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TheStreet Open House

MRI Interventions Announces First Quarter 2014 Financial Results

  • Reports total revenues of $823,000
  • Reports fourth consecutive quarter of reduced cash burn
  • Announces involvement in sixth drug delivery trial

MEMPHIS, Tenn., May 8, 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 quarter ended March 31, 2014.

Management Comments

"We achieved total revenues of $823,000 in the first quarter 2014. Our product revenues grew 55%, with total product revenues of $713,000 in the first quarter 2014 compared to $460,000 in the first quarter 2013. Revenues from disposable product sales increased to $565,000 in the first quarter 2014, up from $347,000 in the same period in 2013, representing 63% growth," said Kimble Jenkins, CEO of MRI Interventions. "In addition, in the first quarter we further expanded our ClearPoint footprint by adding three new sites, Akron General Medical Center, Le Bonheur Children's Hospital and Swedish Medical Center, ending the quarter with 34 sites in total."

Jenkins continued, "Through our ongoing interactions with physicians, we received input regarding the need to enable our ClearPoint system to accommodate a broader range of patient positioning for certain procedures. To address that physician feedback, we decided to undertake a project to make improvements to the ClearPoint clinical workflow, our ClearPoint software and the fixation of our SmartFrame device to the patient. Our decision was the right one to make, but it did impact our first quarter results. For example, some sites, including one of our highest volume centers, held back on the number of ClearPoint procedures performed while they awaited completion of our work. All of the major aspects of the project have now been completed and implemented, and we are confident we are back on track, consistent with the sequential quarterly growth rates we saw in the second half of last year."

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