Neovasc (NVCN) Reports Q3 Loss of $0.70, Revenues Miss

Neovasc (NASDAQ: NVCN) reported Q3 EPS of ($0.70), versus ($0.05) reported last year. Revenue for the quarter came in at $480 thousand versus the consensus estimate of $1.16 million.

"In the first nine months of 2018, we successfully managed several critical corporate events and achieved many significant therapy development milestones for both of our product platforms. As a result, the Company is now on a stronger foundation from which to continue advancing our product development, clinical and commercial programs for the Reducer and Tiara," said Fred Colen, President and Chief Executive Officer of Neovasc. "While there are still challenges to overcome, we have developed a clear value creation strategy for the Company's patients, employees, and investors alike. This will be achieved through our team's proven ability to deliver on the well-defined critical future milestones we have established for our two product platforms, the Tiara and the Reducer."

Mr. Colen continued, "The Tiara clinical outcome data, which we have been regularly reporting on, is increasingly generating positive attention as a leading option for minimally invasive mitral valve replacement for patients suffering from severe mitral regurgitation. This growing collection of robust clinical data also includes the publication of a peer-reviewed article in the Cardiovascular Interventions journal, a live case demonstration at the 32nd Annual European Association for Cardio-Thoracic Surgery meeting, and presentations of new clinical data at several scientific conferences. We believe that our ongoing efforts to build awareness of the Tiara and its benefits for patients with severe mitral regurgitation in the clinical community will help drive increased enrollment for our TIARA-II study in Europe."

"Positive momentum for the therapy development and commercialization activities of the Reducer in Europe continues to build, with sales in the third quarter of 2018 increasing by 44% year-over-year and increasing by 45% for the first nine months of 2018 over the same period in 2017. The Company has launched a couple of pilot programs in Germany for the required Reducer therapy development with referring physicians together with a professional therapy development organization, to quickly learn more about these therapy development challenges and opportunities," concluded Mr. Colen.

For earnings history and earnings-related data on Neovasc (NVCN) click here.

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