The Vancouver-based company posted losses of $49.1 million, or 4¢ per share, on sales of $405,247 for the three months ended June 30, seeing losses increase a staggering 1032% while sales shrunk 68.9% compared with the same period during the previous year.
“Over the last several months we have successfully executed on a number of our clinical and operational goals, as we work our way through what has been a challenging period for our shareholders. We remain confident in our development activities for the transfemoral, transseptal Tiara system, continued enrollment in our Tiara clinical studies and in the commercial growth of the Reducer, all of which provide opportunities to generate long-term shareholder value. The Tiara continues to generate positive attention as a leading option in transcatheter mitral valve replacement for patients suffering from severe mitral regurgitation. In June, a “live case” featuring the Tiara was presented at the 11th Annual Transcatheter Valve Therapy Conference. In addition, we are developing alternative implantation techniques for the Tiara in order to combat competition from clipping repair procedures. The Reducer has had an exciting first six months of 2018, as we have seen sales build momentum since it received NUB 1 status for new therapies in Germany in January 2018. We are on track for Reducer implants to double in Europe and the Middle East, and triple in Germany compared to 2017,” prez & CEO Fred Colen said in a press release.
Shares in Neovasc have lost 12.1% so far today, at approximately 4¢ as of 2:25 p.m. EDT.
Earlier this week, Neovasc released results from a study of its Reducer device designed for treating refractory angina.