Cardiovascular Systems, a medical device company, has plans to build a new corporate headquarters in New Brighton, Minn. The 125,000-square-foot, two-story building will have space for more than 500 employees and contain dedicated R&D, training and education and manufacturing facilities. CSI’s headquarters will be located in the New Brighton Exchange, approximately 10 minutes from downtown Minneapolis.
“With the company’s strong revenue gains from the high growth of our peripheral business and recent FDA approval of our technology for a coronary application, we have outgrown our current facilities,” said David L. Martin, CSI president and CEO.
Martin said, “There are over 16 million people in the U.S. diagnosed with coronary artery disease and an estimated 12 million Americans suffer from peripheral artery disease. Expanding our operations will enable CSI to help a growing number of people within these large and underserved patient populations.”
CSI recently reported financial results for its fiscal third quarter ended March 31. The company’s third-quarter revenues grew to $34.9 million, a 32% gain from the third quarter of fiscal 2013. In the first nine months of fiscal 2014, revenues increased to $97 million, up 29% from the fiscal 2013 nine-month period.
The company currently has 191 employees in the Twin Cities and is targeting March 2015 for occupancy. In addition to its Minnesota operations, CSI has a manufacturing facility in Texas that currently employs 43 people.