Neovasc Inc. (NASDAQ:NVCN) Issues Earnings Results, Misses Estimates By $0.02 EPS

Neovasc Inc. (NASDAQ:NVCN) announced its quarterly earnings results on Thursday. The medical equipment provider reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.02, Morningstar.com reports. The business had revenue of $1.31 million during the quarter, compared to analyst estimates of $1.40 million. Neovasc had a negative net margin of 68.34% and a negative return on equity of 55.90%.

Shares of Neovasc (NVCN) opened at 1.08 on Friday. The firm has a 50-day moving average price of $1.26 and a 200-day moving average price of $1.44. The stock’s market cap is $85.21 million. Neovasc has a 52 week low of $0.45 and a 52 week high of $3.34.

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Separately, Zacks Investment Research downgraded Neovasc from a “strong-buy” rating to a “hold” rating in a report on Friday, May 12th.

Hedge funds and other institutional investors have recently modified their holdings of the company. Virtu KCG Holdings LLC purchased a new position in shares of Neovasc during the second quarter valued at approximately $149,000. Iguana Healthcare Management LLC bought a new position in Neovasc during the first quarter worth about $505,000. Gagnon Advisors LLC raised its position in Neovasc by 0.5% in the second quarter. Gagnon Advisors LLC now owns 1,212,850 shares of the medical equipment provider’s stock worth $1,674,000 after buying an additional 5,671 shares in the last quarter. Gagnon Securities LLC raised its position in Neovasc by 5.2% in the second quarter. Gagnon Securities LLC now owns 3,023,087 shares of the medical equipment provider’s stock worth $4,172,000 after buying an additional 149,642 shares in the last quarter. Finally, West Family Investments Inc. raised its position in Neovasc by 50.0% in the first quarter. West Family Investments Inc. now owns 3,000,010 shares of the medical equipment provider’s stock worth $4,590,000 after buying an additional 1,000,010 shares in the last quarter. Institutional investors own 19.26% of the company’s stock.

About Neovasc

Neovasc Inc (Neovasc) is a specialty medical device company. The Company develops, manufactures and markets products for the cardiovascular marketplace. The Company’s segment is the development, manufacture and marketing of medical devices. Its products include the Tiara technology in development for the transcatheter treatment of mitral valve disease, the Neovasc Reducer for the treatment of refractory angina, and tissue products.

Earnings History for Neovasc (NASDAQ:NVCN)

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