Earnings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Ev3: Sales of neurovascular products grew 37% to $45.2 million in the third quarter, including $28.4 million in revenues from embolic devices, the Plymouth, Mass., company said Oct. 27. The growth was driven by Axium aneurysm occlusion coils and Onyx liquid embolic neurovascular access devices and balloons, as well as overseas sales of the Pipeline embolization device. Ev3 gained Pipeline through its acquisition of Chestnut Medical in June and expects U.S. approval of the device in 2011 (1"The Gray Sheet" June 8, 2009). Peripheral vascular sales rose 1% to $67.6 million, reflecting continued weakness in its atherectomy business. The company is hoping its recently bulked up atherectomy sales force and new TurboHawk atherectomy system will have an impact on ev3. The firm announced it was adding 27 reps to market the SilverHawk plaque excision system in April. Total sales for the quarter were $112.8 million, up 13% (not including $7 million in extra 2008 funds from a now-terminated agreement with Merck). Ev3 projects fiscal 2009 sales between $446 million and $450 million
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