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MRI Interventions Announces Third Quarter 2013 Financial Results

Stocks in this article: MRIC

MEMPHIS, Tenn., Nov. 12, 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 quarter ended September 30, 2013.

Management Comments

"MRI Interventions had another very successful quarter. We achieved record product revenues in the quarter, including record revenues from both disposable product sales and capital product sales. We expanded the ClearPoint installed base in the quarter with four new installations, another company record, and we narrowed our operating loss in the quarter compared to the second quarter of this year," said Kimble Jenkins, CEO of MRI Interventions.

"We are very pleased to report growth in our product revenues of over 160%, with total product revenues of $850,000 in the third quarter 2013 compared to $318,000 in the third quarter 2012. Revenues from disposable product sales increased to $470,000 in the third quarter 2013, up from $287,000 in the third quarter 2012," said Jenkins. "Revenues from capital product sales grew significantly to $380,000 in the third quarter 2013, up from $31,000 in the third quarter 2012."

Jenkins continued, "We further expanded the ClearPoint footprint, as we ended the third quarter with 29 installed sites, including 27 sites in the United States. Our new installations in the quarter included Cook Children's Medical Center in Fort Worth, Texas, Ronald Reagan UCLA Medical Center, University of Colorado Hospital, and University of Virginia Medical Center."

"Throughout this year, we have concentrated on building our sales and clinical support team for the ongoing growth of our business. During the third quarter, we made further progress in expanding our sales and clinical support capabilities by adding more personnel," said Jenkins. "Our activity in drug delivery with ClearPoint continued to progress, and the five clinical trials in which ClearPoint is involved continued to move forward during the quarter."

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