Boca Raton, Florida-based Vycor Medical operates two distinct businesses through which the company has built a hearty portfolio of FDA-cleared, revenue-generating medical solutions. Collectively these businesses address significant global markets with combined value of approximately $13.7 billion.
Vycor’s NovaVision offers a suite of complementary therapies providing vision rehabilitation for neurological brain damage (such as stroke). The company has amassed an IP portfolio of 33 granted/issued patents, five pending patents, and is the developer of Vision Restoration Therapy (VRT), the only FDA-cleared therapy targeting vision loss resulting from neurological trauma.
While current post-traumatic therapies exist for speech, physical and occupational rehabilitation, vision therapy is often left unaddressed. To the more than a quarter (28%) of stroke victims that suffers from visual disorders and for the 20% that experience permanent vision loss, NovaVision’s focus on this critical missing therapy is of considerable value. The company enjoys limited peer competition within this area of therapy as there are no other clinically supported alternatives to the company’s light-based prescription stimulation therapy.
NovaVision has also developed the first commercially available computer-based eye movement therapy available for home use. Supported by decades of scientific research and 20 clinical studies, the company has completed two professional NeuroEyeCoach models that re-train patients to optimize their remaining visual field. This technology is currently available in the United States; additionally, NovaVision commenced a three-center patient trial for NeuroEyeCoach in Germany, Austria and Italy.
Vycor’s ViewSite is focused on bringing to market devices that increase safety and revolutionize surgery across multiple disciplines. Among other products, the company has developed a neurosurgical device used to access a specific target within the brain (such as a tumor). The ViewSite Brain Access System (VBAS) is a suite of single-use devices designed with a minimally invasive shape to enable the surgeon to access a specific target within the brain.
Accurate target access also creates potential for significantly less damage to the surrounding tissue compared to the risk of damage caused by the sharp edges of traditional blade retractors. The minimally invasive design also enables surgeons to use the device in challenging procedures that were once considered “inoperable.”
VBAS is fully commercialized and Vycor has initiated and is taking action following a four-pronged growth strategy to saturate the market:
• Drive U.S. market penetration – VBAS has been approved in more than 170 hospitals in the U.S. with additional hospitals in the approval process.
• Increase focus on international expansion – Vycor has established distribution agreements in Australia, Belgium, Brazil, Canada, China, France, Germany, Greece, Holland, Hong Kong, Italy, Japan, Korea, Russia, South Africa, Spain, Sri Lanka, Sweden, Taiwan and the UK.
• Secure more clinical and scientific data – Vycor is strongly supported by neurosurgeons at Weill Cornell Medical Center, has seven peer reviewed/published studies, and has a pipeline of new studies expected to be completed in 2015.
• Focus on new product development – Two of four planned new devices are currently going through the manufacturing process in Asia; finalization of design and testing, along with co-marketing and co-promotion agreements are being explored.
As Vycor carries out its growth strategy, the company is reaping the fruits of its progress. In the first nine months of 2014, Vycor reported revenue of $991,001, a 26% increase over the same period in 2013. The Vycor Medical division (VBAS) accounted for revenues of $710,743, a 41% increase compared to the same period in 2013. Gross profit for 2014 was $865,021, a 26% increase over 2013, a margin of 87% for both periods.
The company benefits from the guidance of a strong management team, board of directors, an advisory board, and impressive product portfolio that affix Vycor to incredible market opportunity. Pertaining to its stroke/TBI VRT and NeuroEyeCoach, the company sees approximately $4 billion aggregate US/EU market opportunity and $13 billion global market opportunity, in addition to $700 million market opportunity for the VBAS family of devices.
For more information, visit www.vycormedical.com