Movers and SHAKERS
Q3 Earnings: Reducer Commercialization in the US is Delayed
As of April 24, 2020, Noble Capital Markets research on Neovasc is published under ticker symbols (NVCN and NVCN:CA). The price target is in USD and based on ticker symbol NVCN. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. Neovasc Inc is a specialty medical device company. The company develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Tiara for the transcatheter treatment of mitral valve disease and the Neovasc Reducer for the treatment of refractory angina. Neovasc is developing the Tiara for the treatment of mitral valve disease. Neovasc operates its business in one segment.
Ahu Demir, Ph. D., Biotechnology Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Reducer commercialization is delayed based on the FDA’s panel decision. The FDA’s Circulatory System Devices Panel did not vote in favor of Reducer commercialization in the U.S. for the treatment of patients suffering from refractory angina. The company is required to conduct an additional clinical study to evaluate Reducer in patients. Neovasc plans to provide further details on the clinical trial design and path to approval following the FDA’s official response to premarket approval application (PMA), anticipated in H1 2021.
Q3 earnings results. The company reported $0.63 million in revenues and $0.15 million in COGS. Total expenses were $10.6 million including $5.1 million SG&A expenses and $5.5 million R&D in Q3 2020. The company had approximately $14 million in cash and cash equivalents on September 30, 2020, sufficient until March 2021 ...
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