ASX heart device makers show strong prospects
EBR Systems, a leading ASX heart device player, has reported a June quarter uptick in US Wise device implants and sales. The company’s Wise leadless pacemaker device is gaining momentum in the US, with net sales revenue of US$2.64 million in the quarter, compared to US$170,000 a year previously.
The device, which stands for ‘wireless stimulation endocardially’, is the world’s only wireless, endocardial pacing system, for stimulating the heart’s left ventricle. It’s designed for patients whose left and right ventricles aren’t beating in synchronisation.
Surgeons completed 46 implants during the quarter, across 23 hospitals. In the June half, patients underwent 87 implants at 29 hospitals, for sales of US$5 million. EBR reported a US$17.4 million loss for the quarter, but held cash and equivalents of US$86.9 million as of June end.
This included the first two tranches of a fully underwritten, $150 million capital raise, with the final $35 million yet to be banked. The company’s CEO, John McCutcheon, said management was “thrilled” with the progress of the US rollout. John McCutcheon noted that the cases are going well, the doctors are really happy, and the patients are doing great.
They are getting repeat business and contracts signed. However, the company did report two complications, which were found to be unrelated to the effective functioning of the device. The device labelling on Wise provides guidance to mitigate the risk of complications.
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EBR shares have lost around three-quarters of their value since the post-FDA approval euphoria. It’s not uncommon for biotech shares to spike post-approval and then sag, but they can take off when revenue and earnings gain momentum.
John McCutcheon and his team are still unfolding their story, and their progress will be closely watched by investors and industry observers. As the company continues to roll out its Wise device, more data on its effectiveness and real-world data will become available.
Anteris Technologies, another ASX-listed company, is also making progress in the cardiac space. The company’s Paradigm trial, which tests the safety and efficacy of its DurAVR transcatheter heart valve, has started.
These developments highlight the ongoing innovation in the cardiac and medical device space. As these companies continue to advance their technologies, new treatments and therapies will emerge, hopefully improving patient outcomes and saving lives.
While it’s difficult to predict exactly how these companies will perform in the future, they are making significant progress in their respective fields. EBR Systems seems to be gaining traction with its Wise device, and its ongoing rollout will be closely watched by investors and industry observers.
