{"id":744395,"date":"2023-03-31T17:17:22","date_gmt":"2023-03-31T21:17:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/neovasc-announces-fourth-quarter-and-fiscal-year-2022-financial-results-and-provides-corporate-update\/"},"modified":"2023-03-31T17:17:22","modified_gmt":"2023-03-31T21:17:22","slug":"neovasc-announces-fourth-quarter-and-fiscal-year-2022-financial-results-and-provides-corporate-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/neovasc-announces-fourth-quarter-and-fiscal-year-2022-financial-results-and-provides-corporate-update\/","title":{"rendered":"Neovasc Announces Fourth Quarter and Fiscal Year 2022 Financial Results and Provides Corporate Update"},"content":{"rendered":"
\n

VANCOUVER and MINNEAPOLIS, MN, March 31, 2023 (GLOBE NEWSWIRE) — via NewMediaWire \u2013<\/u><\/a> Neovasc Inc. (\u201cNeovasc\u201d or the \u201cCompany\u201d) (NASDAQ, TSX: NVCN) today reported financial results for the fourth quarter and year ended December 31, 2022.<\/p>\n

\n Recent Highlights<\/i>\n <\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Generated revenue of $1.45 million in the fourth quarter of 2022 (91% growth against the fourth quarter of 2021), and $3.8 million for the full year 2022 (49% growth against fiscal 2021).<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 On March 13, 2023, following the conclusion of oral arguments on March 9, 2023, the U.S. Court of Appeals for the Federal Circuit issued a summary order affirming the judgment of the District Court for the Southern District of New York (the \u201cDistrict Court\u201d).\u00a0 On February 1, 2022, the District Court had dismissed the class action litigation against the Company and certain of its officers, with prejudice and without leave to amend.<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Acquisition by Shockwave Medical, Inc., which was announced on January 17, 2023 is expected to close early in Q2 2023 (the \u201cArrangement\u201d).<\/p>\n

\u201cEarlier this month we were pleased to announce the shareholder approval of the acquisition of Neovasc by Shockwave Medical,\u201d said Fred Colen, President and Chief Executive Officer. \u201cWe are working diligently with the Shockwave Medical team to ensure a quick and seamless transaction, and look forward to announcing the close of transaction in the near term.\u201d<\/p>\n

Financial Results for the Fiscal Year Ended December 31, 2022<\/p>\n

Revenues increased by 49% to $3,805,017 for the year ended December 31, 2022, compared to revenues of $2,547,406 for the same period in 2021.<\/p>\n

The cost of goods sold for the year ended December 31, 2022 was $773,834 compared to $555,697 for the same period in 2021. The overall gross margin for the year ended December 31, 2022 was 80%, compared to 78% gross margin for the same period in 2021.<\/p>\n

Total expenses for the year ended December 31, 2022 were $37,177,906 compared to $33,101,250 for 2021, representing an increase of $4,076,656.<\/p>\n

The operating losses and comprehensive losses for the year ended December 31, 2022 were $34,146,723 and $41,421,356, respectively, or $15.07 basic and diluted loss per share, as compared with $31,109,541 operating losses and $25,158,376 comprehensive losses, or $9.88 basic and diluted loss per common share in the capital of the Company (each, a \u201cShare\u201d), for the same period in 2021.<\/p>\n

ABOUT NEOVASC<\/p>\n

Neovasc is a specialty medical device company that develops, manufactures, and markets products for the rapidly growing cardiovascular marketplace. Its products include Neovasc Reducer\u2122, for the treatment of refractory angina, which is under clinical investigation in the United States and has been commercially available in Europe since 2015, and Tiara\u2122, for the transcatheter treatment of mitral valve disease, which is under clinical investigation in the United States, Canada, Israel, and Europe and for which activity has been indefinitely paused. The Company remains committed to the ongoing follow-up of patients in Tiara clinical trials and has paused all other Tiara activities. For more information, visit:\u00a0www.neovasc.com<\/u><\/a>.<\/p>\n

