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MRI Interventions Announces Quarterly Product Revenues In Excess Of $1 Million For The First Time For The Fourth Quarter Of 2013

Stocks in this article: MRIC

Full Year Product Revenues Exceed Guidance MRI Interventions Sets Date to Report Full Financial Results

MEMPHIS, Tenn., March 10, 2014 (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 fourth quarter and full year product revenues for 2013. MRI Interventions also announced the date on which it will release its full financial results for the quarter and year ended December 31, 2013.

Product Revenues

"We are very pleased to have achieved a milestone during the fourth quarter as we recorded product revenues of $1.1 million, which was the first time our quarterly product revenues exceeded $1 million," said Kimble Jenkins, CEO of MRI Interventions. "The $1.1 million in product revenues for the quarter represents more than 200% growth over the fourth quarter of 2012. Our total product revenues for 2013 of $2.9 million also sets a record, exceeding our previously announced guidance on product revenues of $2.5 million to $2.8 million. We look forward to sharing our full results and providing an update on our progress later this month," said Jenkins.

Quarter Ended December 31, 2013

MRI Interventions recorded product revenues of $1.1 million for the quarter ended December 31, 2013, compared to $339,000 for the same period in 2012, an increase of 226%. ClearPoint disposable product revenues were $562,000 for the quarter ended December 31, 2013, compared with $308,000 for the same period in 2012, representing growth of 82%. Revenues from ClearPoint system reusable component sales were $545,000 in the fourth quarter 2013, compared to $31,000 in the quarter ended December 31, 2012.

Year Ended December 31, 2013

MRI Interventions recorded product revenues of $2.9 million for the year ended December 31, 2013, compared to $1.2 million for the prior year, an increase of 149%. Product revenues included ClearPoint system disposable product sales for the year ended December 31, 2013 of $1.8 million, compared with $1.0 million for the prior year, representing growth of 75%. Revenues from sales of ClearPoint system reusable components were $1.1 million for the year ended December 31, 2013, compared with $150,000 for the prior year, an increase of $982,000.

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