Welcome!

News Feed Item

Hansen Medical Reports Recent Business Highlights and First Quarter 2014 Results

MOUNTAIN VIEW, CA -- (Marketwired) -- 05/07/14 -- Hansen Medical, Inc. (NASDAQ: HNSN), a global leader in intravascular robotics, today reported recent business highlights and financial results for the first quarter of fiscal year 2014 ended March 31, 2014.

Recent Business Highlights:

  • On May 6, the Company's Board of Directors announced the appointment of Cary Vance to the position of President and Chief Executive Officer and a member of the Board of Directors. Mr. Vance will join the Company on May 23, 2014.
  • On April 29, the Company announced successful completion of the world's first clinical procedures using the Magellan™ 6Fr Robotic Catheter. The cases included two Uterine Fibroid Embolizations and a Transarterial Chemoembolization (TACE) procedure for colon cancer with liver metastasis.

First Quarter 2014 Highlights:

  • First quarter revenue of $3.7 million, up 25% year-over-year.
  • Commercialized two robotic systems (1 Magellan™ Robotic System and 1 Sensei® X Robotic Catheter System) in the first quarter of fiscal year 2014 compared to one robotic system in the first quarter of 2013.
  • Placed one additional Magellan System for the purpose of completing a single center clinical study with the new Magellan™ 6Fr Robotic Catheter in a variety of embolization procedures.
  • Physicians performed an estimated 827 robotic procedures in the first quarter of fiscal year 2014, up 6% year-over-year.

"We are pleased to welcome Cary Vance as President and Chief Executive Officer and look forward to his leading Hansen through the next stage of growth," said Christopher P. Lowe, Hansen Medical's interim Chief Executive Officer. "Throughout his career, Cary has delivered above average revenue growth while also driving margin expansion opportunities; and I am confident that his commercial expertise and leadership will be a tremendous asset for the Company. During this interim transition, the Company has remained focused on achieving our stated objectives for fiscal 2014 and we are particularly pleased to have recently announced the first-in-human clinical cases performed with the 6Fr Robotic Catheter as part of a clinical study to evaluate the use of the Magellan in a variety of peripheral vascular embolization procedures."

First Quarter of 2014 Financial Results

Total revenue for the first quarter ended March 31, 2014 increased 25% to $3.7 million, compared to revenue of $3.0 million in the same period in 2013. The Company commercialized two robotic systems in the quarter (1 Magellan System and 1 Sensei System). The Company uses the term "commercialized" to refer to revenue-generating system transactions, including rental transactions. The Company sold 685 catheters in the first quarter of fiscal 2014, up 16% year-over-year. Physicians performed an estimated 827 robotic procedures in the first quarter of 2014, up 6% year-over-year.

Gross profit in the first quarter of fiscal 2014 decreased 15% to $0.4 million, or 11% of sales, compared to $0.5 million, or 16% of sales, last year. First quarter gross margin was negatively impacted by $256,000 of costs associated with additional product testing required in the quarter, partially offset by lower service costs in the quarter.

Research and development expenses for the first quarter were $4.4 million, compared to $4.1 million for same period in 2013. The increase of $0.3 million is primarily due to incremental costs associated with new product development and clinical program initiatives designed to expand the utilization of our platform.

Selling, general and administrative expenses for the first quarter were $9.2 million, compared to $7.4 million for the same period of 2013. The increase of $1.8 million year-over-year is primarily due to costs related to the expansion of our global sales organization and certain administrative expenses in the quarter.

Net loss for the first quarter of 2014 was $14.4 million, or $0.14 per share, compared to a net loss of $17.2 million, or $0.26 per share, in the first quarter of 2013. Net loss for the first quarter of 2014 included total non-cash stock compensation expense of $0.8 million compared to $1.1 million in the first quarter of 2013. Net loss in the first quarter of 2013 included a pre-tax loss of $4.5 million related to a litigation settlement. Weighted average shares outstanding used to compute diluted net loss per share were 103.3 million for the first quarter of fiscal 2014, compared to 67.3 million in the first quarter of fiscal 2013.

