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High product adoption rate
9M14 revenue alone is 73% higher than that of the entire FY13, with the Cordis distribution contract kicking in (Apr 14); QTV sold 8,397 units in 3Q14 (+346% yoy) and 21,441 units in 9M14 (+345% yoy). Importantly, 3Q14 sales were based on an agreed price under its US distribution agreement with Cordis (50% discount to previous ASP).
This implies that 3Q14 revenue (US$3.4m) reflects a six-fold increase in market penetration from a year ago, when QTV employed a direct sales model. Stripping out one-off items, QTV’s net losses for 3Q14 narrowed to US$3.6m, and this is the best set of bottomline the group has seen.
Dr Eitan Konstantino, CEO of QT Vascular. He is is also a member of SPRING Singapore’s Medtech Network of Advisors.
Photo by Leong Chan Teik.Making more inroads
QTV has enrolled the first European patients in the ENDURE Trial in Germany, to assess the efficacy of the novel Drug Coated Chocolate PTA (Chocolate Touch). Multiple patients have already been enrolled in this study.
It has also applied for CE Mark approval with respect to the Chocolate Touch. QTV has signed distribution agreements for the sales of its Chocolate PTA in Italy, Austria, Turkey, and Australia.
These agreements will widen Chocolate PTA balloon’s availability in these markets, which is a validation of the growing recognition of Chocolate PTA’s clinical benefits.
The best years are ahead
The adoption of Glider family products is expected to further boost QTV's sales in Asia as scheduled-to-ship orders to China and Japan by 4Q14, and this is expected to have a positive impact on 4Q14 sales. Management expects this trend to continue as additional regulatory approvals for the these products in the Asia Pacific region are expected next year.
Full report here.
