Reva Medical swings to black on first sales

Reva Medical (ASX:RVA) this week reported its first quarterly and annual revenues since winning CE Mark approval for its bioresorbable coronary scaffolds, swinging from red to black for the full year.

San Diego-based Reva posted fourth-quarter profits of $160,000, or -10¢ per share, on sales of $28,000 for the three months ended Dec. 31, 2017. That compares with profits of $15.2 million on no sales for Q4 2016.

Full-year profits were $7.1 million, or -40¢ per share, on sales of $45,000, compared with losses of -$54.1 million and no 2016 sales.

The company in April 2017 won CE Mark approval in the European Union for the Fantom sirolimus-eluting bioresorbable coronary scaffold; last month, its second-generation Fantom Encore was also approved for the E.U. market.

“During the fourth quarter of 2017 we continued our focus on commercialization of Fantom and rebuilding the bioresorbable scaffold market by educating physicians on the unique advantages of Fantom compared to first-generation scaffolds,” CEO Reggie Groves said in prepared remarks. “We commenced sales of Fantom in July 2017 following CE Mark approval in April 2017. In the fourth quarter, we more than doubled the size of our customer base and saw a 3-fold increase in the number of customers reordering Fantom. Physicians continue to provide very positive feedback about Fantom’s performance.”

In June last year Reva closed a $35 million financing round.