Med-Tech Firm To Add 205 Jobs In $30M Expansion
Cardiovascular Systems, Inc., (CSI) recently announced plans to build a new $30 million headquarters in New Brighton and to expand its workforce by 205 employees within two years.
The medical device company, already based in New Brighton, develops and markets treatment systems for vascular and coronary disease.
The new corporate headquarters will be a two-story, 125,000-square-foot building with office, manufacturing, and research and development space at the New Brighton Exchange on the corner of Interstates 35W and 694.
Its existing headquarters, about two miles south of the new site, currently houses 191 employees. The new building will be able to accommodate 500 workers and is expected to be completed in March.
CSI recently reported financial results for its third quarter, which ended March 31. The company’s third-quarter revenue totaled $34.9 million, up 32 percent from the third quarter of last year. However, the company also reported a net loss of $9.7 million, or $0.32 per share, compared to a net loss of $6.2 million, or $0.29 per share, during the same period in 2013.
“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,” CSI President and CEO David Martin said in a statement. “We’re fortunate to have found a location that allows us to remain in New Brighton—a community we’ve called home and supported since 2005—while continuing to expand and prosper as an organization.”
CSI said the new jobs will include senior management, engineering, and professional staff positions—which overall will pay an average of $42 an hour.
The Minnesota Department of Employment and Economic Development said it is awarding CSI $2 million if the company meets its hiring and investment goals. It also provided the company with a $750,000 forgivable loan.
In addition to its Minnesota operations, CSI has a manufacturing facility in Texas that employs 43 people.