Cardiac surgery product developer Admedus (ASX: AHZ) has announced a major order of its cardiac repair devices to its US-based distributor.
The Queensland-based company sold 12,500 CardioCel and VascuCel patches to LeMaitre Vascular Inc for the year ahead, a figure which exceeds global sales for the products over the past year.
CardioCel and VascuCel patches are used in surgery in pericardial closure and the repair of cardiac and vascular defects including intracardiac defects, septal defects, valve and annulus repair, great vessel reconstruction, peripheral vascular reconstruction and suture line buttressing.
Admedus sold distribution rights to LeMaitre for $23 million upfront, but retains manufacturing rights for up to three years, ensuring Admedus a 20 per cent margin above costs.
The company received its first payment under the arrangement in November.
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