\n \n <\/p>\n

\n NEOVASC INC<\/strong>
\n .<\/strong>
\n
\n Consolidated Statements of Financial Position<\/strong>
\n
As at December 31,
(Expressed in U.S. dollars)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n
2021<\/td>\n		2020<\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current assets<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Cash and cash equivalents<\/td>\n\n $\u00a0 \u00a025,791,598<\/strong>\n <\/td>\n$\u00a0 \u00a0 51,537,367<\/td>\n$\u00a0 \u00a012,935,860<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Accounts receivable<\/td>\n\n 2,503,956<\/strong>\n <\/td>\n1,369,455<\/td>\n987,057<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Finance lease receivable<\/td>\n\n –<\/strong>\n <\/td>\n43,543<\/td>\n95,849<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Inventory<\/td>\n\n 1,086,038<\/strong>\n <\/td>\n1,480,077<\/td>\n1,006,850<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Prepaid expenses and other assets<\/td>\n\n 403,249<\/strong>\n <\/td>\n787,734 <\/td>\n705,471<\/td>\n<\/tr>\n
\n Total current assets<\/strong>\n <\/td>\n\n 29,784,841<\/strong>\n <\/td>\n55,218,176<\/td>\n15,731,087<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-current assets<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0\u00a0\u00a0 <\/strong>Restricted cash<\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 443,595<\/strong>\n <\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 469,808<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 470,460 <\/td>\n<\/tr>\n
\n \u00a0\u00a0\u00a0 <\/strong>Right-of-use asset<\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 341,609<\/strong>\n <\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 456,339<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 830,551 <\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Finance lease receivable\u00a0\u00a0 <\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 – <\/strong>\n <\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 – <\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42,841 <\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Property and equipment<\/td>\n\n 161,236\u00a0\u00a0\u00a0 <\/strong>\n <\/td>\n182,041\u00a0\u00a0 <\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 803,280 <\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Deferred loss on 2020 derivative warrant liabilities<\/td>\n\n 1,401,110<\/strong>\n <\/td>\n4,300,484<\/td>\n7,595,093<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Deferred loss on 2021 derivative warrant liabilities<\/td>\n\n 6,596,721<\/strong>\n <\/td>\n9,898,475<\/td>\n–<\/td>\n<\/tr>\n
\n Total non-current assets<\/strong>\n <\/td>\n\n 8,944,271 <\/strong>\n <\/td>\n15,307,147<\/td>\n9,742,225<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total assets<\/strong>\n <\/td>\n\n $\u00a0 \u00a038,729,112<\/strong>\n <\/td>\n$\u00a0 \u00a070,525,323<\/td>\n$\u00a0 \u00a025,473,312<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND EQUITY<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current liabilities<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0 Accounts payable and accrued liabilities<\/td>\n\n $\u00a0 \u00a0 \u00a09,850,077<\/strong>\n <\/td>\n$\u00a0 \u00a0 \u00a04,629,163<\/td>\n$\u00a0 \u00a07,243,500<\/td>\n<\/tr>\n
\u00a0\u00a0 Lease liabilities<\/td>\n\n 219,522 <\/strong>\n <\/td>\n273,145 <\/td>\n342,910<\/td>\n<\/tr>\n
\u00a0\u00a0 2019 Convertible notes<\/td>\n\n – <\/strong>\n <\/td>\n38,633 <\/td>\n38,633<\/td>\n<\/tr>\n
\u00a0\u00a0 2020 Convertible notes, warrants and derivative
\u00a0\u00a0 \u00a0\u00a0\u00a0warrant liabilities<\/td>\n		\n –<\/strong>\n <\/td>\n40,587 <\/td>\n37,525<\/td>\n<\/tr>\n
\n Total current liabilities <\/strong>\n <\/td>\n\n 10,069,599<\/strong>\n <\/td>\n4,981,528<\/td>\n7,662,568<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-Current Liabilities<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0 Lease liabilities <\/td>\n\n 143,881<\/strong>\n <\/td>\n272,652<\/td>\n596,881<\/td>\n<\/tr>\n
\u00a0\u00a0 2019 Convertible notes<\/td>\n\n –<\/strong>\n <\/td>\n6,548,796<\/td>\n6,156,724<\/td>\n<\/tr>\n
\u00a0\u00a0 2020 Convertible notes, warrants and derivative
\u00a0\u00a0\u00a0\u00a0\u00a0 warrant liabilities <\/td>\n		\n 357,924<\/strong>\n <\/td>\n6,088,728<\/td>\n$9,079,622<\/td>\n<\/tr>\n
\u00a0\u00a0 2021 Derivative warrant liabilities<\/td>\n\n 43,616<\/strong>\n <\/td>\n405,508<\/td>\n–<\/td>\n<\/tr>\n
\u00a0\u00a0 2022 Convertible Note<\/td>\n\n 12,275,067<\/strong>\n <\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
\n Total non-current liabilities<\/strong>\n <\/td>\n\n 12,820,488 <\/strong>\n <\/td>\n13,315,684<\/td>\n15,833,227 <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total liabilities<\/strong>\n <\/td>\n\n $\u00a0 \u00a022,890,087<\/strong>\n <\/td>\n$\u00a0 \u00a018,297,212<\/td>\n$\u00a0 \u00a023,495,795<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Equity<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Share capital<\/td>\n\n $ 441,369,134<\/strong>\n <\/td>\n$ 439,873,457<\/td>\n$ 369,775,383<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Contributed surplus<\/td>\n\n 43,892,545<\/strong>\n <\/td>\n40,355,952<\/td>\n35,045,056<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Accumulated other comprehensive loss <\/td>\n\n (6,229,804)<\/strong>\n <\/td>\n(7,885,024)<\/td>\n(7,615,717)<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Deficit<\/td>\n\n (463,192,850)<\/strong>\n <\/td>\n(420,116,274)<\/td>\n(395,227,205)<\/td>\n<\/tr>\n
