CVRS: Corindus Vascular Robotics Analysis and Research Report
2018-02-08 - by Asif , Contributing Analyst - 61 views
The company design, manufacture and sell precision vascular robotic-assisted systems for use in interventional vascular procedures (the “CorPath® System”). The CorPath System is the first medical device cleared by the United States Food and Drug Administration (“FDA”) to bring robotic-assisted precision to radial, coronary and peripheral procedures. During these procedures, the interventional cardiologist sits at a radiation-shielded workstation to advance interventional devices with millimeter-by-millimeter precision. The workstation allows the physician greater control and the freedom from wearing heavy lead protective equipment that causes musculoskeletal injuries. The CorPath System brings robotic precision to radial and complex interventional procedures to help optimize clinical outcomes and minimize the costs associated with complications of improper stent placement with manual procedures. In October 2016, the company announced that the company had received 510(k) clearance from the FDA for its CorPath GRX System, the second generation of the CorPath System. CorPath GRX significantly builds upon the CorPath 200 platform, the first generation of the CorPath System, adding a significant number of key upgrades that increase precision, improve workflow, and extend the capabilities and range of the procedures that can be performed robotically. These features include active guide management which enables control of the guide catheter along with robotic control of the guidewire and balloon or stent catheter, with one-millimeter advancement, from the control console. This precise positioning will enable physicians to adjust guide catheter position during procedures and may expand use of CorPath to more complex cases. The company began commercial shipment of the CorPath GRX System in late January 2017. While the CorPath GRX has been cleared for and Corindus Vascular Robotics is targeting percutaneous coronary intervention procedures, and the CorPath 200 for an additional indication for peripheral vascular interventions, the company believe its technology platform has the capability to be developed in the future for other segments of the vascular market, including neurointerventional and other more complex cardiac interventions such as structural heart. As of September 30, 2017, Corindus Vascular Robotics has installed 23 CorPath GRX Systems. Additionally, as of September 30, 2017, the company shipped three CorPath GRX Systems that were accepted by a distributor. During 2017, the majority of its consumable revenues relate to the CorPath GRX System.
On January 23, 2018 Corindus Announces Preliminary Fourth Quarter and Full Year 2017 Revenue. Preliminary and unaudited revenue for fourth quarter 2017 is expected to be between $4.0 million and $4.2 million. During the fourth quarter, the company installed 10 systems including 6 new systems and 4 CorPath GRX upgrades purchased by existing customers. This brings the installed base of CorPath GRX systems to 33 units as of December 31, 2017. Preliminary and unaudited revenue for full year 2017 is expected to be between $9.5 million and $9.7 million.
On January 02, 2018 Corindus Vascular Robotics, Inc. a leading developer of precision vascular robotics, announced today that it is working with Mayo Clinic in a preclinical study about use of telestenting. Telestenting, or the remote robotic treatment for percutaneous coronary intervention (PCI), may enable physicians to conduct procedures from virtually any location, opening opportunities for more patients globally to receive the benefits of this lifesaving procedure. The global shortage of PCI-capable operators is significant and continues to be a growing problem.
On December 14, 2017 Corindus Vascular Robotics, Inc.(NYSE American: CVRS), a leading developer of precision vascular robotics, announced today the first commercial installation of a CorPath GRX System outside of the United States. The system was purchased by the Apex Heart Institute in Ahmedabad, India, a state of the art cardiology center. Corindus will partner with Apex Heart Institute to develop a Global Center of Excellence to train interventional cardiologists on robotic-assisted percutaneous coronary interventions (PCI).
The hospital’s first complete robotic procedure was performed via left dorsal transradial access by Tejas Patel, M.D. Dr. Patel is Chairman and Chief Interventional Cardiologist at the Apex Heart Institute and a global key opinion leader and pioneer of the transradial access technique, training over 5,000 physicians on his techniques over the course of his career. Procedures performed via transradial access have shown significant benefits for patients including reduced incidence of major bleeding and vascular complications and increased patient satisfaction.Add a Comment
You can find recent investors presentation http://s21.q4cdn.com/154318946/files/doc_presentations/2018/CVRS-Investor-Deck-JP-Morgan-FINAL-1.4.18.pdf