|Lombard Medical CEO Simon Hubbert|
Lombard Medical ($EVAR), the U.K.-based medical device maker, reported global sales of its Aorfix stent were 104% higher in the first quarter compared to the same period last year, while its losses widened due to the expansion of its business, the company said in its first earnings report since going public.
Sales of the Aorfix stent, which is used for the endovascular repair of abdominal aortic aneurysms, were $2 million compared to $1 million a year ago. Total sales for the quarter were $2 million versus $1.3 million, taking into account the divestment of its OEM business in December, the company said.
The net loss for the first quarter was $6.9 million versus $3 million a year ago due to increased spending for its U.S.-based operations, commercial infrastructure, sales and training. The outlays are part of the company's ramping up in the U.S. after the FDA gave its approval to Aorfix last June.
"It's clear that the FDA approval for Aorfix is having a positive effect on our international business, and our launch strategy in the U.S. is showing early success," Simon Hubbert, chief executive, said in a statement. "We are now well capitalized and in a good position to complete the build out of our U.S. sales force."
Hubbert added that Lombard Medical plans to at least double the size of its U.S. sales force by the end of the year.
The stent, which has been available in Europe since 2012, is marketed as the only device with neck angulations up to 90 degrees that allows smoother introduction into the blood vessels, better deployment control, an X-ray marker for positional feedback and reduced deployment forces.
- read the earnings release