Osprey Medical has had another successful quarter commercializing its dye saving technologies. DyeVert unit sales grew by 88% in Q2 2016, as compared to Q1 2016, with DyeVert and AVERT System unit sales combined growing 45%. This represents unit sales growth of 440% for the quarter compared to the previous year’s corresponding quarter. Cash receipts from customers increased 66% to US$113k in Q2 2016 over Q1 2016.
Sample evaluations of the DyeVert System also experienced significant growth with 172 units recorded for 2Q 2016, up 42% over 1Q 2016. The growth of DyeVert samples reflects strong interest from physician’s eager to evaluate the device. Osprey has now recorded seven consecutive quarters of growth in units sold and samples, reflecting a strong endorsement from the cardiovascular physician community of Osprey’s dye reduction technologies.
The conversion rate of hospitals upgrading from samples to initial product orders remains high at approximately 85% with 29 hospitals having now purchased the DyeVert or AVERT Systems. The time from sample evaluation to initial orders has reduced in Q2 2016, reflecting strong take-up of the DyeVert System and a shortened customer acquisition time. The average selling price of DyeVert was consistent at US$355 for Q2 2016 with no change from Q1 2016.
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Osprey started aggressively scaling up its US commercialisation initiatives in October 2015, following FDA clearance of enhanced claims for dye savings, image quality and reflux reduction. At the completion of 2Q 2016, Osprey had sales reps in 9 territories with plans to hire up to 11 additional sales reps and territories by the end of CY 2016. Osprey intends to hire new reps where there is a high incidence of chronic kidney disease.
About:
Osprey Medical is focused on protecting patients from the harmful effects of X-ray dye (contrast) used during commonly performed angiographic imaging procedures. The Company’s core technologies originated from research conducted by Dr David Kaye at Melbourne’s Baker IDI Heart and Diabetes Institute. Its proprietary dye reduction and monitoring technologies are designed to help physicians minimize dye usage.
