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Neovasc Announces Second Quarter 2021 Financial Results Vancouver , British Columbia and Minneapolis , Minnesota -- ( Newsfile Corp. - August 10 , 2021 ) - Neovasc , Inc. ( NASDAQ : NVCN ) ( TSX : NVCN ) ( " Neovasc " or the " Company " ) today reported financial results for the second quarter ended June 30 , 2021 . Second Quarter Highlights • Generated revenue of approximately $ 633,000 in the quarter , up 123 % from the same period in 2020 , and a sequential 40 % increase from Q1 2021 . • Streamlined strategic focus to pursue three value - creation strategies around Reducer and Tiara TA , suspending Tiara TF activity and reducing headcount by 40 % . These moves are expected to extend the Company's cash runway into 2024 . • Continued to execute a strategic focus of additional reimbursement agreements , announcing in June that Reducer had been granted the first national reimbursement from the National Health Service England . • Continued to pursue clinical studies supporting Reducer : 。 Advanced preparations for COSIRA II , the pivotal US trial for Reducer . The Company expects to file an Investigational Device Exemption ( IDE ) Supplement with the FDA in the third quarter . 。 Announced the first enrollment in the COSIMA trial in Germany , studying Reducer as a treatment for microvascular angina . " Neovasc enjoyed a strong second quarter and continued to make good progress on its value creation strategies . During the quarter we made a strategic decision to streamline our focus on three value creation strategies , coupled with a significant corporate headcount reduction , which is expected to extend our cash runway for three years . We followed up on these moves in July , adding a new VP of Clinical Affairs and a VP of Regulatory Affairs , Global Angina Therapies to strengthen our expertise in these important areas . We are placing a heavy emphasis on expanding the market penetration of our CE - marked Reducer device in Europe , working directly with hospitals , cardiologists , and medical associations to raise awareness of the Reducer's safety , efficacy , and ease of use , " said Fred Colen , President and Chief Executive Officer of Neovasc . Mr. Colen continued , " Our team is also working diligently to expand reimbursement for the Reducer device . Those efforts were rewarded when Reducer was granted full reimbursement by the National Health Service ( NHS ) England , and we look forward to sharing news of more reimbursement decisions in the second half of the year . In the United States , we continue to prepare for our pivotal U.S. trial for Reducer and expect to file an IDE Supplement in the third quarter . With respect to Tiara , we are working with our notified body in Europe to understand all specific requirements and leverage of work already performed , to pursue a CE mark decision for the Tiara TA device under MDR . There is much more work to do , but we are confident that we now have the team in place and the financial security to successfully execute on our value creation strategies . " Financial results for the second quarter ended June 30 , 2021 Revenues increased 123 % to approximately $ 633,000 for the quarter ended June 30 , 2021 , compared to revenues of approximately $ 284,000 for the same period in 2020 . The cost of goods sold for the three months ended June 30 , 2021 , was approximately $ 109,000 , compared to $ 75,000 for the same period in 2020. The overall gross margin for the quarter ended June 30 , 2021 , was 83 % , compared to 74 % gross margin for the same period in 2020 . Total expenses for the quarter ended June 30 , 2021 , were $ 9.6 million compared to $ 8.9 million for the same period in 2020 , representing an increase of approximately $ 748,000 or 8 % . The increase in total