CHF Solutions (NSDQ:CHFS) shares took a hit today despite second-quarter revenues that received a boost amid the COVID-19 pandemic.
The Eden Prairie, Minn.-based fluid overload treatment developer posted losses of -$3.9 million, or -10¢ per share, on sales of $1.9 million for the three months ended June 30, 2020, for an 11.5% bottom-line gain on sales growth of 11.1%.
CHF Solutions got that sales boost in part due to increased demand in its Aquadex SmartFlow consoles for removing excess fluid from patients suffering from hypervolemia (fluid overload), which was related to treating patients with COVID-19.
In April, the company announced that it had doubled its production staff to cope with the heightened demand for the consoles.
“We continue to be very pleased that we produce a product that is providing a meaningful therapy for treating the COVID-19 patients,” CHF Solutions chairman & CEO John Erb said in a news release. “We know we are very fortunate to be less impacted than many small medical device companies, and although the rest of the year is full of uncertainty, we remain optimistic about the value we can bring to our customers and our investors.”
The company did not offer financial guidance for the full year or the upcoming third quarter.
CHFS shares were down -9.5% at 87¢ per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.7%.