QT Vascular profit rebounds to $4.48m in 2014

Largely due to increased sales of two products.

QT Vascular disappointed in 2013 with a gross loss of US$0.4m, but 2014 proved to have overcome that slump in the financial records.

According to a media release, QT Vascular, a global company engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease, today announced that its revenue surged 140.7% to US$13.2 million for the financial year ended 31 December 2014, from US$5.5 million a year ago.

This was largely due to increased sales of its Chocolate® percutaneous transluminal angioplasty (“PTA”) and GliderTM percutaneous transluminal coronary angioplasty (“PTCA”) products with its distributors and its direct coronary sales in the United States (“US”).

QT Vascular sold 30,344 units of its products in FY2014, almost triple the volume of that sold in FY2013. For FY2014, 89.2% of sales came from the US, 8.8% from Asia Pacific and 2.0% from Europe. Stronger sales were recorded in the US and Asia Pacific, with growth of 156.7% and 110.7% respectively.

With the improved sales, the Group achieved a gross profit of US$3.3 million with gross margin of 25.4% in FY2014, a reversal from the gross loss of US$0.4 million it recorded in FY2013.

Dr. Eitan Konstantino, Ph.D., Chief Executive Officer of QT Vascular said, “We are pleased with the group performance for the year, particularly our sales volume. The group is on track for growth and we expect sales to continue and grow in 2015, underpinned by a favourable macro environment, our strong line-up of products, and our efforts to widen our distribution network globally.”