\n Total equity<\/strong>\n <\/td>\n\n 15,839,025<\/strong>\n <\/td>\n52,228,111<\/td>\n1,977,517<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total liabilities and equity<\/strong>\n <\/td>\n\n $\u00a0 \u00a038,729,112<\/strong>\n <\/td>\n$\u00a0 \u00a070,525,323<\/td>\n$\u00a0 \u00a025,473,312<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n NEOVASC INC.<\/strong>
\n
\n Consolidated Statements of Loss and Comprehensive Loss<\/strong>
\n
For the years ended December 31,\u00a0
(Expressed in U.S. dollars)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2022<\/b>\n <\/td>\n2021<\/td>\n2020<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n REVENUE<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $3,805,017<\/b>\n <\/td>\n$2,547,406<\/td>\n$1,957,362<\/td>\n<\/tr>\n
\n COST OF GOODS SOLD<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 773,834<\/b>\n <\/td>\n555,697<\/td>\n446,239<\/td>\n<\/tr>\n
\n GROSS PROFIT<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,031,183<\/b>\n <\/td>\n1,991,709<\/td>\n1,511,123<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n EXPENSES<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4,848,906<\/b>\n <\/td>\n2,996,292<\/td>\n2,196,803<\/td>\n<\/tr>\n
General and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 14,785,424<\/b>\n <\/td>\n14,655,957<\/td>\n14,081,153<\/td>\n<\/tr>\n
Product development and clinical trials expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 17,543,576<\/b>\n <\/td>\n15,449,001<\/td>\n20,401,595<\/td>\n<\/tr>\n
\n TOTAL EXPENSES<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 37,177,906<\/b>\n <\/td>\n33,101,250<\/td>\n36,679,551<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n OPERATING LOSS<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -34,146,723<\/b>\n <\/td>\n-31,109,541<\/td>\n-35,168,428<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n OTHER (EXPENSE)\/ INCOME<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest and other income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 472,902<\/b>\n <\/td>\n551,940<\/td>\n1,394,035<\/td>\n<\/tr>\n
Interest and other expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -1,518,055<\/b>\n <\/td>\n-631,199<\/td>\n-1,035,957<\/td>\n<\/tr>\n
Loss on foreign exchange<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -56,634<\/b>\n <\/td>\n-50,798<\/td>\n-256,585<\/td>\n<\/tr>\n
Unrealized gain on warrants, derivative liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 warrants and convertible notes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 215,438<\/b>\n <\/td>\n17,404,002<\/td>\n8,528,255<\/td>\n<\/tr>\n
Realized (loss)\/gain on exercise or conversion of\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 warrants, derivative liability warrants and convertible notes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -1,845,822<\/b>\n <\/td>\n-1,898,092<\/td>\n814,083<\/td>\n<\/tr>\n
Amortization of deferred loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -4,300,786<\/b>\n <\/td>\n-9,068,689<\/td>\n-3,494,501<\/td>\n<\/tr>\n
\n TOTAL OTHER (EXPENSE)\/ INCOME<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -7,032,957<\/b>\n <\/td>\n6,307,164<\/td>\n5,949,330<\/td>\n<\/tr>\n
\n LOSS BEFORE TAX<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -41,179,680<\/b>\n <\/td>\n-24,802,377<\/td>\n-29,219,098<\/td>\n<\/tr>\n
\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Tax (expense)\/recovery<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -24,738<\/b>\n <\/td>\n-86,692<\/td>\n524,057<\/td>\n<\/tr>\n
\n LOSS FOR THE YEAR<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n ($41,204,418)<\/b>\n <\/td>\n($24,889,069)<\/td>\n($28,695,041)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n OTHER COMPREHENSIVE LOSS FOR THE YEAR<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fair market value changes in convertible notes due to changes in own credit risk<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -216,938<\/b>\n <\/td>\n-269,307<\/td>\n-1,475,210<\/td>\n<\/tr>\n
\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n -216,938<\/b>\n <\/td>\n-269,307<\/td>\n-1,475,210<\/td>\n<\/tr>\n
\n LOSS AND OTHER COMPREHENSIVE LOSS FOR THE YEAR<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n ($41,421,356)<\/b>\n <\/td>\n($25,158,376)<\/td>\n($30,170,251)<\/td>\n<\/tr>\n
\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LOSS PER SHARE<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and diluted loss per share<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n ($15.07)<\/b>\n <\/td>\n($9.88)<\/td>\n($43.04)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

