It appears that the Diamondback from CSI has eroded into the marketshare for lower extremity atherectomy that was preveiously held by EV3/Foxhollow's Silverhawk. The Diamondback system is an orbital atherectomy device for treatment of lower extremity athero occlusive disease. It was released in September of 2007. CSI filed with the SEC for a planned IPO in January of 2008. See more information about the technique of orbital atherectomy with the Diamondback atherectomy from CSI. Learn more details about the executive team and corporate financials for CSI.
Read more about EV3/Foxhollows 2007/Q4 results. This article nicely summarizes some of the barriers to growth that exist with directional atherectomy using the silverhawk system.
So does this all add up to the successful IPO for CSI only 10 months after the FDA granted 510 clearance for the Diamondback device. 1,700 catheters were shipped and $4.6million revenue generated at the close of 2007 (see S1 SEC filing) In VIVO Blog reports why it makes sense.
Finally, Bio Medicine reports Q1 2008 results which further notes issues such as high levels of customary inventory. ie large volumes of product sitting dormant on hospital shelves, highly incentivived-highly compensated former silverhawk reps being brought in line with industry comp norms
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