MRI Interventions Inc (OTCBB:MRIC), a leading name in the surgical field, is pleased to announce financial results for the three-month period ending March 31, 2015. As per the reports, the revenues of the company exceeded $1 million mark in the first quarter.
Management Call:
The senior management of the company is pleased to announce the results and hopes that the company can continue this performance in the future as well. According to Frank Grillo, CEO, MRI Interventions, 1Q2015 was one of the best three-month periods that the company had experienced lately. MRI Interventions Inc (OTCBB:MRIC) not only earned $1 million in revenues but also achieved a record sales level in the first quarter.
These results reflect the upward trend in company’s growth cycle over the past few months. In early 2015, the company had not more than just 1 ClearPoint sale, but the current trend shows that it will end up executing few more by the end of the year.
Financial Insights:
Total revenues for the first quarter were $1.01 million compared to previous year’s $823,000. Of the total revenues in the first quarter, ClearPoint System’s disposable product sales accounted $840,000 compared to previous year’s $565,000. The primary reason for the 49% hike in sales was nothing but the rapid shift in customers’ approach towards buying disposable products over the past 12 months or so.
Total sales of reusable products that use ClearPoint system accounted to $137,000 in 1Q2015, 49% higher than previous year’s products. Revenues generated from ClearPoint system service installation, and agreements were totaled at $34000 for the first quarter compared to $10,000 during the same period in the previous year. Total developmental service revenues of the company for the quarter were $99,000 versus ‘NIL’ revenue during the same period in previous year.
The revenues for the quarter were very good. But, still it ended the three-month period with a net loss of $3.9 million compared to a net income of $2.6 million during the same period in the previous year.
