Hansen saw net losses shrink in Q4, FY09

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Hansen Medical, a developer of medical robotics and robotic technology for 3D control of catheter movement, has reported its financial results for the fourth quarter and full-year, which ended Dec. 31, 2009.

For 2009, the total revenue was $22.2 million, compared to $23.4 million for 2008, according to Hansen. The company said its net loss for 2009 was $52.4 million, compared to a net loss of $57.9 million.

Total revenue for the fourth quarter was $7.2 million, a 35 percent increase compared to revenue of $5.4 million in the same period in 2008, according to the Mountain View, Calif.-based company. During the fourth quarter, the company recognized revenue on nine Sensei Robotic Systems as well as on shipments of 539 Artisan control catheters. In addition, four units that were previously classified in prior periods as deferred revenue were recognized as revenue in the fourth quarter of 2009. As of December 31, 2009 the company had a deferred revenue balance of $9.5 million, which includes revenue related to 12 Sensei systems.

Net loss for the 2009 fourth quarter was $11.7 million, compared with a net loss for the fourth quarter of 2008 of $15.9 million.

Research and development (R &D) expenses for fourth quarter were $4.3 million, compared to $6.8 million for the same period in 2008. Hansen said the decrease in R &D expenses was “primarily the result of decreases in outside services, materials and overhead expenses coupled with a decrease in employee-related expenses due primarily to lower average headcount and a one-week furlough in the 2009 period.” In 2010, the company expects R &D expenses to increase from 2009 levels principally due to the development of its vascular system, the Luna development agreement and a 300 patient clinical study sponsored by the company.