Corindus Vascular Robotics shares fall on Q1 sales miss

Shares in Corindus Vascular Robotics (OTC:CVRS) fell today after the robotic-surgery platform maker missed sales expectations on Wall Street with its first quarter 2018 earnings results.

The Waltham, Mass.-based company posted losses of approximately $10.1 million, or 8¢ per share, on sales of $1.5 million for the three months ended March 31, seeing losses grow 1.7% while sales grew 91.1% compared with the same period during the previous year.

Losses per share were slightly greater than the 5¢ consensus on Wall Street, where analysts were expecting to see sales of $3.7 million for the quarter, which the company did not meet.

“We were disappointed with our revenue this quarter as purchase timing uncertainties at the hospital administration level impacted our results. However, despite these results, we remain confident that the value proposition of full robotics integration with CorPath GRX is resonating with the clinical community and gaining momentum. We are looking forward to continuing to pave the way for robotics in the cath lab,” prez & CEO Mark Toland said in a prepared statement.

Shares in Corindus Vascular Robotics have fallen 22.4% today, at 82¢ per share as of 2:03 p.m. EDT.

In March, Corindus said it inked a private placement deal worth $25 million through the offering of newly-designated Series A convertible preferred stock, with funds slated to support global commercialization of its CorPath GRX robotic surgical system.

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