As you’ve seen from the summary of last year’s business highlights set out in today’s press release, 2011 was an exceptional year for Hansen Medical, and the fourth quarter demonstrated continued momentum in the execution of our strategy. For example in the fourth quarter alone, we shipped six systems, four Sensei systems, one Magellan System in Europe and one Vascular Research system in the U.S., and recognized revenue on eight systems. This brings us to 13 systems shipped in total during 2011 with revenue recognized on 23 systems, a 92% increase over the 12 systems recognized in 2010.
Revenue for the quarter were $6.2 million, which is up 77% from the year ago quarterly period. These results flow from our three strategic imperatives, developing and launching the Magellan Robotic platform, growing the electrophysiology or EP; and driving operational excellence. We executed well against these three imperatives in 2011, and we remain focused on continuing the momentum in 2012 as we chart our path towards profitability.
Let me discuss these imperatives in a bit more detail starting with Magellan and our vascular platform. As we’ve discussed before, flexible robotics in vascular applications is a key growth driver for the business, and we believe it will be a catalyst to transform the way endovascular procedures are performed.
The Magellan Robotic platform’s most significant competitive advantage is that it allows for independent individual robotic control of distal tips of both the outer sheath and the inner leader catheter, as well as robotic manipulation of standard guidewires. It is also designed to allow more precise and predictable catheter navigation of peripheral vessels while reducing procedure time, lessening radiation exposure and lowering procedural fatigue countered by physicians.Read the rest of this transcript for free on seekingalpha.com
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