Robotics platform developer Corindus Vascular Robotics (OTC:CVRS) today posted fourth quarter and full year 2017 earnings with sales that topped expectations on Wall Street after seeing a solid day of trading with shares up 21%.
The Waltham, Mass.-based company posted losses of approximately $8 million, or 4¢ per share, on sales of $4.2 million for the 3 months ended December 31, seeing losses shrink 18.6% while sales grew a massive 678.8% compared with the same period during the previous fiscal year.
Losses per share were just in line with the 4¢ consensus on Wall Street, where analysts expected to see sales of approximately $4 million, which the company also topped.
For the full year, Corindus posted losses of $34.1 million, or 20¢ per share, on sales of approximately $9.7 million, seeing losses grow year-over-year by 3.2% while sales grew 239.5% compared with the previous year.
Losses per share were just behind the 19¢ consensus on Wall Street, where analysts were expecting to see sales of $9.4 million, which the company topped.
“During the fourth quarter and closing out 2017, we demonstrated meaningful progress toward our strategic and commercial objectives by growing our installed base, increasing utilization, and advancing strategic partnerships. The recent clearance of the CorPath GRX System for peripheral vascular interventions is a significant step forward as we expand usage of our technology and position Corindus for global success in bringing robotics to the forefront. We are excited to accelerate our momentum as we look ahead into 2018,” prez & CEO Mark Toland said in a press release.
Shares were up 21.3% today to close at $1.65 before the earnings release. Shares have dropped 3.6% so far in after-hours trading, at $1.59 as of 4:16 p.m. EDT.