10:44 AM EDT, 05/30/2025 (MT Newswires) -- Conavi Medical ( CNVIF ) , a commercial-stage medical device company, on Friday said its second-quarter net loss halved, even as revenue fell significantly, while it talked up the outlook for its 'next-generation' Novasight system.

Net loss of $3.1 million was less than half of the $7.1 million loss in the prior year period, principally due to operating costs attributable to research & development activities, partially offset by a gain in the fair value of warrant liability.

Revenue fell to $58,000, from near $600,000, the year before, on a sharp decline in product revenue from $555,000 to a loss of $5,000.

Conavi said it was focused on developing the next generation Novasight system. To that end, it said new U.S. intracoronary imaging guidelines from the American College of Cardiology and recent peer-reviewed research "strongly validate Novasight's unique value proposition". It added U.S. FDA 510(k) submission remains "on track" for calendar Q3 2025.

"We are thrilled to have raised $20 million in financing to support finalizing product development of the next-generation Novasight Hybrid system, submit for regulatory clearance and enable commercial launch," said CEO Thomas Looby. "The team deserves huge credit for maintaining our timelines while working to support a significantly upsized raise in challenging market conditions. The participation of U.S. institutional investors is itself a powerful endorsement of our team, technology and strategy to set a new imaging standard for the most common procedures in interventional cardiology. Coupled with the recent upgrade in U.S. medical guidelines, we believe our timing for unlocking substantial shareholder value could not be better."

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