QT Vascular

QT Vascular: QT Vascular has enrolled the first 11 patients in its First-In-Human study of its novel Chocolate Touch PTCA (Coronary Drug Coated Chocolate) in the Dominican Republic.

If successful, the study would provide initial evidence of a new and unique device that could be able to treat the most common coronary disease in a way that minimizes the placement of stents in at least some lesion subsets.

The initial procedural outcomes with Chocolate Touch PTCA were successful in all 11 patients and importantly, no stent placement was required, while no cases with abrupt closure and no significant dissections were observed.

Separately, QT vascular recently reported 1Q15 results, which saw net loss narrowed to US$5.6m from US$9.2m on revenue of US$3.3m (+16.1%). The increase in revenue was mainly due to an increase in sales of its Chocolate® PTA Balloon Catheter, Chocolate PTCA, GliderXtreme and Glider PTCA.

Gross margin also jumped to 51.8% from 12%, as a result of continued pricing improvements from suppliers and the increase in the group’s production yields. Meanwhile other operating expenses were relatively unchanged.

At the current price, QT Vascular trades at 5.7x P/B.

Overall, the street has only 1 broker covering the stock with a Buy call and TP of $0.50.