MRI Interventions Announces 2017 First Quarter Results

IRVINE, Calif., April 27, 2017 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCQB:MRIC) (the “Company”) today announced financial results for the first quarter ended March 31, 2017.

2017 First Quarter and Recent Highlights

Frank Grillo, President and CEO of MRI Interventions stated: “We are very pleased to begin 2017 with another quarter of record results. In addition to 44% revenue growth over the first quarter of 2016, we achieved:

• A record 146 procedures in the first quarter, our eighth quarter in a row of growth in procedure volume;
• Two systems sales closed, three new systems evaluations initiated, and four accounts completed their first procedures with ClearPoint;
• Installed base reached 49 accounts; and
• Continued expense control and leverage of our resources, resulting in a 16% decrease in our use of cash to fund operations

“This momentum has carried into the second quarter, where we see continued strength in neurosurgery procedure growth at our existing centers, and our pipeline for new accounts remains on track. We believe we have increased our market opportunities with two exciting new relationships. These relationships are intended to leverage and expand our MRI guided surgical platform into additional unmet medical needs, which include:

• Jointly with Mayo Clinic, designing and developing MRI-guided, minimally invasive therapies for stroke. The initial focus of the collaboration is the development and commercialization of a novel, MRI-guided product for the treatment of intra cerebral hemorrhage (“ICH”).
• Jointly with Acoustic Medsystems, developing an innovative ablation technology and procedure for the treatment of locally advanced, non-resectable pancreatic cancer.

“We believe continued growth in our core neuro-navigation business and these two new technology development agreements hold tremendous promise for our company. We look forward to further increasing utilization and broadening our product line to include additional therapeutic treatments where the power of MRI-guided imaging can bring value to patients, surgeons and hospitals.”