SA News • Mon, Nov. 10
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TriVascular Technologies: A Strong Short CandidateDon Dion • Mon, Sep. 29
- The lockup period for TRIV expires this October 13, 2014; at that point, some 12.8 million shares of TRIV, held by pre-IPO insiders, will be freed for sale.
- With an average trading volume of just 35,000 shares/day, the event could effect a supply shock, temporarily depressing TRIV’s stock price.
- TRIV has also exhibited significant declines in its early market performance; VC firms, executives, and directors could be ready to move on to other projects.
- We see a potentially strong short opportunity ahead for aggressive TRIV traders.
- TRIV, a medical device firm, pursuing technologies to improve treatment of aortic abdominal aneurysms (AAA), plans to raise $91.0 million in its upcoming IPO.
- TRIV accumulated a significant deficit of $238.5 million as of December 31, 2013, and we are unconvinced the company will capture a large portion of that market.
- Despite significant market for AAA stent grafts, TRIV’s competitors could have the edge. We plan to avoid this IPO.
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Mon, Nov. 10, 4:38 PM| Comment!
Mon, Oct. 20, 4:48 PM
Tue, Sep. 30, 12:45 PM
Thu, Sep. 18, 1:18 PM
- TriVascular Technologies (TRIV -0.1%) initiates a voluntary field safety corrective action related to certain of its 29 mm Ovation Prime aortic stent grafts. The action pertains to 30 devices, all of which are held by distributors ex. U.S.
- In a letter to be sent to international distributors, the company reports an increase in complaints about incomplete polymer fill of the 29 mm stent graft body during the implant procedure. This failure could lead to transient hypotension, prolonged procedure time and/or failure to exclude the aneurysm.
- This is no associated risk to patients with existing implanted Ovation Prime stent grafts. The complaint rate is only 0.3% but the company is responding to a trend in complaints pertaining to the devices made within a certain time frame. It has implemented manufacturing process improvements in response to the complaints.
Wed, Aug. 6, 5:54 PM| Comment!
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Wed, Aug. 6, 3:21 PM| Comment!
Thu, Apr. 17, 11:02 AM
- TriVascular Technologies (TRIV +12%) holds onto its gain from yesterday's debut that ended at $13.79 (+14.9%) on turnover of 2.2M shares. Volume thus far in today's trading is light at 63K, however.
- The medical device maker's lead product is its Ovation System, an endovascular stent graft for the repair of an abdominal aortic aneurysm. It received CE Mark approval in August 2010 and FDA approval in October 2012. Commercial sales began in the U.S. in November 2012.
- Revenues for 2012 and 2013 were $5.4M and $19.5M, respectively.
- Gross profit was -$3.6M and $7.8M.
- Net loss was -$43.3M and -$50.3M.
- Net loss/share was -$5.89 and -$5.01.
- CF Ops was -$34M and -$46.9M.
- (IPO) (FPX)
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