015; and (x) potential future growth of CSI, are
forward-looking statements. These statements involve risks and
uncertainties that could cause results to differ materially from those
projected, including, but not limited to, dependence on market growth;
the reluctance of physicians and hospitals to accept new products; the
effectiveness of CSI's products; actual clinical trial and study
results; the impact of competitive products and pricing; the difficulty
to successfully manage operating costs; fluctuations in quarterly
results; FDA and international regulatory clearances and approvals;
approval of products for reimbursement and the level of reimbursement;
general economic conditions and other factors detailed from time to time
in CSI's SEC (News - Alert) reports, including its most recent annual report on Form
10-K and subsequent quarterly reports on Form 10-Q. CSI encourages you
to consider all of these risks, uncertainties and other factors
carefully in evaluating the forward-looking statements contained in this
release. 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 release. The forward-looking statements
made in this release are made only as of the date of this release, and
CSI undertakes no obligation to update them to reflect subsequent events
or circumstances.
Product Disclosures:
Peripheral Products The Stealth 360® PAD System,
Diamondback 360® PAD System and Predator 360® PAD
System are percutaneous orbital atherectomy systems indicated for use as
therapy in patients with occlusive atherosclerotic disease in peripheral
arteries and stenotic material from artificial arteriovenous dialysis
fistulae. The systems are contraindicated for use in coronary arteries,
bypass grafts, stents or where thrombus or dissections are present.
Although the incidence of adverse events is rare, potential events that
can occur with atherectomy include: pain, hypotension, CVA/TIA (News - Alert), death,
dissection, perforation, distal embolization, thrombus formation,
hematuria, abrupt or acute vessel closure, or arterial spasm.
Coronary Product Indications: The Diamondback 360®
Coronary Orbital Atherectomy System (OAS) is a percutaneous orbital
atherectomy system indicated to facilitate stent delivery in patients
with coronary artery disease (CAD) who are acceptable candidates for
PTCA or stenting due to de novo, severely calcified coronary
artery lesions.
Contraindications: The OAS is contraindicated when the ViperWire
guide wire cannot pass across the coronary lesion or the target lesion
is within a bypass graft or stent. The OAS is contraindicated when the
patient is not an appropriate candidate for bypass surgery, angioplasty,
or atherectomy therapy, or has angiographic evidence of thrombus, or has
only one open vessel, or has angiographic evidence of significant
dissection at the treatment site and for women who are pregnant or
children.
Warnings/Precautions: Performing treatment in excessively
tortuous vessels or bifurcations may result in vessel damage; The OAS
was only evaluated in severely calcified lesions, A temporary pacing
lead may be necessary when treating lesions in the right coronary and
circumflex arteries; On-site surgical back-up should be included as a
clinical consideration; Use in patients with an ejection fraction (EF)
of less than 25% has not been evaluated. See the instructions for use
before performing Diamondback 360 Coronary OAS procedures for
detailed information regarding the procedure, indications,
contraindications, warnings, precautions, and potential adverse events.
For further information call CSI at 1-877-274-0901 and/or consult CSI's
website at www.csi360.com.
Caution: Federal law (USA) restricts this device to sale by or on
the order of a physician.
Micro Crown OAS CSI has commenced its COAST Investigational
Device Exemption clinical trial to evaluate the safety and efficacy of
its new micro crown orbital technology in treating severely calcified
lesions within the coronary arteries. This new system is limited by
federal law to investigational use and is currently not commercially
available in the United States or Japan.
|
Cardiovascular Systems, Inc.
