QT Vascular’s FY15 net loss widens to US$53.1 million on higher expenses
By PC Lee 29 February 2016
'QT Vascular saw FY15 net loss widen 55.2% to US$53.1 million ($74.7 million), dragged down by higher R&D expenses and other expenses.
R&D expenses which contributed to higher net loss, rose from US$6.7 million in FY2014 to US$8.4 million in FY2015.
The increase in other expenses by US$23.7 million was mainly due to the recognition of the AngioScore judgement liability provision.
The company recognised the entire sum of US$23.4 million, being damages awarded against the company, TriReme US, Quattro, and the company’s CEO, Dr Eitan Konstantino, following the judgement in relation to the State Law Claims.
QT Vascular says the final sum to be borne by the group in relation to the State Law Claims, if any, will be determined at the conclusion of the appeal which is ongoing.
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