Reva Medical Files Bankruptcy After Heart Device Usage Slips

REVA Medical Inc., a biotechnology company focused on devices for heart conditions, filed for bankruptcy Tuesday after guidelines from the European Society of Cardiology severely impacted sales.

One of Reva’s primary products is a stent for coronary artery disease that dissolves in the body over time. Use of the product, known as Fantom Encore, declined significantly in 2018 after new guidelines related to bioresorbable coronary scaffolds were published in Europe, the product’s only market, according to a Securities and Exchange Commission filing.

Due to the poor performance of Fantom Encore, Reva’s revenue projections for the 2019 fiscal year ...