|
Consolidated Statements of Operations
|
(Dollars in Thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
September 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
41,354
|
|
|
|
$
|
29,766
|
|
Cost of goods sold
|
|
|
|
8,885
|
|
|
|
|
6,864
|
|
Gross profit
|
|
|
|
32,469
|
|
|
|
|
22,902
|
|
Expenses:
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
33,507
|
|
|
|
|
25,371
|
|
Research and development
|
|
|
|
7,152
|
|
|
|
|
4,378
|
|
Total expenses
|
|
|
|
40,659
|
|
|
|
|
29,749
|
|
Loss from operations
|
|
|
|
(8,190
|
)
|
|
|
|
(6,847
|
)
|
Interest and other, net
|
|
|
|
(34
|
)
|
|
|
|
(445
|
)
|
Net loss and comprehensive loss
|
|
|
$
|
(8,224
|
)
|
|
|
$
|
(7,292
|
)
|
|
|
|
|
|
|
|
Net loss and comprehensive loss per common share:
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
(0.26
|
)
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
|
|
Weighted average common shares used in computation:
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
31,311,110
|
|
|
|
|
24,751,368
|
|
|
|
|
|
|
|
|
|
Cardiovascular Systems, Inc.
|
Consolidated Balance Sheets
|
(Dollars in Thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
2014
|
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
116,423
|
|
|
$
|
126,592
|
Accounts receivable, net
|
|
|
|
22,376
|
|
|
|
21,383
|
Inventories
|
|
|
|
14,644
|
|
|
|
12,890
|
Prepaid expenses and other current assets
|
|
|
|
3,587
|
|
|
|
1,846
|
Total current assets
|
|
|
|
157,030
|
|
|
|
162,711
|
Property and equipment, net
|
|
|
|
21,238
|
|
|
|
15,297
|
Patents, net
|
|
|
|
4,015
|
|
|
|
3,823
|
Other assets
|
|
|
|
70
|
|
|
|
70
|
Total assets
|
|
|
$
|
182,353
|
|
|
$
|
181,901
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
$
|
1,200
|
|
|
$
|
2,400
|
Accounts payable
|
|
|
|
18,196
|
|
|
|
12,699
|
Accrued expenses
|
|
|
|
12,619
|
|
|
|
14,630
|
Total current liabilities
|
|
|
|
32,015
|
|
|
|
29,729
|
Long-term liabilities
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
1,891
|
|
|
|
117
|
Total long-term liabilities
|
|
|
|
1,891
|
|
|
|
117
|
Total liabilities
|
|
|
|
33,906
|
|
|
|
29,846
|
Commitments and contingencies
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
148,447
|
|
|
|
152,055
|
Total liabilities and stockholders' equity
|
|
|
$
|
182,353
|
|
|
$
|
181,901
|
|
|
|
|
|
|
|
|
Cardiovascular Systems, Inc.
|
Supplemental Sales Information
|
(Dollars in Thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
September 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
Device revenue
|
|
|
$
|
36,509
|
|
|
|
$
|
26,206
|
|
Other product revenue
|
|
|
|
4,845
|
|
|
|
|
3,560
|
|
Total revenue
|
|
|
$
|
41,354
|
|
|
|
$
|
29,766
|
|
|
|
|
|
|
|
|
Device units sold:
|
|
|
|
|
|
|
PAD
|
|
|
|
10,275
|
|
|
|
|
8,558
|
|
CAD
|
|
|
|
1,261
|
|
|
|
|
-
|
|
Total device units sold
|
|
|
|
11,536
|
|
|
|
|
8,558
|
|
|
|
|
|
|
|
|
New customers:
|
|
|
|
|
|
|
PAD
|
|
|
|
57
|
|
|
|
|
50
|
|
CAD
|
|
|
|
82
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reorder revenue %
|
|
|
|
97
|
%
|
|
|
|
96
|
%
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures To supplement CSI's consolidated
condensed financial statements prepared in accordance with GAAP, CSI
uses a non-GAAP financial measure referred to as "Adjusted EBITDA" in
this release.
