Hansen Medical, a developer of robotic technology for 3D control of catheter movement, saw an increase in revenues for the firm's fiscal 2008 fourth quarter, which ended Dec. 31.
Total revenue for quarter was $7.3 million, a 74 percent increase compared with revenue of $4.2 million in the same period in 2007. Full-year revenues rose to $30.2 million, compared with fiscal 2007 revenues of $10.1 million.
The company said it recognized revenue on 10 Sensei Robotic Systems, including seven systems configured with the CoHesion module, as well as on shipments of 520 Artisan control catheters.
The firm posted a net loss of $14.9 million in the fourth quarter, a significant improvement compared with net losses of $23.9 million in the prior-year quarter. For the fiscal year, Hansen saw its overall net losses rise to $53.4 million, compared with its fiscal 2007 net loss of $50.4 million.
Research and development (R &D) expenses for the fourth quarter, including non-cash stock compensation expense of $741,000, were $6.8 million, compared with $5.1 million for the same period in 2007, which included non-cash stock compensation expense of $494,000.
The increase in R &D expenses was primarily due to increased employee-related expenses due primarily to higher average headcount, increased outside services, materials and overhead expenses, along with higher non-cash stock compensation expenses, according to the Mountain View, Calif.-based company.