CHF Solutions Shares Rip Over 400 Percent

01:57 11/15/2017

A little over 2 weeks ago Eden Prairie, Minnesota based CHF Solutions, Inc. CHFS  announced 21 percent in revenue growth for its third quarter. The company’s stock didn’t react as positively as expected by shareholders. The stock continued its decline seeking its bottom for a reversal. Fast forward 2 weeks later, the medical device company rallies over 400 percent on record volume to an intraday high of $24.45. The 200 day moving average sits at $27.35, a break of this mark could ignite a further move north. If the stock continues holding up thorough the day we could see a strong move in the last hour and possibly some follow through momentum in tomorrow’s session.

CHF Solutions's Revenue for third quarter ended September 30, 2017 increased 21% compared to the same period in 2016 on a proforma basis. The company Hired and trained 6 additional experienced sales professionals and increased the US sales team to 10 territories, up from 4 territories in Q2. They initiated international distribution by signing a distribution agreement with APC Cardiovascular Ltd., a distributor based in the United Kingdom.

CHFS  Held a scientific advisory board meeting with 6 key physician opinion leaders that provided guidance on protocol design for a mechanistic study and a registry study expected to begin in early 2018. The company reduced operating expenses by 31% and operating cash utilization by 35% from same quarter last year and towards the end of the quarter, they received NASDAQ notification that Company is in compliance with minimum bid price requirements and the listing matter has been closed.

Finally CHF Solutions said transition of Aquadex FlexFlow System manufacturing from Baxter to in-house operations was going as planned and on schedule. In-house manufacturing is expected to commence in the fourth quarter of 2017.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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