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| AngioDynamics' BioFlo DuraMax device--Courtesy of AngioDynamics |
AngioDynamics ($ANGO) believes it has 15% of the $100 million chronic dialysis cathether market in the U.S. And so the more products it launches in the space, the better the Albany, NY, device company can both protect and grow its not-insignificant market share. That gives its latest 510(k)--for its BioFlo DuraMax device--some added importance as execs gear up for commercialization in the coming year.
Plans call for rolling out the BioFlo DuraMax chronic hemodialysis catheter in the fiscal 2014 fourth quarter, with an indication for long-term vascular access for hemodialysis and apheresis. It's the third BioFlo/vascular access U.S. clearance (and also thromboresistant), and the company said it is shoring up an already significant presence in the space with the new rollout.
"With the BioFlu DuraMax dialysis cathether, we strengthen our position by offering customers a premium technology at a price that can help them meet a significant, everyday need," Chuck Greiner, AngioDynamics' senior vice president of the Global Vascular Access Franchise, said in a statement.
The approval and launch also comes as AngioDynamics continues a broader cost-cutting effort. At the end of 2013, AngioDynamics announced plans to consolidate two plants in New York and shed up to 100 employees in a bid to save as much as $18 million over the next three years. Cost-cutting moves saved $10 million for the company in its previous fiscal year and will hopefully save another $5 million in fiscal 2014, which began in June 2013.
AngioDynamics projects up to 3% growth in 2014--to $353 million in revenue. The company's shares traded at $15.55 late morning on March 7, down slightly in early trading.
- read the release