Lombard rises on prelims, expanding EU sales force and US drill down

Lombard Medical Technologies (NSDQ:EVAR) yesterday released preliminary estimates for its Q4 and fiscal year 2015, off slightly from estimates but shares rose with the news. The Irvine, Calif.-based company reported preliminary revenue of $2.9 million for the quarter and $15.1 million fro the full year – a growth of 14% from last year, but off of Wall Street analyst expectations by a few hundred thousand in both. Shares, however, have been rising today, up over 10% to 85¢ as of 3:59 p.m. EST. Lombard also announced it is increasing the size of its direct sales force in Germany and the UK to support the European launch of its Altura AAA line and Aorfix IntelliFlex LP delivery system. The company said it expects to release the Altura in both regions later in 2016. In the U.S., Lombard will reduce its sales territory, with a focus on “gaining market share in the regions that have been the most productive” since the company’s initial Aorfix launch in 2013. Lombard said it expects to launch its IntelliFlex LP delivery system in the US, following regulatory approval which it submitted applications for in Dec. 2015 “2016 will be a pivotal year as we launch two innovative new technologies and look to grow revenue 20% over 2015. The January launch of the ultra-low profile Altura platform in the UK and Germany has the entire organization energized. We are increasing our commercial efforts to support the Altura launch whilst appropriately managing our resour...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Lombard Medical Technologies Source Type: news