SANTA ROSA, Calif., Aug. 4, 2015 (GLOBE NEWSWIRE) -- TriVascular Technologies, Inc. (NASDAQ:TRIV), manufacturer of the Ovation Prime® Abdominal Stent Graft System, today reported financial results for the second quarter ended June 30, 2015.
Recent Accomplishments:
- Second quarter revenue of $9.7 million, up 24.8% over the second quarter of 2014 as reported, and 29.7% on a constant currency basis
- Second quarter gross margin of 61.4%, an increase from 55.6% in the second quarter of 2014
- Enrollment completed in FDA PMA post approval study; LIFE study enrollment exceeds 100 patients
- FDA approval received for Ovation iX™ Abdominal Stent Graft System, completing U.S. approval of the Ovation iX platform
- CRG debt facility modified to provide up to $30 Million in additional debt financing
“We are pleased with our second quarter results which reflect a rebound in revenue growth, and are indicative of TriVascular’s technology and service strength and long term growth potential,” said President and Chief Executive Officer, Chris Chavez. “Physicians are increasingly adopting the Ovation® system, which is an innovative, less invasive, clinically proven solution approved by the FDA to treat the broadest range of AAA anatomies, while also preserving and protecting the aortic neck. We continue investing to improve our commercial capabilities, and are advancing both product development and clinical research initiatives to further improve and expand EVAR safely for more patients.”
Second Quarter Financial Results
Revenue for the three months ended June 30, 2015 increased 24.8% to $9.7 million, from $7.8 million in the same period of the prior year. This increase was primarily attributable to the growth of the U.S. business as the U.S. field sales organization gained traction and customer utilization increased. Geographically, revenue in the United States was $7.0 million, an increase of 36.1% from the three months ended June 30, 2014. International revenue totaled $2.7 million, an increase of 2.6% from the three months ended June 30, 2014. On a constant currency basis international and worldwide revenue increased 15.6% and 29.7%, respectively, in the quarter.
Gross margin for the second quarter of 2015 was 61.4%, up from 55.6% in the three months ended June 30, 2014. The increase in gross margin was primarily due to spreading manufacturing overhead costs over higher production volumes.
Operating expenses for the second quarter of 2015 were $18.8 million, an increase of 10% compared to the second quarter of 2014. The increase in operating expenses was driven primarily by an increase in selling, marketing and general and administrative expenses.
Loss from operations for the second quarter of 2015 was $12.8 million, compared to $12.7 million for the second quarter of 2014. Net loss for the second quarter of 2015 was $14.9 million, compared to $14.6 million for the second quarter of 2014. Adjusted EBITDA, a non-GAAP measure, was a loss of $11.5 million for the second quarter of 2015 compared to $11.9 million in the second quarter of 2014.
Cash and cash equivalents and short term investments were $52.7 million as of June 30, 2015.
2015 Financial Guidance
The Company maintained its previously issued financial guidance which anticipates revenue for full-year 2015 to be in the range of $36 million to $39 million, reflecting year-over-year growth of approximately 13% to 23% over 2014 on a reported basis and 17% to 27% on a constant currency basis. Gross margin is expected to be between 60% and 62%.
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