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MRI Interventions Reports 2013 Financial Results

Stocks in this article: MRIC

MEMPHIS, Tenn., March 20, 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 financial results for the fourth quarter and year ended December 31, 2013.

Management Comments

"Our operational results for MRI Interventions in 2013 were very strong. We are pleased to report that our 2013 product revenues grew 149% over the prior year and that product revenues for the quarter grew 227% over the fourth quarter of 2012. During the fourth quarter, our product revenues were $1.1 million, which represents the first quarter in which our product revenues exceeded one million dollars," said Kimble Jenkins, CEO of MRI Interventions. "We achieved record product revenues for the quarter and for the year from both disposable product sales and capital product sales."

"We were successful in building out the sales and clinical support team needed for the ongoing growth of our business. We significantly expanded our marketing capabilities, which is enabling us to reach more neurosurgeons, referring neurologists and patients regarding ClearPoint. We made a number of enhancements to our ClearPoint system, and we added new components to our ClearPoint product offering. Furthermore, we bolstered our internal development capabilities, including the addition of two fully dedicated software developers," said Jenkins.

Jenkins continued, "We significantly expanded our ClearPoint footprint in 2013, increasing the number of installed sites by more than 50%, and ending the fourth quarter with a total of 31 sites. We are proud that our ClearPoint installed base includes many of the most respected neurosurgical centers in the United States. Additionally, in 2013 we firmly established ClearPoint as a platform system, enabling neurosurgeons to perform a wide range of neurosurgical procedures on a diverse and growing patient population."

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