- Growing Traction in Specialty Tissue Business Producing Increased Revenues - - Neovasc Reducer(TM) Commercialization Process on Track - TSX Venture Exchange: NVC
VANCOUVER, Aug. 19 /PRNewswire-FirstCall/ - Neovasc Inc. (TSXV: NVC), today announced financial results for the three and six months ended June 30, 2009.
"During the second quarter we continued to make significant progress in executing on our strategic initiatives adopted late last year," said Alexei Marko, chief executive officer of Neovasc. "We are especially pleased at the growing traction we are seeing in our tissue business, where our decision to focus on our specialty products and services is beginning to bear fruit, with increases in tissue sales already evident. We were pleased in the second quarter to report significantly lower expenses compared to last year, at the same time that we were able to advance the development of our innovative Neovasc Reducer(TM) device."
Mr. Marko continued, "While holding down costs we have also been able to ramp up our business development activities, and the response to date is very encouraging. On this note, we were delighted that LeMaitre Vascular, one of our key strategic partners, cited our Peripatch product as an important contributor to their second quarter sales growth."
Results for the three and six months ended June 30, 2009 follow. All amounts are in Canadian dollars.
Revenues increased 39% year-over-year from $433,061 for the quarter ended June 30, 2008 to $600,324 for the quarter ended June 30, 2009. For the six months ended June 30, 2009, revenues increased 10% to $955,808, up from $866,546 for the six months ended June 30, 2008, primarily reflecting increased revenues from consulting and contract manufacturing services in our tissue products and services b
|SOURCE Neovasc Inc.|
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