SINGAPORE (Mar 1): QT Vascular, the maker of coronary products, announced that its FY17 losses have widened to US$25.9 million ($34.2 million) compared to US$12.0 million in FY16.
Revenue was 34.4% higher at US$14.3 million from US$10.6 million a year ago, mainly due to the increase in sales of the group’s Chocolate PTA Balloon Catheter to Medtronic.
With cost of sales increasing 66.7% y-o-y to US$9.92 million, the group’s gross profit came in 6.4% lower y-o-y at US$4.40 million.
Sales and marketing expenses dropped 47.0% to US$5.33 million compared to US$10.1 million a year ago, due to lower direct sales personnel costs as a result of lower sales commissions and a decrease in headcount.
Other income dropped 98.8% to US$0.29 million compared to US$24.0 million in the previous year.
During FY17, the group incurred other expenses of US$4.29 million, which was absent in FY16, mainly due to the agreed settlement with AngioScore which will fully and finally resolve all past, present and future disputes concerning all litigation matters between the group and AngioScore.
See: QT Vascular reaches confidential settlement agreement with AngioScore
Looking forward, the group continues to explore various strategic options including, mergers, acquisitions, disposals, joint ventures and fund raising activities to optimise and/or unlock value for shareholders.
Shares in QT Vascular closed at 1.8 cents on Thursday.
