SINGAPORE (March 1): QT Vascular, the designer and manufacturer of balloon catheters, narrowed its FY16 losses to US$12 million ($16.9 million) from US$53.1 million a year ago as it recorded a US$24 million income gain.
This was mainly due to the reversal of the provision for legal liability in relation to the litigation with AngioScore following the reversal of the judgment on the State Law claims by the US Appeal Court in July 2016.
Full year revenue fell 14.4% to US$10.6 million mainly due to a decrease in sales of our Chocolate PTA Balloon Catheter to Cordis Corporation.
QT Vascular says the distribution agreement with Cordis has been terminated and the distribution of the Group’s Chocolate PTA in US will be transitioned over to Medtronic plc from 1 March 2017.
The decrease in sales to Cordis was partially offset by the increase in its sales of Chocolate PTCA Balloon Catheter and Glider PTCA by its direct sales team as they continue to improve following a 114.11% increase in average sales per sales representative of US$367,290 in FY16 as compared to US$171,546 in FY15.
Looking ahead, the group said that it is well positioned to benefit from the increased adoption of drug coated balloons. This come as its drug coated peripheral balloon, Chocolate Touch, recently received full US Food and Drug Administration (FDA) clearance to begin the pivotal trial.
Shares of QT Vascular closed at 6 cents.