Reconciliations of Adjusted EBITDA to the most comparable U.S. GAAP
measure for the respective periods can be found in the table on the next
page. In addition, an explanation of the manner in which CSI's
management uses Adjusted EBITDA to conduct and evaluate its business,
the economic substance behind management's decision to use Adjusted
EBITDA, the substantive reasons why management believes that Adjusted
EBITDA provides useful information to investors, the material
limitations associated with the use of Adjusted EBITDA and the manner in
which management compensates for those limitations is included following
the reconciliation table.
|
Cardiovascular Systems, Inc.
|
Adjusted EBITDA
|
(Dollars in Thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
September 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
$
|
(8,190
|
)
|
|
|
$
|
(6,847
|
)
|
Add: Stock-based compensation
|
|
|
|
3,573
|
|
|
|
|
2,300
|
|
Add: Depreciation and amortization
|
|
|
|
408
|
|
|
|
|
316
|
|
Adjusted EBITDA
|
|
|
$
|
(4,209
|
)
|
|
|
$
|
(4,231
|
)
|
|
|
|
|
|
|
|
Use and Economic Substance of Non-GAAP Financial Measures Used by CSI
and Usefulness of Such Non-GAAP Financial Measures to Investors CSI
uses Adjusted EBITDA as a supplemental measure of performance and
believes this measure facilitates operating performance comparisons from
period to period and company to company by factoring out potential
differences caused by depreciation and amortization expense and non-cash
charges such as stock based compensation. CSI's management uses Adjusted
EBITDA to analyze the underlying trends in CSI's business, assess the
performance of CSI's core operations, establish operational goals and
forecasts that are used to allocate resources and evaluate CSI's
performance period over period and in relation to its competitors'
operating results. Additionally, CSI's management is evaluated on the
basis of Adjusted EBITDA when determining achievement of their incentive
compensation performance targets.
CSI believes that presenting Adjusted EBITDA provides investors greater
transparency to the information used by CSI's management for its
financial and operational decision-making and allows investors to see
CSI's results "through the eyes" of management. CSI also believes that
providing this information better enables CSI's investors to understand
CSI's operating performance and evaluate the methodology used by CSI's
management to evaluate and measure such performance. Cardiovascular
Systems, Inc.
The following is an explanation of each of the items that management
excluded from Adjusted EBITDA and the reasons for excluding each of
these individual items:
-- Stock-based compensation. CSI excludes stock-based compensation
expense from its non-GAAP financial measures primarily because such
expense, while constituting an ongoing and recurring expense, is not an
expense that requires cash settlement. CSI's management also believes
that excluding this item from CSI's non-GAAP results is useful to
investors to understand the application of stock-based compensation
guidance and its impact on CSI's operational performance, liquidity and
its ability to make additional investments in the company, and it allows
for greater transparency to certain line items in CSI's financial
statements.
-- Depreciation and amortization expense. CSI excludes depreciation and
amortization expense from its non-GAAP financial measures primarily
because such expenses, while constituting ongoing and recurring
expenses, are not expenses that require cash settlement and are not used
by CSI's management to assess the core profitability of CSI's business
operations. CSI's management also believes that excluding these items
from CSI's non-GAAP results is useful to investors to understand CSI's
operational performance, liquidity and its ability to make additional
investments in the company.
Material Limitations Associated with the Use of Non-GAAP Financial
Measures and Manner in which CSI Compensates for these Limitations 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. Some of the limitations
associated with CSI's use of these non-GAAP financial measures are:
-- Items such as stock-based compensation do not directly affect CSI's
cash flow position; however, such items reflect economic costs to CSI
and are not reflected in CSI's "Adjusted EBITDA" and therefore these
non-GAAP measures do not reflect the full economic effect of these items.
-- Non-GAAP financial measures are not based on any comprehensive set of
accounting rules or principles and therefore other companies may
calculate similarly titled non-GAAP financial measures differently than
CSI, limiting the usefulness of those measures for comparative purposes.
-- CSI's management exercises judgment in determining which types of
charges or other items should be excluded from the non-GAAP financial
measures CSI uses. CSI compensates for these limitations by relying
primarily upon its GAAP results and using non-GAAP financial measures
only supplementally. CSI provides full disclosure of each non-GAAP
financial measure
-- CSI uses and detailed reconciliations of each non-GAAP measure to its
most directly comparable GAAP measure. CSI encourages investors to
review these reconciliations. CSI qualifies its use of non-GAAP
financial measures with cautionary statements as set forth above.
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