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MRI Interventions Announces First Quarter 2013 Financial Results

Stocks in this article: MRIC

MEMPHIS, Tenn., May 9, 2013 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCQB: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 first quarter ended March 31, 2013.

Management Comments

"We are very pleased with the progress we made in the first quarter. We grew our revenues, we added to our installed base, and we made significant progress in building out the sales and marketing capabilities that we need to support accelerated growth in our business going forward," said Kimble Jenkins, CEO of MRI Interventions. 

"We are pleased to report growth in our revenues, with revenues of $1.3 million in the first quarter 2013 compared to $980,000 in the first quarter 2012," said Jenkins. "In particular, we are very pleased with the growth in product revenues of 107%, with $460,000 in the first quarter 2013 up from $222,000 in the first quarter 2012. This significant growth was driven primarily by increasing sales of our ClearPoint disposable products. On a quarter-over-quarter basis, our total product and service revenues increased 86%, with $614,000 in the first quarter 2013 up from $330,000 in the first quarter 2012."    

Jenkins continued, "Our ClearPoint installed base continues to expand, as we ended the first quarter 2013 with 23 sites, including 21 hospitals in the United States and two hospitals in Europe. In a strong start to 2013, we added three new ClearPoint installations in the first quarter. One of our new ClearPoint sites, Brigham and Women's Hospital in Boston, is a leader in the medical community in the clinical use of interventional MRI. Our other Q1 installations were Spectrum Health in Grand Rapids, Michigan, and the VA Medical Center in San Francisco. We believe the diverse nature of these new ClearPoint sites reflects the broad-based interest we see building as part of the ClearPoint commercial rollout. We are also excited to penetrate the VA hospital system."

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