The Vancouver-based company posted losses of $5.8 million, or 6¢ per share, on sales of $1.4 million for the 3 months ended September 30, seeing losses shrink 79.9% while sales were reduced 54.7% compared with the same period last year.
Losses per share were just ahead of the 7¢ per share consensus on Wall Street, though sales fell well short of the Street’s $1.8 million expectations.
“From a product perspective, our two lead devices continue to perform well, quarter after quarter; patient after patient. Tiara has been implanted in 17 patients so far this year and 39 in total, and continues to show very encouraging results in terms of technical success and patient outcomes. For Reducer, this quarter marks a high-water mark in its commercial success in Europe and it recently was approved by the FDA to begin a pivotal study in the United States. With the U.S. appeals process completed and the funding expected to be in place to advance our clinical priorities, our chief focus now is to advance our European pivotal trial for Tiara. This 115-person study is currently screening patients at 10 clinics across the U.K., Germany and Italy. With the success the product is already achieving in compassionate use cases and in other early feasibility trials, our expectation is enrolment will proceed in a timely fashion,” CEO Alexei Marko said in a press release.
In its earnings release, the company said that Australia’s TSX has reported that the company is under remedial delisting review, and that it has 120 days to regain compliance. Neovasc said it will respond to the concerns and is hopeful it will be permitted to remain listed on the exchange.
Shares in Neovasc have dropped 6.8% so far today, at 78¢ as of 9:43 a.m. EST.
Last week, Neovasc said it’s looking to raise more than $65 million in a stock offering and a private placement as it seeks to come up with a $42 million shortfall stemming from its trade secret spat with Edwards Lifesciences (NYSE:EW) subsidiary CardiAQ Valve.