WALTHAM, Mass.--(BUSINESS WIRE)--Corindus Vascular Robotics, Inc. (NYSE MKT:CVRS), a leading developer of precision vascular robotics, today reported financial results for the quarter and year ended December 31, 2016.
“Corindus is better positioned today than ever in the company’s history, aligning with the evolution in the cardiology sector which is poised to more fully incorporate robotics into practice than ever before”
Recent Highlights and Accomplishments
- Announced private placement of common stock bringing aggregate gross proceeds of approximately $45 million to the company. The financing involved a syndicate of well-known institutional healthcare investors along with strategic investors Boston Scientific Corporation (NYSE:BSX) and Royal Philips (NYSE:PHG).
- Expanded into Asia through a strategic distribution agreement with Japan Medicalnext Co., Ltd., a wholly-owned entity of MC Healthcare, Inc. (subsidiary of Mitsubishi Corporation), as the exclusive distributor of Corindus products in Japan.
- Japan Medicalnext placed an initial order for twelve CorPath GRX Systems accompanied by an advance of $2 million toward a portion of the purchase price.
- Received multi-system orders from several large hospital groups exemplifying their commitment to building broad-based cardiovascular robotics programs:
- In 2016, Corindus received orders for three systems from the Veterans Administration System and for four systems from Baylor Health. Received an order for 900 cassettes from Baylor Health.
- Year to date 2017, Corindus has received three orders from WakeMed Health & Hospitals.
- Received multiple CorPath GRX upgrade purchase orders from existing customers.
- In the fourth quarter of 2016, Corindus received one purchase order for a GRX upgrade.
- Year to date 2017, Corindus has received four purchase orders for GRX upgrades.
- Performed first commercial procedures using the CorPath GRX System in February at New York-Presbyterian, UC San Diego Health, and University of Virginia Health System.
“Corindus is better positioned today than ever in the company’s history, aligning with the evolution in the cardiology sector which is poised to more fully incorporate robotics into practice than ever before,” said Mark Toland, President and Chief Executive Officer of Corindus. “The first commercial cases with the CorPath GRX at prestigious US hospitals, the recent receipt of several multi-system orders, and our recent expansion into Japan demonstrate meaningful continued progress toward our strategic and commercial objectives. Our leadership team is solidly in place, and we are benefiting from the deep and broad experience of our collective team.”
