Shares in Corindus Vascular Robotics (OTC:CVRS) jumped nearly 11% in morning trading today after the company raised its outlook for full-year revenue in 2017 to between $13 million – $15 million. Analysts have pegged the robotic-assisted systems maker’s full-year revenue for 2017 at $12 million.
Corindus said in a report yesterday that it anticipates implementation of at least 25 new cardiovascular programs this year and, in order to support future capital needs, it actively pursuing additional funding through potential strategic partners.
“Our 4th quarter accomplishments reflect meaningful progress toward our strategic objectives,” president & CEO Mark Toland said in prepared remarks. “Importantly, we are ramping up system placements with 5 new systems ordered and 1 new upgrade in the 4th quarter. Four of these orders were made by Baylor Health, a large hospital system, from whom we also received a purchase order for 900 cassettes, delivering on our commitment to build sustainable cardiovascular robotic programs. Following the recent FDA 510(k) clearance of CorPath GRX, our 2nd-generation system, we are on plan to begin commercial shipments late this month. We are confident in our expectation for the implementation of more than 25 new cardiovascular programs in 2017, which we anticipate will contribute to our $13 million to $15 million in overall revenue for the year.”
In October, the Waltham, Mass.-based company won 510(k) clearance from the FDA for the CorPath GRX, it’s 2nd-generation vascular robot-assisted surgery platform, and plans to have it on the market during the 1st quarter of 2017.
Corindus’ latest CorPath iteration boasts several new features, the company said, including the ability to control the guide catheter in 1mm increments to precisely position balloon or stent catheters during percutaneous coronary interventions.