WALTHAM, Mass.–(BUSINESS WIRE)–Corindus Vascular Robotics, Inc. (NYSE American: CVRS), a leading developer of precision vascular robotics, today reported financial results for its fourth quarter and year ended December 31, 2017.
Recent Highlights and Accomplishments
- Revenue of $4.2 million in the fourth quarter 2017
- CorPath® GRX installed base increased to 33 systems with the installation of six new systems and four purchased upgrades in the fourth quarter
- Shipped 455 cassettes in the fourth quarter, an increase of 74% year-over-year and 23% from the third quarter 2017
- Received FDA 510(k) clearance for the CorPath® GRX System in peripheral vascular interventions
- Received FDA 510(k) clearance for the first automated robotic movement designed for the CorPath® GRX platform
- Launched course series, co-sponsored by Medtronic, at multiple leading hospitals to educate interventional cardiologists on transradial access techniques and robotic-assisted vascular interventions
- Initiated preclinical study with Mayo Clinic to evaluate capabilities of telestenting
“During the fourth quarter and closing out 2017, we demonstrated meaningful progress toward our strategic and commercial objectives by growing our installed base, increasing utilization, and advancing strategic partnerships,” said Mark Toland, President and Chief Executive Officer of Corindus. “The recent clearance of the CorPath GRX System for peripheral vascular interventions is a significant step forward as we expand usage of our technology and position Corindus for global success in bringing robotics to the forefront. We are excited to accelerate our momentum as we look ahead into 2018.”
Fourth Quarter 2017 Financial Results
Revenue for the fourth quarter of 2017 totaled $4.2 million compared to $0.5 million for the same period in the prior year. During the quarter, Corindus installed six new CorPath GRX Systems and four system upgrades, increasing the installed base of CorPath GRX to 33 systems. The company shipped 455 cassettes in the fourth quarter of 2017.
Gross profit totaled $1.2 million for the fourth quarter of 2017 compared to negative $1.1 million for the fourth quarter of 2016.
Selling, general and administrative expenses totaled $7.2 million for the fourth quarter of 2017, compared to $5.6 million for the fourth quarter of 2016. Research and development expenses totaled $2.0 million for the fourth quarter of 2017 compared to $2.9 million for the fourth quarter of 2016.
Net loss totaled $8.0 million for the fourth quarter of 2017, compared to a net loss of $9.8 million in the fourth quarter of 2016.
2017 Financial Results
Revenue for 2017 totaled $9.7 million compared to $2.8 million in 2016.
Gross profit totaled $385,000 in 2017 compared to negative $2.2 million in 2016.
Selling, general and administrative expenses totaled $24.8 million in 2017, compared to $19.6 million in 2016. Research and development expenses were $9.5 million in 2017 compared to $10.3 million in 2016.
Net loss was $34.1 million in 2017, compared to a net loss of $33.1 million in 2016.
Cash and cash equivalents as of December 31, 2017 were $17.5 million.
Webcast and Conference Call Information
Management will host a conference call today beginning at 4:30 p.m. ET to discuss financial results and recent business developments. Investors interested in listening to the conference call may do so by dialing (833) 286-5802 for domestic callers, or (647) 689-4447 for international callers, using Conference ID: 4949597. To listen to a live webcast, please visit the “Investor Relations” section of the Company’s website at: www.corindus.com. Following the call, a replay will be available on the Investor Relations section of the Company’s website.
About Corindus Vascular Robotics, Inc.
Corindus Vascular Robotics, Inc. is a global technology leader in robotic-assisted vascular interventions. The Company’s CorPath® System is the first FDA-cleared medical device to bring robotic precision to percutaneous coronary and percutaneous vascular procedures. During the procedure, the interventional cardiologist sits at a radiation-shielded workstation to advance guide catheters, stents, and guidewires with millimeter-by-millimeter precision. The workstation allows the physician greater control and the freedom from wearing heavy lead protective equipment that causes musculoskeletal injuries. With the CorPath System, Corindus Vascular Robotics brings robotic precision to interventional procedures to help optimize clinical outcomes and minimize the costs associated with complications of improper stent placement during manual procedures. Corindus stands behind its product with its unique $1,000 hospital credit “One Stent Program.” For additional information, visit www.corindus.com, and follow @CorindusInc.
Forward Looking Statements
Statements made in this release that are not statements of historical or current facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Corindus to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that includes terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to Corindus’ beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside Corindus’ control.
