Corindus shares fall on Q2 earnings release

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Shares in Corindus Vascular Robotics (OTC:CVRS) fell today after the robotic surgical platform maker missed loss per share expectations on Wall Street but met sales consensus with its second quarter results.

The Waltham, Mass.-based company posted losses of $9.9 million, or 6¢ per share, on sales of $1.7 million for the three months ended June 30, seeing losses grow compared with the same period last year.

Losses per share were just behind the 5¢ per share consensus on The Street, where analysts were looking for sales of $1.7 million which the company met.

“We have made meaningful progress advancing the development of remote-telestenting which has, in turn, led to the acceleration of our efforts to address the neurovascular market. We are focusing our clinical and development work in this area to leverage the GRX platform and expand upon what we are building in the interventional suite with PCI and peripheral applications. Despite purchase timing uncertainties and capital budget cycles at the hospital administration level which have impacted our results in the first half of the year, we remain confident in our long-term ability to drive widespread robotics implementation,” prez & CEO Mark Toland said in a press release.

Shares in Corindus have fallen 14.4% so far today, at 89¢ per share as of 11:11 a.m. EDT.

In June, Corindus said today that it won clearance from Japan’s Pharmaceutical and Medical Device Agency for its CorPath GRX robotic surgical device.

The post Corindus shares fall on Q2 earnings release appeared first on MassDevice.

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