Hansen Medical, a developer of medical robotics and robotic technology for 3D control of catheter movement, has reported a decrease in net losses for its fiscal 2009 second quarter, which ended June 30.
Net loss for the 2009 second quarter, including total non-cash stock compensation expense of $1.9 million, was $14.6 million, an improvement compared with a net loss of $14.9 million in the second quarter of 2008, including non-cash stock compensation expense of $2.9 million, according to the Mountain View, Calif.-based company.
Hansen said its total revenue for the three months that ended June 30 of this year was $3.3 million, a 43 percent decrease compared with revenue of $5.8 million in the same period in 2008. The company recognized revenue on three Sensei Robotic Systems, including one system configured with the CoHesion module, as well as on shipments of 626 Artisan control catheters.
Research and development (R &D) expenses for the 2009 second quarter, including non-cash stock compensation expense of $688,000, were $5 million, versus $6.3 million for the same period in 2008, which included non-cash stock compensation expense of $763,000. The company said its decrease in R &D expenses was primarily the result of decreases in employee-related expenses, due primarily to lower average headcount and a one-week furlough period.
Selling, general and administrative expenses for this year's second quarter including non-cash stock compensation expense of $1 million, were $9.9 million, compared with $10 million for the same period in 2008, which included non-cash stock compensation expense of $2 million. According to Hansen, the decrease in selling, general and administrative expenses was primarily due to decreased employee-related expenses, related to lower average headcount, the one-week furlough and a decrease in non-cash stock compensation expense, partially offset by increased litigation costs and a $1.1 million charge for the impairment of certain assets related to its decision to terminate its relationship with its European subcontractor for the manufacturing of catheters.
"I believe that we are taking the right steps to weather the current macroeconomic challenges and to put ourselves in a position to expand our business as market conditions improve," said Frederic Moll, MD, president and CEO of Hansen. "Despite lower than expected Sensei system sales in the second quarter, our pipeline of potential customers is healthy and catheter sales were at a new quarterly high...I am also encouraged by the progress we have made to reduce spending and improve our cost structure during these challenging times."