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| Lutonix drug-coated balloon--Courtesy of C.R. Bard |
C.R. Bard ($BCR) reported increased first-quarter sales as its Lutonix drug-coated balloons used to treat peripheral artery disease (PAD) in outpatients helped lift the company's earnings.
Sales of the device for the period were up 32%, exceeding the company's expectations, CEO John Weiland said during an earnings call.
"We saw good acceleration," he said. "I think as more of the real world data comes into play versus the clinical trial data that was used for the approvals, that becomes increasingly meaningful for us."
Earlier this year, both Bard and Medtronic ($MDT) obtained supplemental Medicare reimbursement for their FDA-approved drug-coated balloons. The federal Centers for Medicare & Medicaid Services gave its green light in February for pass-through payments that cover the additional cost to hospitals of treating patients with Bard's Lutonix and Medtronic's IN.PACT Admiral in an outpatient setting.
Overall first-quarter net sales for New Jersey-based Bard rose 3% on an as-reported basis compared to the same period last year. Net sales in the U.S. were $574.1 million, an increase of 4% versus the same quarter last year. Net sales outside the U.S., however, declined 1% on an as-reported basis.
Bard inked a deal recently with Boston Scientific ($BSX) to distribute the company's Lutonix DCB in the U.S. as part of a bid to expand the reach of the device, which became the first drug-coated balloon to be approved by the FDA last fall.
- check out the earnings release
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