Cash, cash equivalents, short-term investments and restricted cash totaled $38.4 million as of March 31, 2014, up $3.1 million quarter-over-quarter, compared to a total of $35.3 million as of December 31, 2013.

Hansen Medical Earnings Release and Conference Call

Hansen Medical is scheduled to report the first quarter 2014 results and host a conference call on May 7, at 5:00 p.m. ET (2:00 p.m. PT) at which point the Company will discuss in more detail the results of the quarter and other recent business highlights. Investors are invited to listen to the call live via the Internet using the link available within the "Investor Relations" section of Hansen Medical's website at www.hansenmedical.com. Additionally, participants can dial into the live conference call by calling 888-846-5003 (480-629-9808 for international callers) and referencing the participant code 4681413. An audio replay of the webcast will be available approximately one hour after the completion of the conference call through May 14, 2014 by calling 877-870-5176 (858-384-5517 for international callers) and entering the access code 4681413.

About Hansen Medical, Inc.

Hansen Medical, Inc., based in Mountain View, California, is a global leader in intravascular robotics, developing products and technology designed to enable the accurate positioning, manipulation and control of catheters and catheter-based technologies. The Company's Magellan™ Robotic System, 9Fr Magellan™ Robotic Catheter, Magellan™ 6Fr Robotic Catheter, and related accessories are intended to facilitate navigation to anatomical targets in the peripheral vasculature and subsequently provide a conduit for manual placement of therapeutic devices. The Magellan 9Fr Robotic Catheter has undergone both CE marking and 510(k) clearance and is commercially available in the European Union, and the U.S. The Magellan 6Fr Robotic Catheter has undergone 510(k) clearance in the U.S. and is in limited release for the next several months in anticipation of more wide-scale commercial availability later in 2014. In the European Union, the Company's Sensei® X Robotic Catheter System and Artisan® and Artisan Extend® Control Catheters are cleared for use during electrophysiology (EP) procedures, such as guiding catheters in the treatment of atrial fibrillation (AF), and the Lynx® Robotic Ablation Catheter is cleared for the treatment of AF. This robotic catheter system is compatible with fluoroscopy, ultrasound, 3D surface map and patient electrocardiogram data. In the U.S., the Company's Sensei X Robotic Catheter System and Artisan and Artisan Extend Control Catheters are cleared by the U.S. Food and Drug Administration for manipulation and control of certain mapping catheters in EP procedures. In the U.S., the Sensei X Robotic Catheter System is not approved for use in guiding ablation procedures; this use remains experimental. The U.S. product labeling therefore provides that the safety and effectiveness of the Sensei X Robotic Catheter System and Artisan and Artisan Extend Control Catheter for use with cardiac ablation catheters in the treatment of cardiac arrhythmias, including AF, have not been established. Additional information can be found at www.hansenmedical.com.

Forward-Looking Statements

This press release contains forward-looking statements regarding, among other things, statements relating to goals, plans, objectives, milestones and future events. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "plan," "expects," "potential," "believes," "goal," "estimate," "anticipates," and similar words. These statements are based on the current estimates and assumptions of our management as of the date of this press release and are subject to risks, uncertainties, changes in circumstances and other factors that may cause actual results to differ materially from the information expressed or implied by forward-looking statements made in this press release. An example of such statements include our statement regarding expectations for the timing of the more wide-scale commercial availability of the Magellan 6Fr Robotic Catheter. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: factors relating to engineering, regulatory, manufacturing, sales and customer service challenges in developing new products and entering new markets; potential safety and regulatory issues that could slow or suspend our sales; the effect of credit, financial and economic conditions on capital spending by our potential customers; the uncertain timelines for the sales cycle for newly introduced products; the rate of adoption of our systems and the rate of use of our catheters; the scope and validity of intellectual property rights applicable to our products; competition from other companies; our ability to recruit and retain key personnel; our ability to manage expenses and cash flow, and obtain additional financing; and other risks more fully described in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 13, 2014 and the risks discussed in our other reports filed with the SEC. Given these uncertainties, you should not place undue reliance on the forward-looking statements in this press release. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.

