Admedus (ASX:AHZ) is positioned for strong growth, global expansion and continued portfolio expansion on the back of the restructure resulting from the Code Red review.
The company anticipates finishing the year with sales considerably stronger than the previous year and on track to achieve the forecast $21 million in annual revenue.
Additional details on its financials will be provided in the half year report to be released in February 2017.
The company continues to progress its ADAPT™ portfolio. Now with three products on the market, CardioCel®, VascuCel® and CardioCel® Neo, the Admedus development team are focused on expanding the company’s product portfolio.
Wayne Paterson, chairman, commented: “The Code Red review was essential for Admedus and has transitioned Admedus into a high potential global healthcare business.”
Admedus holds assets from research and development, through clinical development as well as sales, marketing and distribution.
Its flagship product is CardioCel, which is becoming a surgeon-preferred biomaterial for heart valve repair surgeries.
CardioCel represents a disruptive technology in the $2.5 billion heart valve repair and replacement market, which is dominated by products commercialized by large medical device companies.
It is now being sold in Canada, Australia, Asia, the Middle East, and North Africa, covering 135 medical centres.
Admedus also recently received FDA 510(k) clearance to market its vascular product, VascuCel in the U.S.
Furthermore, the Admedus infusion portfolio has over 800 customers providing hospital-wide infusion solutions across the Australian and New Zealand healthcare systems.
Beyond CardioCel and infusion sales, Admedus is developing a DNA-based therapeutic vaccine for HSV-2 and HPV.
Working on new products for 2017
Admedus plans to develop a new product for the US$5+ billion transcatheter aortic valve replacement (TAVR) market utilising its ADAPT™ technology.
Admedus is currently working with engineers to develop the best TAVR valve for patients, with the first prototype due early in 2017.
The company will have the advantage in this market as it will be able to incorporate ADAPT™ tissue which has shown to have better outcomes for cardiovascular patients, not calcify and has the strength and durability for better post-operative performance in the valve position.
In 2017 Admedus anticipates bringing to market a curved patch, an important complimentary product for surgeons that currently have no alternative product to use in some complex vessel reconstructions.
The product has been developed and is in now in formal testing ahead of seeking regulatory approval.