Encore Medical develops and manufactures implantable septal occlusion devices designed to close cardiac defects through catheter-based procedures. These devices offer an alternative to open-heart surgery for patients with patent foramen ovale (PFO) or atrial septal defects (ASD). PFO closure devices represent the company's primary product line, accounting for approximately 62% of revenue, while ASD devices represent approximately 35% of sales. Although Encore has completed approximately 35,000 implants internationally, the company currently lacks FDA approval to sell in the United States. Encore generates revenue by selling devices and delivery systems through a network of independent distributors, primarily in European markets like Italy, Germany, and the Czech Republic. Encore's strategy focuses on completing the PerFOrm clinical trial to obtain U.S. regulatory approval for its PFO device. Encore is also expanding its international distribution and working to finalize its operational separation from Cardia, its former parent. Encore manages a vertically integrated model where it handles both manufacturing and sales, though it remains cash-constrained as it invests in clinical and regulatory requirements. The business has historically operated at a loss, as gross profits have been insufficient to cover the research and development costs associated with its U.S. market entry.