Corindus shares tank after missing on 2Q earnings and revenue, but company offers rosy outlook

Corindus Vascular Robotics Inc (NYSE:CVRS) shares fell Wednesday after second-quarter earnings came in below expectations and revenue declined 22% from the year-ago level.

The company reported a loss in earnings per share of US$0.06, wider than the year-ago loss of US$0.04 and the average consensus of a loss of US$0.05. Quarterly revenue reached US$1.67mln, matching expectations but 22% below the same period a year ago when they hit US$2.26mln.

Despite the report, the company said in a statement the development of its remote vascular robotic technology is making substantial progress and they are confident in “our long-term ability to drive widespread robotics implementation,” especially for the stroke market.

Corindus said it successfully tested with Spectrum Health a telestenting procedure from a distance exceeding 100 miles, and there is also progress in pre-clinical trials on remote robotics with the Mayo Clinic.

The company said it has received approval for its system in Japan and begun commercial launch with a distribution partner, Japan MedicalNext Co, which is a wholly owned subsidiary of Mitsubishi Healthcare.

Shares of Corindus were recently trading at US$0.83, down 20.9%, but recovered slightly from the session low of US$0.80.

Corindus is based in Waltham, Massachusetts.

Contact Rene Pastor at [email protected]

Story by ProactiveInvestors