During the first quarter of 2016, Corindus Vascular Robotics, Inc. increased its revenue to $1.1 million, up from $800,000 in the same period last year.
The company also installed two new CorPath systems during the quarter, increasing the installed base to 40 systems, including 37 in the U.S. and three internationally.
Corindus posted a net loss of $7.6 million and a gross profit of $30,000 in the first quarter of 2016. The company’s selling, general and administrative expenses were $5.0 million, up from $4.0 million in the first quarter of 2015.
In February, Corindus hired former Boston Scientific executive Mark J. Toland as CEO and president. He replaced David Handler, who resigned.
As part of an agreement between Handler and Corindus, Handler will continue to receive his base salary for 12 months. He was also granted certain concessions to the stock options he received during his tenure.
Handler said on a conference call with analysts that Corindus’s global market opportunity could reach more than $2 billion by 2018 with the potential to reach $4.5 billion by 2018 if the CorPath system is approved for other indications.
The FDA granted the CorPath system 510(k) clearance for use during PCIs in July 2012 and 510(k) clearance for use during PCIs performed via radial access in October 2015. In March 2016, the FDA granted the CorPath system 510(k) clearance for peripheral vascular interventions.
Handler said that Corindus is in discussions with the FDA about filing for an approval for a second-generation CorPath system.
“We feel confident that we’ll have FDA approval of that product by end of year 2016,” he said.
Martin Leon, MD, an interventional cardiologist at New York-Presbyterian Hospital in New York and founder of the Cardiovascular Research Foundation, joined Corindus on April 19 as an external consultant and executive advisor.
“Dr. Leon will advise the Corindus executive team on technology development, clinical research strategy and growth strategy, including partnerships and alliances,” Toland said. “We view the development of robust partnerships with thought leaders such as Dr. Leon as a key part of our future growth strategy.”
On May 5, results of a trial comparing the CorPath system with manual PCI were presented at the Society for Cardiovascular Angiography and Interventions scientific sessions in Orlando.
The study found that patients in the robotically assisted PCI and manual PCI groups had similar outcomes. The technical success rate with the CorPath was 91.7 percent and the clinical success rate was 99.1 percent. The researchers defined technical success as successfully performing the procedure robotically or with minimal manual assistance.