There was good news in financial metrics for Osprey Medical (ASX: OSP) today, with the medical company releasing sales results for April 2018 showing strong unit sales and revenue growth.
The company said that DyeVert Plus unit sales in April 2018 were up 31% compared to January 2018, while sales revenues were up 33%.
According to Osprey, “this demonstrates the strength of Osprey’s commercial strategy and the market fit of the DyeVert Plus”.
Investors took note of Osprey’s strong financial metrics, helping its shares to reach a high of $0.18 per share in this morning’s trading session.
Making effective market ambitions
Osprey says it intends to improve heart imaging methods, thereby making them safer for patients with poor kidney function.
The key to making this ambition a reality is the use of dye used during angiographic imaging procedures increases the patient’s risk for dye-related kidney damage known as contrast-induced acute kidney injury (AKI).
The company’s core technologies originated from research conducted by Dr David Kaye at Melbourne’s Baker Institute. Its proprietary dye reduction and monitoring technologies are designed to help physicians minimise dye usage through real-time monitoring of dye dosages throughout the duration of surgical procedures.
Osprey says that its flagship DyeVert Plus system reduces contrast while maintaining image quality in a self-adjusting easy-to-use design that monitors dye usage.
To promote its product and generate a larger market share, Osprey has gone on a marketing offensive. Last month, Osprey announced a focus on three key priorities to accelerate growth.
Firstly, the company intends to prioritise its energies on expanding the use of its DyeVert Plus system at hospitals, thereby helping the system to become “institutionalised” as best practice for lowering the risk of dye-related kidney damage.
In other words, to promote the technology to become part of the furniture at hospitals and become the default solution for medical staff working with kidneys.
Secondly, to establish “national contracts” with group purchasing organisations for DyeVert Plus and the alignment of clinical studies with leading member hospitals.
Finally, continuing education for nurses and technicians on the likely benefits for both patients and hospitals of reducing acute kidney injury.
“We are pleased with our April 2018 results which reflects an acceleration of DyeVert Plus sales and traction in the areas of focus we outlined last month,” said Mr Mike McCormick, President and CEO of Osprey Medical.
“We had 15 new hospitals in Q1 2018 and our sales force capitalised on these opportunities in April as well as continued to drive increased penetration in existing hospitals,” added Mr McCormick.