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QT Vascular narrows FY16 losses on reversal of liability provision
CATALIST-LISTED QT Vascular has narrowed its losses in FY16 as it recorded a US$24 million income gain, mainly due to the reversal of the provision for legal liability in relation to the litigation with AngioScore following the reversal of the judgment on the State Law claims by the US Appeal Court in July 2016.
For full year ended Dec 31, 2016, net loss was down to US$12 million, from US$53.1 million a year ago.
Revenue slid 14.4 per cent year on year to US$10.6 million, largely because of lower sales of Chocolate® PTA Balloon Catheter (Chocolate PTA) to Cordis Corporation.
Looking ahead, the group said that it is well positioned to benefit from the increased adoption of drug coated balloons.
This, as its drug coated peripheral balloon, Chocolate Touch®, recently received full US Food and Drug Administration (FDA) clearance to begin the pivotal trial.
"Upon approval, this would make Chocolate Touch® only the fourth such device to be approved in the US. The final results of Chocolate Touch®'s first in-human trials were recently announced and demonstrate data that are similar to the best-in-class devices," the company said.
Also, it recently announced an agreement with Medtronic for the worldwide distribution of the non-drug coated Chocolate® PTA. This deal, along with the recent launch of the group's latest generation coronary device in the US, Chocolate XD®, bodes well for supporting robust sales growth in 2017, QT Vascular said.