Neovasc Inc (US)(NASDAQ:NVCN)’s Tiara™ Recording Growth

Neovasc Inc (US)(NASDAQ:NVCN)

Neovasc Inc (US)(NASDAQ:NVCN) released financial report for the quarter and year closed December 2016. Alexei Marko, the CEO, reported that while the current litigation continues to govern the firm’s narrative in 2016, they anticipate knowing the result of their U.S. appeal later this year, and getting closure to this area in the firm’s development.

The evidence coming from the 26 lawsuits of the Tiara’s application and the many commercial cases with Reducer emphasize for the company that they remain on a path to supporting the standard of care for refractory angina and mitral regurgitation and enhancing the quality of life for people suffering from these devastating ailments.

The buzz

Neovasc Inc (US)(NASDAQ:NVCN)’s proprietary product for curing mitral valve disease, Tiara™, has been performing well and has been used to cure 26 people under both early compassionate and feasibility use cases across Europe and North America. Implantation is closed via a short trans-apical process and typically result in complete resolution of the subject’s mitral regurgitation without notable residual leaks or impediment of the ventricular outflow tract.

The one-month survival rate for the initial 24 patients (treated over 30 days earlier) is 21 of 24 or 88%. Also, no 30-day mortality was noted in any of the last 15 subjects. One patient is over 3 years post implant. The firm anticipates to start registering subjects in the coming period into its European CE Mark study, with preliminary cases in Italy.

Sales of the Neovasc Reducer™, Neovasc Inc (US)(NASDAQ:NVCN)’s unique device to cure refractory angina, surged 91% YoY in 2016. There has been robust growth in product adoption as implanting physicians witness many of their subjects returning with substantial improvement in indications subsequent to implantation with Reducer.

Revenues for the quarter closed December 2016 came at over $2.761 million compared to around $2.224 million for the same quarter in 2015. Reducer revenues surged by 47% to $282,515 in the reported period compared to $192,013 in the comparable period of 2015.

Revenue from contract manufacturing and consulting services were slightly higher in comparison to the same quarter in 2015. Due to a recent deal with Boston Scientific Corporation, the firm anticipates a decline in revenue in the imminent periods. It is consistent with the firm’s plan to focus its business towards commercialization and development of its own products, the Tiara and the Reducer.

In the last trading session, the stock price of Neovasc Inc (US)(NASDAQ:NVCN) declined 0.59% to close at $1.68.

Ticker Symbol NVCN
Last Price a/o 3:21 PM EST  $1.68
Average Volume  922.45K
Market Cap (mlns)  $112.34M
Shares Outstanding (mlns) 66.87M
Share Float (mlns) 36.58M
Inside Ownership 6.28%
Short Float 0.09%
Short Interest Ratio 3.61
Quarterly Return -6.67%
YTD Return -2.89%
Year Return -58.21%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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