Corindus Vascular Robotics Posts Positive Third Quarter Earnings
Posted on November 07, 2018 by Medtech[y] Staff
Corindus Vascular Robotics is up almost 12% in midday trading as the company released a positive third quarter earnings statement prior to the market open.
Here's What to Know
- $3.O million in revenue, a 78% increase over the prior quarter.
- Shipped 524 cassettes in the quarter, a 34% increase over the prior quarter.
- Bringing the total CorPath GRX System install base to 45, Corindus installed three systems with one upgrade of the CorPath GRX during the quarter.
- While SG&A increased during the quarter, the company was still able to narrow their loss and end up with a gross profit for the third quarter of $1.1 million, compared to a gross profit of $0.2 million in the same quarter of 2017.
- The company ended the third quarter with $29.6 million in cash and cash equivalents.
"During the quarter, we continued to make progress on developing a vascular robotic system that can perform therapeutic procedures at any remote location. Demonstrating this technology at TCT gives us great confidence as we plan for the first-ever remote robotic in human PCI procedure later this year," said Mark Toland, President and Chief Executive Officer.
- Corindus completed their remote percutaneous coronary intervention (PCI) pre-clinical work.
- The company was an active participant at the annual Transcatheter Cardiovascular Therapeutics Conference (TCT), highlighted by multiple “live” robotic cases using CorPath GRX. You can watch all of the videos here.