FORWARD-LOOKING STATEMENT DISCLAIMER<\/p>\n

Certain statements in this news release contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws that may not be based on historical fact. When used herein, the words \u201cexpect\u201d, \u201canticipate\u201d, \u201cestimate\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cintend\u201d, \u201cbelieve\u201d, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements may involve, but are not limited to, the proposed timing and completion of the Arrangement; the satisfaction of the conditions precedent to the Arrangement and timing. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors and assumptions could cause the Company\u2019s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation,\u00a0risks that a condition to closing of the Arrangement may not be satisfied;\u00a0risks around the Company\u2019s ability to continue as a going concern; risks around the Company\u2019s history of losses and significant accumulated deficit; risks related to the COVID-19 coronavirus outbreak or other health epidemics, which could significantly impact the Company\u2019s operations, sales or ability to raise capital or enroll patients in clinical trials; if the Arrangement is not completed, risks relating to the Company\u2019s need for significant additional future capital and the Company\u2019s ability to raise additional funding; risks relating to the sale of a significant number of the Company\u2019s Shares; risks relating to the possibility that the Company\u2019s Shares may be delisted from the Nasdaq Capital Market or the Toronto Stock Exchange, which could affect their market price and liquidity; risks relating to the Share price being volatile; risks relating to the Company\u2019s significant indebtedness and its effect on the Company\u2019s financial condition; risks relating to the influence of significant shareholders of the Company over our business operations and share price; risks relating to lawsuits that the Company is subject to, which could divert the Company\u2019s resources and result in the payment of significant damages and other remedies; risks relating to claims by third-parties alleging infringement of their intellectual property rights; risks relating to the Company\u2019s ability to establish, maintain and defend intellectual property rights in the Company\u2019s products; risks relating to results from clinical trials of the Company\u2019s products, which may be unfavorable or perceived as unfavorable; risks associated with product liability claims, insurance and recalls; risks relating to use of the Company\u2019s products in unapproved circumstances, which could expose the Company to liabilities; risks relating to competition in the medical device industry, including the risk that one or more competitors may develop more effective or more affordable products; risks relating to the Company\u2019s ability to achieve or maintain expected levels of market acceptance for the Company\u2019s products, as well as the Company\u2019s ability to successfully build its in-house sales capabilities or secure third-party marketing or distribution partners; risks relating to the Company\u2019s ability to convince public payors and hospitals to include the Company\u2019s products on their approved products lists; risks relating to new legislation, new regulatory requirements and the efforts of governmental and third-party payors to contain or reduce the costs of healthcare; risks relating to increased regulation, enforcement and inspections of participants in the medical device industry, including frequent government investigations into marketing and other business practices; risks relating to the extensive regulation of the Company\u2019s products and trials by governmental authorities, as well as the cost and time delays associated therewith; risks relating to post-market regulation of the Company\u2019s products; risks relating to health and safety concerns associated with the Company\u2019s products and industry; risks relating to the Company\u2019s manufacturing operations, including the regulation of the Company\u2019s manufacturing processes by governmental authorities and the availability of two critical components of the Reducer; risks relating to the possibility of animal disease associated with the use of the Company\u2019s products; risks relating to the manufacturing capacity of third-party manufacturers for the Company\u2019s products, including risks of supply interruptions impacting the Company\u2019s ability to manufacture its own products; risks relating to the Company\u2019s dependence on limited products for substantially all of the Company\u2019s current revenues; risks relating to the Company\u2019s exposure to adverse movements in foreign currency exchange rates; risks relating to the possibility that the Company could lose its foreign private issuer status under U.S. federal securities laws; risks relating to the possibility that the Company could be treated as a \u201cpassive foreign investment company\u201d; risks relating to breaches of anti-bribery laws by the Company\u2019s employees or agents; risks relating to future changes in financial accounting standards and new accounting pronouncements; risks relating to the Company\u2019s dependence upon key personnel to achieve its business objectives; risks relating to the Company\u2019s ability to maintain strong relationships with physicians; risks relating to the sufficiency of the Company\u2019s management systems and resources in periods of significant growth; risks relating to consolidation in the health care industry, including the downward pressure on product pricing and the growing need to be selected by larger customers in order to make sales to their members or participants; risks relating to the Company\u2019s ability to successfully identify and complete corporate transactions on favorable terms or achieve anticipated synergies relating to any acquisitions or alliances; risks relating to conflicts of interests among the Company\u2019s officers and directors as a result of their involvement with other issuers; risks relating to future issuances of equity securities by the Company, or sales of Shares or conversions of convertible notes, and exercise of warrants, options and restricted stock units by existing security holders, causing the price of the Company\u2019s securities to fall; and risks relating to anti-takeover provisions in the Company\u2019s constating documents which could discourage a third-party from making a takeover bid beneficial to the Company\u2019s shareholders. These risk factors and others relating to the Company are discussed in greater detail in the \u201cRisk Factors\u201d section of the Company\u2019s most recent Annual Information Form and Management\u2019s Discussion and Analysis for the year ended December 31, 2022, which are available on SEDAR at\u00a0www.sedar.com<\/u><\/a>\u00a0and on Form 6-K filed with the Securities and Exchange Commission at\u00a0www.sec.gov<\/u><\/a>. These factors should be considered carefully, and readers should not place undue reliance on the Company\u2019s forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements beyond required periodic filings with securities regulators (copies of which may be obtained at\u00a0www.sedar.com<\/u><\/a>\u00a0or\u00a0www.sec.gov<\/u><\/a>), whether because of new information, future events or otherwise, except as required by law.<\/p>\n

