Corindus Vascular Robotics missed earnings per share expectations by one cent, but Wall Street didn’t seem to mind as shares of the medtech company, which was a 2015 MDEA finalist, soared on Wednesday.
At one-point shares were up by as much as 23%.
The surgical robotics maker reported 1Q19 EPS of $0.05 against the analyst estimate of $0.04. Revenue for 1Q19 was $3 million vs. the consensus estimate of $3.11 million. The Waltham, MA-based company recorded purchase orders for 11 CorPath GRX Systems, an increase of 83% compared to purchase orders received in 4Q18 and 267% growth compared to the purchase orders received in 1Q18.
“We are pleased with the positive trends in adoption and usage of our robotic technology during 1Q19,” Toland said in a release. “The 11 purchase orders for the CorPath GRX System received and a record number of disposable cassettes in the quarter reflect our continued momentum. Customers are also increasingly opting for service agreements, reflecting their commitment to robotic procedures over the long-term.”
The CorPath System is described by the company as the first and only FDA-cleared medical device that can bring robotic precision to both percutaneous coronary intervention and peripheral vascular intervention procedures. It’s a second-generation robotic-assisted system built on the foundation of its predecessor, the CorPath 200, which had seen clinical success with more than 5000 robotic cases completed across more than 50 programs worldwide.
Corindus made a big splash at the 2018 Transcatheter Cardiovascular Therapeutics conference when the CorPath GRX System was successfully used to enable robotic-assisted percutaneous coronary interventions. The technology was used to perform the first live transmission of a hybrid chronic total occlusion PCI using both manual and robotic techniques to successfully treat a patient suffering from a complete coronary artery blockage.
During an earnings call, Toland said the company had several milestones for the technology.
“For the balance of 2019, we're focused on the following goals,” Toland said according to a transcript of the 1Q19 earnings call from Seeking Alpha. “[We’re] continuing to work towards FDA clearance of CorPath GRX for neurovascular applications, conducting the first neuro clinical case in Europe, submitting the next wave of CorPath GRX automation to FDA for clearance, adding initiation of a clinical trial for remote intervention and completing a potential partnership agreement to co-develop and commercialize the neurovascular robot.”
Corindus will also be at the BioMedDevice Boston displaying the CorPath technology in the Surgical Suite, May 15, Booth 110.