MRI Interventions (MRIC), a company with a revolutionary ClearPoint system that enables neurosurgeons to see inside the brain in real-time using direct MRI guidance while performing minimally invasive surgical procedures, today released strong 2012 third quarter (Q3) financial results.
To-date, MRI Interventions has successfully implemented its ClearPoint system in 18 sites with the first case in Universite Joseph Fourier Hospital in Grenoble, France.
MRIC’s year-to-date revenues from the sale of ClearPoint disposable products increased 265%, from $269,000 for the nine months ended September 30, 2011 to $713,000 for the same period in 2012.
MRIC’s ClearPoint system can be integrated in any existing MRI suites. So far, ClearPoint has been installed at 17 leading hospital sotes in the US, targeting as many as 4500 sites equipped with MRI scanners. 4483 sites are still available in US – which presents an enormous market opportunity! More research can be viewed here.
MRIC makes about $7200 per procedure with a gross margin of 70-80% on the disposable components to its ClearPoint system. These disposable components are replaced every time a new procedure is undertaken, hence it’s been called a ‘Razor blade’ in reference to the famous razor and razor blades business model.
Disposable component revenues were $287,121 for the quarter ended September 30, 2012, an increase of 40.57% compared to the same quarter last year. We anticipate rapid sales growth of ClearPoint systems in up-coming quarters with numerous increases in the number of surgical procedures performed using the platform. This means we should see sales ramp due to sale of the hardware, or the platform called ClearPoint, as well as the disposable components called ‘SmartFrames’.
Robert C. Korn, newly appointed as MRI Intervention’s VP of Sales and Marketing, was previously Director of Sales Medtronic (NYSE: MDT), a $42 billion dollar company. Mr. Korn will lead the sales effort at the company.
Early bird gets the worm, as the saying goes. Smart investors should look at MRIC and see nothing but an early opportunity to get in on the ground floor. Don’t miss the chance to invest in MRIC before its share price explodes. Two huge events could transpire in the near-term for the company. First, the company could potentially uplist to the NASDAQ or NYSE MKT and be the recipient of huge exposure. Or even better, MRI Interventions could be acquired by one of the “giants” in medical devices, like Boston Scientific or Medtronic or even GE. Don’t be a spectator of the deal, be a part of it.
MRI Interventions, Inc.
One Commerce Square
Memphis, TN 38103
MRI Interventions is creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain and heart. Utilizing a hospital’s existing MRI suite, the company’s FDA-cleared ClearPoint® system is designed to enable a range of minimally invasive procedures in the brain.
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