Neovasc (NSDQ:NVCN) shares are taking a beating this morning after the company released first-quarter results yesterday that badly missed the consensus forecast.

Vancouver-based Neovasc pared its losses by -85.7% to -$7.9 million, or -21¢ per share, on sales growth of 72.3% to $585,800 compared with Q1 2018.

Analysts on Wall Street were looking for losses of -5¢ per share on sales of $1.2 million.

“As our Tiara and Reducer programs continue to build momentum in 2019, the data collected for these two innovative technologies have gained ever increasing attention among the medical community, including at several international cardiology conferences and a number of peer reviewed journals,” president & CEO Fred Colen said in prepared remarks. “We recently announced the 1,000th recipient of a Reducer implant. This is a significant milestone for the Reducer program, which we were able to achieve due to the support of leading cardiologists from across the globe. The impact of their support was on display recently at a symposium we coordinated at the annual conference for DGK, which drew in more than 100 attendees and had several key opinion leaders discussing real-world Reducer cases, as well as various clinical data that has been collected for the Reducer. We believe that the Reducer is well on its way to being considered leading therapy for refractory angina.

“We have actively defended our IP in the EU and the U.S., and recently cleared all previously outstanding litigation claims. This includes the German Appeals court decision to overturn the lower court’s decision, and as a result grant Neovasc the full and exclusive patent rights for one of our basic Tiara patents in Europe,” Colen said.

NVCN shares were down -9.7% to 51.5¢ apiece today in early trading.