Corindus partners with Medtronic on interventional cardiology courses, releases prelim Q4, 2017 earnings

January 24, 2018 By Fink Densford Leave a Comment

Corindus Vascular Robotics (OTC:CVRS) yesterday said it will co-sponsor training courses with medical giant Medtronic (NYSE:MDT) on transradial access techniques and robot-assisted vascular interventions, and released preliminary earnings results for its fourth quarter and fiscal year 2017.

The Waltham, Mass.-based company said it plans to help sponsor courses designed to train for operations using robotic-assisted percutaneous coronary interventions using its CorPath GRX system, exploring the benefits of transradial access and devices designed specifically to support those procedures.

Corindus said it will partner with Marietta, Ga.-based WellStar Kennestone Hospital and the Plano, Texas-based Heart Hospital Baylor Plano for the courses, with initial courses scheduled for March 2018 and plans to expand the courses in the future.

“This first-of-its-kind course series will be a highly effective tool for educating forward-looking physicians interested in expanding their transradial skills and adopting robotics into their practice. Participants will leave the program understanding the complexity of procedures that can be completed with this method and how it can positively impact their patients and institutions,” Dr. Arthur Reitman of the WellStar Kennestone Hospital said in prepared remarks.

“We are excited to work with leading hospitals on educational initiatives that put into practice the benefits of robotic-assisted transradial procedures. This synergy of technology and best-in-class care is transforming outcomes for cardiovascular patients while maximizing the benefits of this value-based care model for hospitals,” prez & CEO Mark Toland said in a press release.

For the fourth quarter of 2017, the Corindus Vascular Robotics said it expects to report revenues between $4 million and $4.2 million, having installed a total of 10 systems including six new systems and four CorPath GRX upgrades purchased by existing customers during the quarter.

For the full year, the company said it expects to post unaudited revenue of between $9.5 million and $9.7 million. Corindus said that with the fourth quarter sales, it has a total of 33 units installed as of last December 31.

“Our fourth quarter accomplishments reflect continued progress toward our strategic objectives. Our results are highlighted by meaningful strategic partnerships with leading institutions which validates our GRX robotic technology platform and the benefits it provides to hospitals and their patients,” prez & CEO Toland said in a prepared statement.

Earlier this month, Corindus said it is working with the Mayo Clinic to launch preclinical studies exploring the use of telestenting, a robotic treatment for percutaneous coronary interventions which can be operated by physicians in remote locations.

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