California medtech maker TriVascular Technologies (NSDQ:TRIV) issued an update today on the recall of certain of its Ovation Prime aortic stent grafts, advising that the measure may drag down full-year revenues.
TriVascular is only pulling about 30 Ovation Prime units of off shelves, but there around 400 more in inventory that have to go, the company said.
"The removal of approximately 400 affected devices from its available inventory could result in possible short-term inventory constraints potentially resulting in a lower case volume during the next several weeks," according to an SEC filing. "Accordingly, the company currently believes that its full year 2014 revenue guidance, while still remaining at approximately $32.0 to $36.0 million, may be closer to the lower end of the range."
TriVascular issued a voluntary recall of a single size of the Ovation Prime stents after receiving complaints about "incomplete polymer fill." The recall affects a small number of devices which were shipped to distributors outside the U.S., according to a press release.
"Patient safety and ensuring high quality products are paramount. We are responding quickly and decisively to ensure the continuing safety and efficacy of our products," chairman, president & CEO Christopher Chavez said in prepared remarks. "Above all else, TriVascular is committed to quality."
TRIV shares dropped another 2% today to trade at $14.08 as of about 2:50 p.m. The stock has gained 2% since the start of this year.