In a Sept. 25 research note, analyst Jeffrey Cohen reported that Corindus Vascular Robotics Inc. (CVRS:NYSE.American) had a "strong presence and showing of technology" at the Transcatheter Cardiovascular Therapeutics annual meeting in September.
Cohen relayed the conference highlights involving Corindus, including a live transmission—the first ever—of a remote interventional procedure using Corindus' CorPath GRX system. This technology is intended for use in the remote delivery and manipulation of guidewires and rapid exchange catheters, along with remote manipulation of guide catheters during percutaneous coronary and vascular procedures.
The procedure, in which a professional remotely manipulated devices within a porcine model's arteries, was streamed to the meeting venue from the Mayo Clinic. "Enabling physicians to remotely treat patients provides an array of opportunities, including providing treatment to those who otherwise would not have received necessary and life-saving intervention and those located in areas where medical advances are lacking," Cohen pointed out.
Corindus also chaired a breakfast symposium titled "New Frontiers in Robotic Interventions: Current and Future Technology," which encompassed four talks. In the first presentation, "New Clinical Evidence in Robotic Interventions," Dr. Lawrence Ang supplied evidence, from 2015 to date, that showed advantages of robotic technology.
Next, Dr. Manish Parikh presented "Robotics for Complex PCI: A Case Series," which outlined the various benefits of robotics use in hospitals and health systems. Specifically, GRX "offers increased control throughout the procedure (1 millimeter movements and sub-1 millimeter measurements for stent selection)," which has led to a reduction in the number of stent placements. Other positives are its abilities to improve work flow and patient outcomes, reduce associated radiation exposure and lower physical strain on physicians.
"Dr. Parikh believes that the GRX system offers excellent haptic control (rotate on retract), more precise stent placement and a relatively short learning curve (15–20 cases)," Cohen added. "He believes the system offers 'superb maneuverability' and that younger physicians and fellows are wanting, loving and embracing the technology."
Dr. Ryan Madder spoke next on "The 1st Remote PCI from 100 Miles Away," in which he reviewed the outcomes of 22 remotely performed cases. The gist was that a large opportunity for telestenting exists but remains challenged—for instance, by the need for a second operator, network performance and reliability, and management of complications.
In the fourth presentation, "Building the Next Generation Robot," Dr. Mitchell Krucoff described Corindus' GRX system as a significant early advancement for percutaneous coronary intervention. He went on to discuss the many considerations in developing the next generation of such technology, such as hardware and software challenges, artificial intelligence, adjunct devices, and clinical outcomes and training programs.
Cohen concluded his research report by noting that Corindus' current technological advances have "provided the foreground for further innovation and development related to remote procedures and telestenting."
Ladenburg Thalmann has a Buy rating and a $1.70 price target on Corindus, whose share price today is around $1.29.
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Disclosures from Ladenburg Thalmann, Corindus Vascular Robotics, Inc., Sept. 25, 2018
ANALYST CERTIFICATION: I, Jeffrey S. Cohen, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report, provided, however, that:
The research analyst primarily responsible for the preparation of this research report has or will receive compensation based upon various factors, including the volume of trading at the firm in the subject security, as well as the firm’s total revenues, a portion of which is generated by investment banking activities.