Contacts
Investors:
<\/i>Mike Cavanaugh
ICR Westwicke
Phone: +1.617.877.9641
Email:\u00a0Mike.Cavanaugh@westwicke.com<\/p>\n

Media:
<\/i>Sean Leous
ICR Westwicke
Phone: +1.646.866.4012
Email:\u00a0Sean.Leous@westwicke.com<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

VANCOUVER and MINNEAPOLIS, MN, March 31, 2023 (GLOBE NEWSWIRE) — via NewMediaWire \u2013 Neovasc Inc. (\u201cNeovasc\u201d or the \u201cCompany\u201d) (NASDAQ, TSX: NVCN) today reported financial results for the fourth quarter and year ended December 31, 2022. Recent Highlights \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Generated revenue of $1.45 million in the fourth quarter of 2022 (91% growth against the fourth quarter of 2021), and $3.8 million for the full year 2022 (49% growth against fiscal 2021). \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 On March 13, 2023, following the conclusion of oral arguments on March 9, 2023, the U.S. Court of Appeals for the Federal Circuit issued a summary order affirming the judgment of the District Court for the Southern District of New York (the \u201cDistrict Court\u201d).\u00a0 On February 1, 2022, … <\/p>\n

Continue reading “Neovasc Announces Fourth Quarter and Fiscal Year 2022 Financial Results and Provides Corporate Update”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-744395","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nNeovasc Announces Fourth Quarter and Fiscal Year 2022 Financial Results and Provides Corporate Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/neovasc-announces-fourth-quarter-and-fiscal-year-2022-financial-results-and-provides-corporate-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Neovasc Announces Fourth Quarter and Fiscal Year 2022 Financial Results and Provides Corporate Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"VANCOUVER and MINNEAPOLIS, MN, March 31, 2023 (GLOBE NEWSWIRE) — via NewMediaWire \u2013 Neovasc Inc. 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(\u201cNeovasc\u201d or the \u201cCompany\u201d) (NASDAQ, TSX: NVCN) today reported financial results for the fourth quarter and year ended December 31, 2022. 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