CHF Solutions Inc (NASDAQ: CHFS) is running for the top in the market this morning, trading on gains of more than 80%. The gains come after the company announced that it will be making changes to improve the effectiveness of its salesforce. Here’s what’s happening:
CHFS Stock Runs Up On Sales Force Improvements
In a press release issued early this morning, CHF Solutions announced that it will be realigning the focus of its sales force. Moving forward, the sales force will be updated to increase focus on cardiac surgery and eventually pediatrics.
The company said that the realignment will come following the anticipated clearance of a 510(k) application submitted with the FDA in September. Ultimately, once CHFS gains approval from the FDA, it will be ready to hit the ground running.
In a statement, John Erb, Chairman and CEO at CHFS, had the following to offer:
Over the past several months, we have been transitioning our commercial focus to the acute needs of fluid overloaded patients in cardiac surgery and other areas of critical care. In addition, we are preparing to soon bring the life-saving therapy to pediatric care. As a result of these transitions, we are refocusing our sales team to better meet the needs of these markets.
The above statement was followed up by Nestor Jaramillo, Chief Commercial Officer at CHFS. Here’s what he had to offer:
We are refocusing our sales team to better address the faster growing segment of our business in cardiac surgery and to prepare for our expected launch in pediatrics. This change in strategy has necessitated our changing the criteria and experience required for our account managers. We understand the structure and profile of a successful territory and have retained the services of a top executive search firm to help build out our sales organization with the sales competencies we need in executing our new strategies.
Why Investors Are So Excited Here?
At the end of the day, there are several reasons to be excited here. However, there are two very big aspects that are likely driving the price movement here.
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