Medical device maker Stentys SA (EPA:STNT) reported a big boost to its top line, but that didn’t win the company much love from Wall Street last week.
Paris- and New Jersey-based Stentys posted $1.2 million (€913,000) in revenue for the 3 months ended June 30, 2013. That compared with $869,8500 (€655,600) reported for the same period last year.
That’s a 39.3% boost, but the big gains didn’t move STNT shares much on Friday. Shares were down 4.6$ to $9.91 by the end of the day.
Stentys attributed the increase in revenues to the company’s growth in European and Middle-Eastern markets, where physicians are more routinely choosing the company’s self-apposing stents. The device maker has yet to win FDA approval to market the device in the U.S., but maintained that it has the cash to pursue its U.S. clinical development.
Stentys earlier this year won approval to begin its U.S. APPOSITION V clinical study, which will enroll up to 880 patients. If all goes well, the company could submit its premarket approval application next year, according to the report.
The company didn’t divulge much else about its current financial status but said that it would file its financial results next month.
