Cardiovascular Systems CEO David L. Martin Steps Down From Post

Cardiovascular Systems Inc. has announced that President/CEO David L. Martin has stepped down from his respective roles—including that of board director—to focus on his cancer treatment. As announced in September 2015, Martin was diagnosed with cancer. Scott R. Ward, CSI’s chairman, will serve as interim president/CEO during the search for Martin’s successor.

“The opportunity for CSI to serve those suffering from vascular disease is enormous. The company is at a pivotal stage where driving future growth and profitability are of the utmost importance and require a full-time CEO,” said Martin. “My treatment needs to be my priority at this time. CSI has outstanding talent and leadership. I’m proud of our organization, our physician partners, and what the team has achieved together. I am excited about the contributions the company will make in years to come.”

Martin has served on CSI’s board of directors since August 2006. He was appointed CSI’s president/CEO in February 2007. During Martin’s tenure, CSI grew from a pre-revenue, start-up organization, to a public company with fiscal year 2015 revenues in excess of $180 million and two, high-margin applications addressing vascular disease.

“Dave has guided this company on an extraordinary journey, developing orbital atherectomy from an early stage innovation to a market-leading product that has saved lives and improved the quality of life for thousands of patients. On behalf of our employees and board of directors, we thank Dave for his many contributions to our company and we wish him well with his continuing treatment,” Ward said. “Inspired by Dave’s leadership, we remain committed to returning the company to growth and achieving profitability—at the same time continuing to help improve the quality of care for patients living with peripheral and coronary artery disease.”

Based in St. Paul, Minn, Cardiovascular Systems develops and commercializes solutions for treating peripheral 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. Food and Drug Administration (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. The Stealth 360 Peripheral Orbital Atherectomy System (OAS) received CE Mark in October 2014. To date, more than 235,000 of CSI’s devices have been sold in the United States.