Shares in Corindus Vascular Robotics (NYSE:CVRS) are up over 15% today after the surgical robotic platform maker posted first quarter 2018 earnings that missed both sales and loss-per-share consensus on Wall Street.
The Waltham, Mass.-based company posted losses of approximately $9.7 million, or 5¢ per share, on sales of approximately $3 million for the three months ended March 31, seeing losses shrink 3.7% while sales grew 104.4% when compared to the same period during the previous year.
Losses per share were just behind the 4¢ loss-per-share consensus on Wall Street, where analysts expected to see sales of $3.1 million, which the company also missed.
“We are pleased with the positive trends in adoption and usage of our robotic technology during the first quarter of 2019. The eleven purchase orders for the CorPath GRX System received and a record number of disposable cassettes in the quarter reflect our continued momentum. Customers are also increasingly opting for service agreements, reflecting their commitment to robotic procedures over the long-term. We continue to build out our global footprint with new installations in Japan and Europe and believe the addition of CE mark for neurovascular treatment will enable us to expand our opportunities in the European markets. Ongoing demonstrations at multiple medical conferences continue to drive demand, as physicians and hospital administrators increasingly embrace the power of robotics today, with potential to overcome geographic disparities through access to life-saving interventions tomorrow. 2019 is shaping up to be an exciting year of growth for Corindus,” prez & CEO Mark Toland said in a press release.
The company did not provide updated guidance for the full 2019 year.
Shares in Corindus are up approximately 17.6% so far today, at $2.47 as of 11:00 a.m. EDT.
Last month, Corindus said that the first Japanese procedures using its CorPath GRX robot-assisted device took place as part of a post-market surveillance study.