EBR Systems (ASX:EBR) completed 40 commercial implants of its WiSE wireless cardiac pacing device for heart failure in the third quarter, down from 46 in the second quarter, bringing total implants across the pilot phase and limited market release to 157, according to a Monday filing with the Australian bourse.

The company said third-quarter implant volumes were below forecast, particularly in September, possibly due to a commercial leadership transition, the implementation of a refocused commercial execution strategy, and additional field training requirements.

"The correction in commercial strategy back to focus on deeper utilization in accounts versus starting many new accounts has not yet shown up in current volumes but is expected to do so once fully implemented," EBR Systems said.

The company expects to report third-quarter revenue in the range of $2.4 million to $2.5 million, compared with $2.6 million in the second quarter.

Its shares fell 36% in recent Monday trade.