Lombard Medical has announced preliminary revenue for its fourth quarter and full year 2015 as well as several commercial and operational imperatives for the coming year.
The company reported preliminary revenue of US$2.9 million for the 2015 fourth quarter and US$15.1 million for the 2015 full year. Full year revenue represents growth of 14% over 2014 and 18% on a constant currency basis. Revenue is in-line with the most recent guidance provided by the company.
Lombard has also announced that it is executing a series of initiatives focused on allocating its financial and human resources to support the launch of two new technologies in the first half of 2016.
- Lombard has increased the size of its direct sales force in Germany and the UK to support the European launch of the Altura abdominal aortic aneurysm product line and the Aorfix IntelliFlex LP delivery system. The Altura product will be launched in these two geographies followed by a broader international roll out later in 2016.
- Another commercial priority will be the launch of the IntelliFlex LP Delivery System following US FDA regulatory approval. A submission was made to the FDA in December 2015 and is currently under review.
- In order to optimise the Company’s US commercial efforts, it has reduced the number of US sales territories, and its sales team will focus on gaining market share in the regions that have been the most productive since the Company first launched Aorfix in the US in late 2013.
CEO Simon Hubbert says, “2016 will be a pivotal year as we launch two innovative new technologies and look to grow revenue 20% over 2015.”