Hansen Medical, a developer of medical robotics and robotic technology for 3D control of catheter movement, has reported promising financial results for the second quarter, which ended June 30.
Net loss for the three months, including total non-cash stock compensation expense of $1 million, was $10.9 million, compared with a net loss of $14.7 million for the second quarter of 2009, including non-cash stock compensation expense of $1.9 million, according to the Mountain View, Calif.-based company.
Hansen reported that its total revenue for the second quarter was $7 million, compared with revenue of $2.9 million in the same period in 2009. During the second quarter, the company said it has shipped a cumulative total of 91 Sensei systems worldwide and recognized revenue on a total of 77 systems since its commercial launch in 2007 through June 30.
Research and development expenses for the second quarter, including non-cash stock compensation expense of $372,000, were $6.1 million, compared with $5 million for the same period in 2009, which included non-cash stock compensation expense of $688,000. The company said the increase in research and development expenses was primarily the result of development of its vascular system platform.
During the remainder of 2010, Hansen expects research and development expenses to increase from 2009 levels principally due to the on-going vascular system platform development, its atrial fibrillation clinical trial and engineering activities to support the fiber optic shape sensing and localization technology under its Luna Innovations development agreement.
"The company is making important progress on several fronts that include key initiatives in growing our EP business, developing and commercializing our vascular platform and improving our operating efficiency," said Bruce Barclay, president and CEO of Hansen. “[W]e are continuing to take a hard look at operating expenses."