SINGAPORE (June 8): QT Vascular reported losses of US$8.1 million ($11.2 million) for the 1Q ended March. This was a 2.6% improvement from the losses of US$8.35 million suffered a year ago.
QT Vascular is engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease.
Revenue for the quarter fell 8.3% to US$3.2 million from US$3.5 million a year ago mainly due to a decrease in sales of its Chocolate PTA Balloon Catheter following a change in distribution from Cordis to Medtronic, which was only effected in March this year.
In the first two months of 1Q17 when Cordis was still a distributor, revenue for Chocolate PTA Balloon Catheter was minimal, explains the group in a Thursday filing to the SGX.
However, sales of its other products by its direct sales team continued to improve following a 47.2% increase in average sales per sales representative to US$112,931 in 1Q17 from US$76,736 in 1Q16.
Cost of sales fell 11.7% to US$2 million from the previous year, in line with the decrease in sales of Chocolate PTA.
As such, gross profit grew to US$2.3 million compared to US$1.3 million in the previous year.
As at end March 2017, the group had negative working capital of US$22.3 million mainly due to the convertible and exchangeable notes and short-term loans amounting to US$14 million and current trade and other payables of US$11.5 million.
Shares of QT Vascular closed 6% lower at 3 cents on Thursday.