"Artisan Extend," "Hansen Medical," "Hansen Medical (with Heart Design)," "Heart Design (Logo)," "Sensei," "Lynx," "Artisan," "Instinctive Motion," "Fine Force Technology," "IntelliSense" are registered trademarks, and "Magellan" and "Hansen Medical Magellan" are trademarks of Hansen Medical, Inc. in the U.S. and other countries.



                            HANSEN MEDICAL, INC.
              Condensed Consolidated Statements of Operations
                   (In thousands, except per share data)
                                (Unaudited)

                                                    Three Months Ended
                                                         March 31,
                                               ----------------------------
                                                    2014           2013
                                               -------------  -------------
Revenues:
  Product                                      $       2,352  $       1,626
  Service                                              1,347          1,325
                                               -------------  -------------
    Total revenues                                     3,699          2,951
Cost of revenues:
  Product                                              2,744          1,859
  Service                                                557            623
                                               -------------  -------------
    Total cost of revenues                             3,301          2,482
                                               -------------  -------------
Gross profit                                             398            469
                                               -------------  -------------
Operating expenses:
  Research and development                             4,415          4,112
  Selling, general and administrative                  9,161          7,418
  Loss on settlement of litigation                        --          4,500
                                               -------------  -------------
Total operating expenses                              13,576         16,030
                                               -------------  -------------
Loss from operations                                 (13,178)       (15,561)
Other expense, net                                    (1,249)        (1,588)
                                               -------------  -------------
Loss before income taxes                             (14,427)       (17,149)
Income tax expense                                       (18)           (38)
                                               -------------  -------------
Net loss                                       $     (14,445) $     (17,187)
                                               =============  =============
Basic and diluted net loss per share           $       (0.14) $       (0.26)
                                               =============  =============
Shares used to compute basic and diluted net
 loss per share                                      103,334         67,296
                                               =============  =============




                            HANSEN MEDICAL, INC.
                    Condensed Consolidated Balance Sheets
                               (In thousands)
                                 (Unaudited)

                                                   March 31,    December 31,
                                                      2014          2013
                                                 ------------- -------------
ASSETS
  Cash, cash equivalents and short-term
   investments                                   $      33,004 $      29,940
  Accounts receivable, net                               4,395         5,114
  Inventories                                           12,028        12,203
  Prepaids and other current assets                      1,629         1,914
  Property and equipment, net                            3,882         3,641
  Restricted cash                                        5,394         5,394
  Other assets                                           1,582         2,953
                                                 ------------- -------------
    Total assets                                 $      61,914 $      61,159
                                                 ============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
  Accounts payable                               $       3,174 $       3,337
  Deferred revenue                                       3,180         3,115
  Debt                                                  33,608        33,358
  Other liabilities                                      4,820         4,473
                                                 ------------- -------------
    Total liabilities                                   44,782        44,283
                                                 ------------- -------------
    Total stockholders' equity                          17,132        16,876
                                                 ------------- -------------
    Total liabilities and stockholders' equity   $      61,914 $      61,159
                                                 ============= =============


Investor Contacts:
Peter J. Mariani
Chief Financial Officer
Hansen Medical, Inc.
650.404.5800

Westwicke Partners, LLC.
Mark Klausner or Mike Piccinino, CFA
443.213.0500
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
Cloud computing changed data analytics for good. It enabled companies to drastically decrease resources and architecture previously assigned with business intelligence departments. It also enabled laymen to run advanced business analytics. Cloud was also the architecture of choice for storing and processing big data. Data piling is a continuous process, which is going to explode with emerging Internet of Things concept. Answer to this issue developers found in new concept called fog computing. ...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...