Neovasc Sales Significantly Down for the Quarter

Neovasc, one of the smaller players in the transcatheter mitral valve replacement (TMVR) space, has seen a huge decrease in revenues, according to results posted in its most recently recorded earnings quarter. The Vancouver-based company said revenues declined by 77% from $339, 922 for the first quarter of 2018 compared to revenues of $1.5 million from the same period in 2017. "Despite a challenging period for our shareholders, we are encouraged by our improved financial position through the receipt of $12.3 million in proceeds from investor-initiated exercises of Series C warrants that were issued during our November 2017 public offering," Fred Colen, Neovasc's CEO, said in a release. "This additional capital provides us with increased runway to support our clinical and operating activities into early 2019 at our current cash burn rate, including achieving further clinical milestones for Tiara and increasing commercial sales of Reducer in Europe." The Tiara TMVR system is delivered through the apex of the heart to replace the mitral valve while preserving the integrity of the surrounding structures of the heart. “We believe that Tiara is increasingly being recognized as one of the leading devices exploring this new treatment option for patients who are unable or unsuited to receive an open heart surgical valve replacement,” said Colen, according to a release from Seeking Alpha. “We are competing with clipping repair procedures and believe Tiara to be a better treatmen...
Source: MDDI - Category: Medical Devices Authors: Tags: Cardiovascular Implants Source Type: news