Shares in Reva Medical (ASX:RVA) rose today after the medical device maker posted its third-quarter financial results.
The San Diego, Calif.-based company recorded a net loss of -$9 million on sales of $93,000 for the 3 months ended Sept. 30, for sales growth of 447% compared with the same period last year. Earnings per share were -22¢.
Reva’s cash balance was $7.1 million as of Sept. 30, which it expects will be sufficient to fund the company through the first quarter of 2019.
In Q3, Reva launched its Fantom Encore drug-eluting, bioresorbable scaffold in Europe and won CE Mark for its Motiv bioresorbable scaffold.
“We continued to see growth in product shipments and new customers for Fantom in the third quarter of 2018 despite the increasing challenges in the European BRS market,” CEO Reggie Groves said in prepared remarks.
“In August 2018, the European Society of Cardiology published updated clinical guidelines for percutaneous coronary intervention procedures that included a recommendation that BRS should not be used outside of well-controlled clinical studies. As a result, we will focus on generating the clinical evidence needed to support our commercialization efforts and a modification to the ESC guidelines in the future. Additionally, we are shifting resources to advance our peripheral and embolization therapy programs. These markets are growing quickly and with reasonable investment, we believe we can make significant progress in the next few years,” Groves added.
