Corindus Vascular Robotics Inc (NYSEAMERICAN:CVRS) reported financial results for its fourth quarter and year ended December 31, 2017. Investors apparently didn’t like what they heard as Corindus stock tumbled nearly 10% in after-hours trading Wednesday.
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.