MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » NMT Medical narrows Q3 net loss despite top-line slide

NMT Medical narrows Q3 net loss despite top-line slide

By

NMT Medical Inc. cut its third-quarter net loss by more than 34 percent despite posting a revenue decline of nearly 28 percent and announced a new distribution deal in Germany

The Boston-based cardiac implant maker reported sales of $3 million for the three months ended Spet. 30, down 27.7 percent compared with $4.2 million during the same period last year.

Net losses narrowed from $4.4 million during Q3 2008 to $2.9 million during the just-ended period, as NMT slashed its total expenses by 31 percent to $5.9 million. As a percentage of revenues, total expenses dropped 9.3 percent.

President and CEO Frank Martin said the revenue slide was expected, given the state of the global economy and the impact of lower hospital inventories. NMT is also moving from a direct sales business model outside of North America, to a distribution model.

Martin said the company inked a distribution deal in Germany with Nicolai, a division of Spanish healthcare distribution conglomerate Werfen Group.

“We currently plan to continue executing this distribution strategy in a number of overseas markets in order to capitalize on these territories,” Martin said.

NMT pushed up the scheduling of its Closure I clinical trial during the quarter. The company said it plans to begin analyzing the data from the study of its StarFlex cardiac implant in April of next year, ahead of its fall 2010 target date.

Martin said that means NMT could submit a pre-market approval application to the Food & Drug Administration during the third quarter of 2010, assuming positive results from Closure I.

COO Richard Davis said the company expects full-year sales of $13 million to $14 million for the full year 2009.

In case you missed it

RSS From Medical Design & Outsourcing

  • Three considerations for reshoring your medical device components and assemblies
    Reshoring medical devices — moving production back to the United States — requires strategic and complex navigation. John Banks and Rich Landry, Beacon MedTech Solutions Reshoring is a topic of conversation with almost every biopharma, life sciences and medical company currently outsourcing production of thermoplastic or silicone parts, products and assemblies to overseas molders. Just… […]
  • How Medline maintains quality while innovating and growing
    Medline President of Quality and Regulatory Affairs Lara Simmons offers insight into innovation and quality as the company grows. When Lara Simmons joined Medline Industries in 1991, she began by performing packaging validations. At the time, Medline was bringing in $250 million in sales per year, and the company’s quality assurance team had only about… […]
  • How this inside-out vascular access system simplifies catheter placement
    Bluegrass Vascular Technologies is making catheter placement procedures for dialysis and chemotherapy easier and safer using inside-out technology, explains CEO and President Dr. Gabi Niederauer. Bluegrass Vascular Technologies has figured out a way to make a catheter sheath go inside the body and back out for easy catheter placement in standard access procedures. The San… […]
  • 6 Steps for Winning at Life Sciences Bid Management
    By Bob Steller, Industry Principal – Life Sciences Discover the secret to success for planning, executing—and winning—profitable bids Did you know that 85% of revenue in the medical technology market comes through bids and tenders? For Life Sciences companies like yours, one key to building and expanding your business is mastering the art and science… […]
  • Digital Pump Customization: Unlocking the True Potential of BLDC Motors
    By using advanced electric motors, a variety of motor and pump parameters can be customized to individual customer needs. It is becoming increasingly more valuable to be able to monitor all electronic components on board medical devices. By taking advantage of the full capabilities and digital customization of brushless direct current (BLDC) motor controllers, pumps… […]
  • Why Automate? Justification and Impact Explained
    Do you want to integrate automation into your manufacturing process but you’re unsure where to start? Maybe your biggest hurdle is justifying the costs associated with the change. Effectively communicating the reasons why and the ROI to all stakeholders in this major shift is a necessary starting point. Justifying the Need to Automate Increased production… […]
  • In vivo electroporation is an engineering solution for drug and gene delivery
    Why the new buzz about an old technique? Harness the potential of an existing technology for modern medicine. Daniel Friedrichs, Minnetronix Medical Reversible electroporation is the use of an electric field to open pores in a cell wall, allowing transport of drugs, DNA or other “cargo” into a cell — in particular, allowing delivery of… […]
  • FDA and VA Ventures Innovation Institute partner on new medical device testing tools
    The Department of Veterans Affairs’ VA Ventures Innovation Institute in Seattle will host up to a dozen FDA staffers in a new collaboration to develop and share new tools for medical device testing safety and efficacy. The agencies intend to provide developers of devices and new technology with off-the-shelf tools that can help streamline regulatory… […]
  • How Boston Scientific is managing labor shortages with cobots and Spanish
    Boston Scientific (NYSE: BSX) executives said two labor-shortage strategies are paying off in a big way for the medical device maker, which has around 41,000 employees across the globe. Collaborative robotics and Spanish-speaking shifts are helping Boston Scientific deal with labor shortages in the U.S. and elsewhere. That’s according to Global Operations EVP Brad Sorenson… […]
  • 6 power management considerations for developing and scaling smaller, smarter micromedical devices
    Supercharge every phase of micromedical device product development with these questions. Mitch Johnson, Intricon Some of the biggest considerations for designing, manufacturing and scaling today’s smaller, smarter medical innovations center on providing power to microelectronic systems. From mechanical functionality to data operations and wireless communications, effective power management drives continued device innovation. Addressing five fundamental… […]
  • Evonik, Coopmed agree on wound dressing distro deal
    Evonik announced today that it signed an agreement for medical technology company Coopmed to distribute the epicite wound dressing. Jena, Germany-based Evonik said Coopmed will distribute the epicite dressing made from biosynthetic cellulose exclusively to the German market for chronic wound care. Epicite represents part of the portfolio from JeNaCell, which Evonik acquired in 2021.… […]

Leave a Reply