7/15/2013 9:30:09 AM
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London, UK, 15 July 2013 – Lombard Medical Technologies PLC (AIM:LMT), the specialist medical technology company focussed on innovative vascular products, provides the following update for the six months ended 30 June 2013, ahead of the planned announcement of its Interim Results on 29 August 2013.
Trading in the first six months has been in line with expectations, delivering total revenue of £2.0m. AorfixTM commercial revenue grew 8% with revenue from the main EU markets growing 6% and revenue from the Rest of World markets growing 9%. In Europe, revenue and demand were strong in Germany and Spain, countering the effect of continued EVAR centre consolidation in the UK.
The Company’s US launch plans are progressing according to plan. Fifteen new sales representatives and two regional sales managers have been recruited as planned and, in June, the new team attended and successfully completed the in-depth training programme about the use of AorfixTM and the EVAR procedure. The sales team is now focussed on increasing US physician knowledge of AorfixTM and organising their participation in physician training programmes, which will commence at various US venues in August.
As previously announced on 21 June 2013, FDA approval of the next generation AorflexTM delivery system was received. The Company expects to launch AorfixTM commercially in the US in late Q3 2013 and to hold a coordinated launch event at the VEITH symposium in New York City in November 2013.
The Company closed the period with cash of £34.3m following the successful placing, subscription and offer of shares, completed in June 2013 that raised £20.9m net of expenses.
Simon Hubbert, CEO of Lombard Medical Technologies said:
“This trading update highlights the strong position of the Company, both operationally and financially, ahead of the US launch of AorfixTM, our uniquely differentiated stent graft for the endovascular repair of abdominal aortic aneurysms. We are looking forward to building relationships with US physicians and providing them with a product approved to address a high unmet clinical need. In our main EU markets and also in the Rest of the World we have made good progress to date and anticipate additional growth in AorfixTM sales in future periods.”
For further information:
Lombard Medical Technologies PLC Tel: 01235 750 800
Simon Hubbert, Chief Executive Officer
Ian Ardill, Chief Financial Officer
Canaccord Genuity Limited
Lucy Tilley / Tim Redfern / Henry Fitzgerald O’Connor / Dr Julian Feneley Tel: 020 7523 8000
Simon Conway / Susan Stuart / Victoria Foster Mitchell Tel: 020 7831 3113
About Lombard Medical
Lombard Medical Technologies PLC (AIM: LMT), is a medical device company focused on device solutions for the $1.2 billion dollar per annum abdominal aortic aneurysm (AAA) repair market. AAAs are a balloon-like enlargement of the aorta which, if left untreated, may rupture and cause death. Approximately 4.5 million people are living with AAAs in the developed world and each year 600,000 new cases are diagnosed. The market for endovascular stent grafts for this application is expected to grow to $1.6 billion by 2015. The Company’s lead product, Aorfix™, is an endovascular stent graft which has been specifically designed to solve the problems that exist in treating complex tortuous anatomy which is often present in advanced AAA disease. Aorfix™ is currently being commercialised in the EU, and has been approved by the FDA in the US, the first AAA stent graft not of US origin to gain FDA approval. The Company intends to launch AorfixTM with AorflexTM in the US in H2 2013; a coordinated launch event will take place at the VEITH symposium in New York City in November 2013.
The Company is headquartered in Oxfordshire, with operations in Ayrshire and Phoenix, USA.
Further background on the Company can be found at www.lombardmedical.com
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