Osprey Medical reports decline in kidney injury using DyeVert Plus, posts strong sales growth in June quarter

Osprey Medical (ASX: OSP) has reported a decline in contrast induced acute kidney injuries within hospitals that have used its DyeVert Plus system in patients suffering from reduced kidney function.

The Houston Methodist Sugar Land Hospital in Texas has recorded a 22% fall in contrast induced acute kidney injury, while St Mary’s Hospital in West Virginia has decreased its rate by 25%.

According to Osprey, the amount of contrast dye used during angiographic imaging procedures can put patients at a higher risk of dye-related kidney damage.

Both hospitals used Osprey’s DyeVert Plus system, which reduces the amount of contrast required, while maintaining image quality.

Osprey Medical claims its DyeVert Plus system is an easy-to-use, self-adjusting design that monitors dye usage.

Contrast induced acute kidney injury

Contrast induced acute kidney injury can become a “burdensome” cost to hospitals, with afflicted patients requiring an average of four extra days in hospital.

Adding to the picture is the fact that contrast induced kidney injury patients are 15 times more likely to be readmitted to hospital, which poses further costs.

“These studies have shown implementation of a kidney care approach featuring the DyeVert Plus system reduces the rate of contrast induced acute kidney injury and hospital costs,” the company stated.

Cash flow up

As DyeVert sales continue to grow, Osprey Medical achieved 23% higher quarter on quarter revenue of A$651,000 for the three months ending June.

The June period was also Osprey’s 15th consecutive quarter of growth, with DyeVert sales up 25% compared to the March quarter.

During the June quarter, Osprey also collared national agreements with three US multi-hospital systems for DyeVert, which is part of the company’s previously advised growth strategy.

Osprey anticipates ongoing future sales growth, with 28 hospitals currently in the “evaluation to purchase stage”, which may result in additional customers.

Additionally, the recorded sales for the June quarter didn’t include the three US multi-hospital agreements, which will also underpin further sales growth in the September period.

By early afternoon trade, Osprey’s share price had rocketed 26% to A$0.19.