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MRI Interventions, Inc. (OTCQB:MRIC), a commercial stage medical device company, has announced 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.”
“We ended the year with strong momentum in our ClearPoint neuro business. Subsequent to year end, we announced a significant progression in our relationship with Siemens Healthcare, an exclusive arrangement that positions us to enter the large cardiac EP market in close partnership with a major healthcare company. In addition, we recently announced that we have secured commitments for $3.5 million in a private notes offering. This funding will provide us cash to execute our business plan,” said Jenkins. “We are very pleased with all we accomplished in 2013, and we look forward to a successful 2014.”
