Cardiovascular Systems Inc. announced earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported Revenue was $25.31 million against $19.72 million a year ago. Loss from operations was $5.12 million against $3.66 million a year ago. Net loss was $5.77 million against $4.13 million a year ago. Diluted loss per share was $0.28 against $0.23 a year ago. Adjusted LBITDA was $3.2 million against $2.17 million a year ago. Higher losses were primarily due to planned investments of approximately $4.7 million to advance the ORBIT II coronary clinical trial and prepare for a coronary market launch, as well as competitive enhancements to sales and marketing, and expansion of medical education programs.

For the six months, the company reported Revenue was $48.6 million against $38.38 million a year ago. Loss from operations was $10.33 million against $6.76 million a year ago. Net loss was $10.98 million against $7.99 million a year ago. Diluted loss per share was $0.53 against $0.45 a year ago. Adjusted LBITDA was $6.44 million against $3.59 million a year ago.

For the third quarter ending March 31, 2013, the company anticipates revenue growth of 20% to 25% over the third quarter of fiscal 2012, to a range of $25.5 million to $26.5 million; Gross profit as a percentage of revenues similar to the second quarter of fiscal 2013; Operating expenses 8% to 9% higher than the second quarter of fiscal 2013, including approximately $500,000 related to the medical device tax and approximately $4.5 million for the ORBIT II trial and preparation for a potential coronary market launch in the future; Interest and other expense of approximately negative to $350,000, excluding the potential effect of debt conversions or valuation changes of the related conversion option asset; and net loss in the range of $6.6 million to $7.2 million, or loss per common share ranging from $0.31 to $0.34, assuming 21.2 million average shares outstanding, and excluding the potential effect of debt conversions or valuation changes of the related conversion option asset.