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QT Vascular losses widens in 2015
CATALIST-LISTED QT Vascular sank further into the red in FY2015, dragged by higher research and development (R&D) expenses, as well as a US$23.4 million recognised as damages the company had to fork out in relation to the AngioScore judgement.
The company had recognised the sum of US$23.4 million, being damages awarded against QT Vascular, TriReme US, Quattro, and the company's CEO, Eitan Konstantino, following the judgement in relation to the State Law Claims.
The final sum to be borne by the group in relation to the State Law Claims (if any) will be determined at the conclusion of the appeal, which is on-going.
For the full year, net loss leapt 55.2 per cent to US$53.1 million.
R&D expenses which contributed to higher net loss, rose from US$6.7 million in FY2014 to US$8.4 million in FY2015.
Revenue slid 5.5 per cent to US$12.4 million, mainly due to a fall in sales of the Chocolate PTA Balloon Catheter (Chocolate PTA) to Cordis Inc following the renegotiating of the terms of the distribution agreement with Cordis in September 2015.
Loss per share for the year was US$0.068, up from US$0.061 a year ago.
The group said it expects growth to be driven by continued adoption of its Chocolate PTCA device in the US, a reclaiming from Cordis of 120 Chocolate PTA accounts in the US where the group will resume direct sales, the launch of Chocolate Touch (drug-coated Chocolate PTA) in Europe as well as the launch of Chocolate PTA in Japan in 2016.
It added that the group recently released strong clinical results for both Chocolate Touch and Chocolate Heart (drug-coated Chocolate PTCA), which is expected to bode well for long-term growth prospects and continued strong interest for the products.