Boston Business Journal September 3, 2003

 

CardioTech forecasts seven-fold sales growth

CardioTech International Inc., a Woburn maker of medical devices to combat cardiovascular disease, said Wednesday it foresees $5.2 million in revenue in the quarter that ends Sept. 30, a seven-fold increase from the same quarter a year ago.

CardioTech said in a prepared statement that its Gish Biomedical subsidiary is expected to generate revenue of $4.3 million, Catheter and Disposables Technology is expected to produce revenue of about $750,000, and Biomaterials is expected to generate revenue of roughly $150,000.

The combined revenue of $5.2 million comes a year after the company posted sales of $721,000, a 621 percent boost that CardioTech mainly attributes to the Gish acquisition.

Dr. Michael Szycher, CEO of CardioTech, said in a statement, "We are very pleased that our revenues have remained steady during what has been a historically slow quarter." He added that the projections don't include revenue from the firm's FDA approved hydrophilic wound dressing.

CardioTech sells medical grade polyurethanes for use in implantable medical devices, disposable devices manufactured to be used in products made by other companies, cardiovascular tubes, arterial filters, oxygenators and oxygen saturation monitors, among other things. The company expects to begin manufacturing and marketing two wound dressing technologies in the near future, addressing what it believes is a $300 million market.

CardioTech is currently in clinical trials with a synthetic coronary artery bypass graft that could tap a $1.5 billion market, it said.