Examples of such statements include statements regarding or such as:
- The expansion of usage of Corindus’ technology and Corindus’ ability to bring robotics to the forefront
Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are described in the sections titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, including, but not limited to the following: the rate of adoption of our CorPath System and the rate of use of our cassettes; risks associated with market acceptance, including pricing and reimbursement; our ability to enforce our intellectual property rights; our need for additional funds to support our operations; our ability to manage expenses and cash flow; factors relating to engineering, regulatory, manufacturing, sales and customer service challenges; potential safety and regulatory issues that could slow or suspend our sales; and the effect of credit, financial and economic conditions on capital spending by our potential customers. Forward looking statements speak only as of the date they are made. Corindus undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date. More information is available on Corindus’ website at http://www.corindus.com.
| CORINDUS VASCULAR ROBOTICS, INC. | |||||||
| UNAUDITED CONSOLIDATED BALANCE SHEETS DATA | |||||||
| (In thousands, except share and per share amounts) | |||||||
| December 31, | December 31, | ||||||
| 2017 | 2016 | ||||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 17,458 | $ | 9,183 | |||
| Accounts receivable | 2,863 | 384 | |||||
| Due from related party | – | 250 | |||||
| Inventories, net | 2,103 | 1,545 | |||||
| Prepaid expenses and other current assets | 539 | 448 | |||||
| Total current assets | 22,963 | 11,810 | |||||
| Property and equipment, net | 1,452 | 982 | |||||
| Deposits and other assets | 151 | 221 | |||||
| Total assets | $ | 24,566 | $ | 13,013 | |||
| Liabilities and stockholders’ equity | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 2,416 | $ | 2,463 | |||
| Accrued expenses | 3,637 | 1,794 | |||||
| Customer deposits | 93 | – | |||||
| Deferred revenue | 339 | 750 | |||||
| Current portion of capital lease obligation | 49 | – | |||||
| Current portion of long-term debt | – | 3,755 | |||||
| Total current liabilities | 6,534 | 8,762 | |||||
| Long-term liabilities: | |||||||
| Deferred revenue, net of current portion | 342 | 129 | |||||
| Other liabilities | 73 | 52 | |||||
| Long-term capital lease obligation, net of current portion | 102 | – | |||||
| Total long-term liabilities | 517 | 181 | |||||
| Total liabilities | 7,051 | 8,943 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, par value $0.0001 par value; 10,000,000 shares authorized; | |||||||
| none issued and outstanding | – | – | |||||
| Common stock, $0.0001 par value; 250,000,000 shares authorized; | |||||||
| 188,764,851 shares at December 31, 2017 and 119,025,221 shares | |||||||
| at December 31, 2016 issued and outstanding | 19 | 12 | |||||
| Additional paid-in capital | 198,337 | 150,776 | |||||
| Accumulated deficit | (180,841) | (146,718) | |||||
| Total stockholders’ equity | 17,515 | 4,070 | |||||
| Total liabilities and stockholders’ equity | $ | 24,566 | $ | 13,013 | |||
| CORINDUS VASCULAR ROBOTICS, INC. | |||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||||
| (In thousands, except share and per share amounts) | |||||||||||||
| Three Months Ended | For the Years Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
| Revenue | $ | 4,190 | $ | 538 | $ | 9,650 | $ | 2,842 | |||||
| Cost of revenue | 2,990 | 1,630 | 9,265 | 5,042 | |||||||||
| Gross profit (loss) | 1,200 | (1,092) | 385 | (2,200) | |||||||||
| Operating expenses: | |||||||||||||
| Research and development | 1,971 | 2,940 | 9,517 | 10,313 | |||||||||
| Selling, general and administrative | 7,211 | 5,577 | 24,777 | 19,564 | |||||||||
| Total operating expense | 9,182 | 8,517 | 34,294 | 29,877 | |||||||||
| Operating loss | (7,982) | (9,609) | (33,909) | (32,077) | |||||||||
| Interest and other expense, net | 11 | (182) | (214) | (1,001) | |||||||||
| Net loss | $ | (7,971) | $ | (9,791) | $ | (34,123) | $ | (33,078) | |||||
| Net loss per share–basic and diluted | $ | (0.04) | $ | (0.08) | $ | (0.20) | $ | (0.28) | |||||
| Weighted-average common shares used in computing | |||||||||||||
| net loss per share–basic and diluted | 188,560,378 | 119,025,221 | 173,925,450 | 119,019,700 | |||||||||
| Comprehensive loss: | |||||||||||||
| Net loss | $ | (7,971) | $ | (9,791) | $ | (34,123) | $ | (33,078) | |||||
| Unrealized gain on marketable securities | $ | – | $ | – | $ | – | $ | 14 | |||||
| Comprehensive loss | $ | (7,971) | $ | (9,791) | $ | (34,123) | $ | (33,064) | |||||
Contacts
Corindus Vascular Robotics, Inc.
Investor Relations Contact:
Lynn Pieper Lewis, 415-937-5402
ir@corindus.com
or
Media Contact:
Kate Stanton, 508-653-3335 ext. 200
kate.stanton@corindus.com
