Neovasc Inc. (NASDAQ:NVCN) recently announced that the company is bullish on its flagship products — Reducer and Tiara — for the treatment of angina at the SVB Leerink 9th Annual Global Healthcare Conference.
For investors’ notice, Neovasc’s Reducer is an effective, percutaneous treatment for refractory angina. The product recently received a CE mark and the company is on track to submit a pre-market approval to the FDA by 2020-end.
Meanwhile, Tara is a transcatheter device designed to treat mitral regurgitation. Neovasc looks forward to obtain a CE Mark for Tiara in Europe.
More on the Update
Per management, the market dynamics for Reducer have been changing favorably, which is expected to ramp up sales for the product. Moreover, Neovasc has established partnerships in Europe and has been making significant progress with respect to the sale of Reducer in Germany. Thus, the company expects to see double-digit growth from Reducer in the quarters ahead.
Additionally, clinical studies on the Tiara I and II are likely to help the device obtain a CE Mark by 2021.
Notably, the company has been investing in the successful commercialization of these devices.
It is encouraging to note that Neovasc currently has a cash of $14.1 million in hand, which is expected to last till August.
Market Prospects
A study by Reports and Data suggests that the global cardiovascular devices market is expected to reach a worth of $69.08 billion by 2026, at a CAGR of 6.8%.
Hence, the latest development has been a well-timed one for Neovasc.
However, the company faces stringent competition from other MedTech bigwigs which specialize in cardiovascular devices. These include ABIOMED (NASDAQ:ABMD) , Boston Scientific (NYSE:BSX) and Abbott Laboratories (NYSE:ABT) .
ABIOMED’s Impella, Boston Scientific’s Accolade and Abbott’s Amplazter deserve a mention in this regard.
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