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MRI Interventions Reports 2012 Financial Results

Stocks in this article: MRIC

MEMPHIS, Tenn., March 7, 2013 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCBB:MRIC), a commercial stage medical device company focused on creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain and heart, announced today its financial results for the fourth quarter and full year ended December 31, 2012. The Company also announced its participation in two new trials for the direct delivery of gene therapies to treat Parkinson's disease.

Management Comments

2012 Results

"We are pleased to report that our 2012 revenues were $5.1 million, compared with $3.8 million in 2011. Our fourth quarter revenues were $1.9 million, compared with $1.2 million for the same period in 2011," said Kimble Jenkins, CEO of MRI Interventions. "Full year revenues from the sale of ClearPoint disposable products increased 128%, from $448,000 in 2011 to $1.0 million in 2012. On a quarter-over-quarter basis, disposable revenues increased 73%, from $178,000 in Q4 2011 to $308,000 in Q4 2012. We added seven additional ClearPoint installations in 2012, two of which were installed in Q4, as we began to see the benefits of our growing sales force. Revenues from the sale of ClearPoint systems decreased from $707,000 in 2011 to $150,000 in 2012, as six of the seven sites added in 2012 were installed under our ClearPoint Placement Program. The balance of our revenues for 2012 and 2011 were related to licensing and development service agreements."

Jenkins continued, "The higher revenues contributed to a narrowing of our operating loss to $3.1 million in 2012, down from $5.9 million in 2011. We significantly improved our balance sheet in 2012, as we reduced total liabilities by $13.6 million during the year. We ended the year with $1.6 million in cash, which we believe, when coupled with the net proceeds of approximately $10 million from the equity financing we closed in January 2013, will provide us with the capital to complete the commercial rollout of our ClearPoint product."

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