REDWOOD CITY, Calif.--(EON: Enhanced Online News)--Dextera Surgical Inc. (NASDAQ:DXTR), manufacturer of the smallest-profile and most maneuverable articulating surgical stapling platform on the market for minimally invasive surgery, today provided a corporate update on positive developments for the MicroCutter 5/80 and corporate milestones for the remainder of fiscal 2017.
“We move into calendar 2017 with confidence that we are poised for growth and accelerating momentum, as we build on the solid foundation of our recent product performance and increasing surgeon interest.”
Based on anticipated sales growth in the United States and Europe, Dextera Surgical expects to report MicroCutter product sales of $260,000 to $280,000 for the second quarter of fiscal 2017, ended December 31, 2016. For the third quarter of fiscal 2017 ending March 31, 2017, Dextera expects to report MicroCutter product sales of $400,000 to $500,000 and for the fourth quarter of fiscal 2017 product sales of $700,000 to $800,000. Total MicroCutter product sales for fiscal 2017 are expected to be $1.4 million to $1.6 million compared to $0.4 million for fiscal 2016.
Dextera Surgical is on track to achieve the following milestones by June 30, 2017:
- Increase production capacity to 120 units per week by March 31, 2017, ahead of sales growth
- Expand the number of reordering surgeons to 75, from 20 today
- Complete enrollment of 80 to 120 patients in the MATCH Registry Trial; 14 are enrolled in three centers today
- Demonstrate success in Spain with the B. Braun collaboration
- Raise additional capital through strategic partnerships
“We began a controlled commercial launch of the MicroCutter 5/80 in November, and while it is still early in our commercial launch, we believe we have enough feedback from surgeons and insight into the market to provide initial guidance on MicroCutter sales for the remainder of fiscal 2017. At this time, it is not our intent to give ongoing product sales guidance but we wanted to provide some visibility to the demand we are seeing for the MicroCutter 5/80,” said Julian Nikolchev, president and CEO of Dextera Surgical. “We move into calendar 2017 with confidence that we are poised for growth and accelerating momentum, as we build on the solid foundation of our recent product performance and increasing surgeon interest.”
About Dextera Surgical
Dextera Surgical (NASDAQ:DXTR) designs and manufactures proprietary stapling devices for minimally invasive surgical procedures. In the U.S., surgical staplers are routinely used in more than one million minimally invasive laparoscopic, video-assisted or robotic-assisted surgical procedures annually.
The company's signature proprietary technology, the MicroCutter 5/80 Stapler, is the world's first and only five-millimeter surgical stapler that articulates to 80 degrees in each direction. As the smallest-profile articulating stapler available today, the MicroCutter 5/80 Stapler may reduce the amount of dissection and tissue handling required to position the stapler in confined spaces, enabling access to difficult-to-reach anatomy. The cartridge-based device's small size and wide articulation range are designed to enhance the surgeon's access and visualization at the surgical site and to mitigate limitations on the advancement of minimally invasive surgical approaches created by larger stapling devices.
Dextera Surgical also markets the only automated anastomosis devices for coronary artery bypass graft (CABG) surgery on the market today: the C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System. These products, sold by Dextera Surgical under the Cardica brand name, have demonstrated long-term reliable clinical performance for more than a decade.
The statements in this press release regarding Dextera Surgical’s expectations as to the sales growth of the MicroCutter 5/80 for the second quarter and the remainder of fiscal 2017, and expected milestones to be achieved by June 30, 2017, are "forward-looking statements." There are a number of important factors that could cause Dextera Surgical’s results to differ materially from those indicated by these forward-looking statements, including: surgeon demand for the MicroCutter 5/80 may not be as much as Dextera Surgical expects due to hospital internal policies or other factors beyond Dextera Surgical’s control; and other risks detailed from time to time in Dextera Surgical’s reports filed with the U.S. Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, under the caption “Risk Factors.” Dextera Surgical expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. You are encouraged to read Dextera Surgical’s reports filed with the U.S. Securities and Exchange Commission, available at www.sec.gov.