MRI Interventions Announces Strong 2012 Third Quarter Results

MRI Interventions, Inc. (OTCBB: 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 results for the quarter ended September 30, 2012.

Management Comments

“We are pleased with the growth we realized during the quarter relating to the commercialization of our ClearPoint Neuro Intervention System,” said Kimble Jenkins, CEO of MRI Interventions. “Year-to-date revenues from the sale of ClearPoint disposable products increased 265%, from $269,000 for the nine months ended September 30, 2011 to $713,000 for the same period in 2012. Disposable revenues increased 40% from Q2 to Q3 of this year, with $204,000 in the second quarter increasing to $287,000 in the third quarter. ClearPoint installations continue to grow, as we ended the third quarter with 18 sites, including the addition of luminary hospitals, Ohio State University and Universite Joseph Fourier Hospital in Grenoble, France. Of note, the Grenoble ClearPoint cases represented our first cases in Europe.”

Jenkins continued, “As demand for ClearPoint has increased, we began expanding our ClearPoint sales force during the quarter with the addition of two seasoned neurosurgical sales persons, and subsequent to quarter end, the hiring of Robert Korn as our Vice President, Global Sales and Marketing. In addition, we were pleased to see ClearPoint platform uses continue to grow in the quarter, with multiple sites now using our ClearPoint system to aide in electrode placement, focal laser ablation, direct drug delivery and biopsy procedures.”

“We are pleased to see continued growth in our revenues, with revenues of $3.2 million for the nine months ended September 30, 2012 versus $2.7 million for the same period in 2011. We were also successful in decreasing our operating loss, year-to-date through the third quarter, from $(4.6) million in 2011 to $(2.6) million in 2012. We were able to improve our cash position with an equity financing we closed during the third quarter which resulted in net proceeds of $5.5 million.”