Corindus Vascular Robotics meets The Street with Q4 earnings

March 13, 2019 By Brad Perriello Leave a Comment

Corindus Vascular Robotics (OTC:CVRS) shares gained today after the robot-assisted surgery company reported fourth-quarter results that met the forecast on Wall Street.

Losses grew 3.1% for Waltham, Mass.-based Corindus posted to -$8.2 million, or -4¢ per share, on sales growth of 11.5% to $4.7 million for the three months ended Dec. 31, 2018, compared with the same period in 2017. Analysts were looking for LPS of -4¢.

Full-year losses were ip 25.0% to -$42.6 million, or -22¢ per share, on sales growth of 11.7% to $10.8 million compared with 2017.

“2019 is poised to be another significant year for Corindus. The successful completion of the world’s first-in-human remote robotic PCI procedure in India in December represents an exciting milestone for the future of our technology. Doctors around the world are embracing the technology and its life-saving potential for patients with limited access to care. Physicians increasingly understand that building clinical knowledge and expertise in robotics is a prerequisite to telerobotic intervention. As a result, we expect to see continued positive momentum and have seen a shortening of the sales cycle from initial discussion to installation of our robotic platform. Through the expansion of existing programs in the U.S., increased utilization and the broadening of our global footprint, we believe we are on the right path to serve patients and build shareholder value,” president & CEO Mark Toland said in prepared remarks. “Moreover, we have advanced our neurovascular work and look forward to receiving clearance from the FDA for the neurovascular indication for the CorPath GRX. We believe our technology has the potential to address the large unmet need and transform the standard of care for stroke patients, where access is limited and time to treatment is critical. We expect the private placement we recently completed, along with the potential strategic partnership we are pursuing, to provide us with the added financial flexibility to bring this indication to market.”

CVRS shares were ip 5.5% to $1.52 apiece today in mid-afternoon trading.

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