Palmisano concluded, "Our top priority is to achieve sustained profitability, so I was particularly pleased with our continued earnings progress and an increase of $7.2 million in our cash and cash equivalents balance compared to the end of the second quarter of 2008. For the remainder of 2008, our focus will be on improving execution and optimizing our cost structure to balance the investment we need to build our business and deliver profitable growth and value to our shareholders. We believe that our efforts to bring innovative, breakthrough endovascular treatments to physicians and patients around the world will create a foundation for continued long-term growth and future profitability."
Third Quarter Business Highlights
During the third quarter of 2008, ev3 reported the following business highlights:
-- Submitted 510(k) applications to the U.S. Food & Drug Administration for EverCross and NanoCross PTA balloons;
-- Reported positive 12-month follow-up results for the European DURABILITY I clinical study, a landmark peripheral stent study covering the longest lesion lengths in a challenging patient population;
-- Announced DEFINITIVE clinical trial series to expand the clinical evidence supporting the value of the SilverHawk and RockHawk Plaque Excision Systems to drive increased procedure adoption, expand clinical indications and support the use of atherectomy as a front-line therapy; and
-- Enrolled first patient in DEFINITIVE Ca++ U.S. IDE trial to evaluate RockHawk Plaque Excision System when used in conjunction with the SpiderFX Embolic Protection Device in the treatment of moderate to heavily calcified peripheral artery lesions.
Peripheral vascular segment product sales in the third quarter of 2008
increased 73% to $66.9 million versus $38.7 million in the third quarter of
2007. On a non-GAAP basis, excluding atherectomy re
|SOURCE ev3 Inc.|
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