Medical device maker Neovasc widens loss but raises revenues in latest quarter

VANCOUVER – Neovasc Inc. (TSXV:NVC), a Vancouver-based medical device maker, widened its net loss in the latest quarter on higher expenses.

The company reported Monday it lost $973,454 or two cents a share for the three months ended March 31.

That compared with a loss of $472,236 or two cents for the comparable period in 2010.

The loss reflected an increase of $99,683 in product development and clinical trial costs and a $410,036 rise in share-based compensation expenses.

Revenues increased 10 per cent year-over-year to $1.17 million from just under $1.1 million.

Meanwhile, total expenses rose to $1.4 million from $909,365.

“Neovasc continued to achieve good progress in all of our programs in the first three months of 2011, including our tissue products business, the Cosira trial of our Reducer product for refractory angina, and new program initiatives for treating mitral valve disease now underway,” said Alexei Marko, CEO of Neovasc.

“We reported solid revenue growth in our tissue products and services business, which was cash flow positive for the quarter, and we look forward to continued growth in this business as more of our customers’ devices progress towards commercialization.”

Neovasc is a specialty heart device company that develops, manufactures and markets medical devices for the vascular and surgical market.

The company’s current products include the Neovasc Reducer, used to treat refractory angina, as well as a line of advanced biological tissue technologies that are used in surgeries.

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