Company Update (NASDAQ:AMDA): Amedica Corporation Announces Expansion of Global Silicon Nitride Sales
Amedica Corporation (NASDAQ:AMDA), an innovative biomaterial company which develops and manufactures silicon nitride as a platform for biomedical applications, is pleased to announce Agência Nacional de Vigilância Sanitária (ANVISA) cleared its first generation Valeo™ silicon nitride interbody fusion devices and instrument sets for use in Brazil.
“We are extremely excited to expand our global footprint and have an additional sales channel for our innovative first generation silicon nitride devices,” said Dr. Sonny Bal, Chairman and CEO of Amedica Corporation. “Because our material is the only cleared alternative to PEEK and titanium systems in Brazil, we’ve established increased market interest in our differentiated biomaterial, which offers anti-infective properties and a favorable environment for bone growth. We plan to begin recognizing incremental revenue as early as this quarter now that our first generation is cleared for immediate distribution in Brazil.”
The Company anticipates the clearance and expanded geographic sales footprint to further accelerate adoption of silicon nitride for use in biomedical applications. Amedica is committed to obtaining Brazilian clearance for its second generation Valeo II™ silicon nitride interbody fusion devices and instrument sets in the future. (Original Source)
Shares of Amedica closed yesterday at $0.45. AMDA has a 1-year high of $3.43 and a 1-year low of $0.20. The stock’s 50-day moving average is $0.56 and its 200-day moving average is $0.48.
On the ratings front, Needham analyst Michael Matson reiterated a Buy rating on AMDA, with a price target of $1, in a report issued on May 8. The current price target represents a potential upside of 122.2% from where the stock is currently trading. According to TipRanks.com, Matson has a total average return of 6.5%, a 60.2% success rate, and is ranked #727 out of 3731 analysts.
Amedica Corporation is a commercial-stage biomaterial company. It is engaged in using its silicon nitride technology platform to develop, manufacture & commercialize medical devices. Its products include valeo interbody fusion devices & facet fixation.