QT Vascular, a developer of minimally invasive products for the treatment of vascular diseases, reported on Thursday that it has narrowed its losses for the first quarter of 2015.
Net loss for the three months to end-March 2015 was US$5.6 million, compared to US$9.2 million a year ago, which included a fair value loss of US$2.4 million on financial instruments.
Revenue was up 16.1 per cent, at US$3.3 million, compared to US$2.8 million a year ago, driven by higher sales of its balloon catheters. QT Vascular sold 8,098 units of its products in Q1 2015, 71.5 per cent more than the 4,722 units it sold a year ago.
But the group incurred higher expenses, namely on sales and marketing as well as research and development. As a result, overall operating expenses increased 27.1 per cent to US$8.3 million in Q1 2015.
On the on-going litigation, QT Vascular reiterated that the case is unlikely to have a material impact on its profitability. It said subsequent legal costs incurred in relation to the case is likely to be less than that incurred in 2014 and Q1 2015.
Its cash and cash equivalents balance decreased from US$20.1 million to US$9.7 million, mainly due to increase in research and development expenses, increased sales personnel and professional fees relating to the litigation case.