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MRI Interventions posts narrower 1Q loss, announces tie-up with Voyager Therapeutics

Together, the companies will develop new minimally invasive neurosurgical devices
MRI machine
The medical-device company's ClearPoint platform performs minimally invasive surgical procedures

MRI Interventions Inc (OTCQB:MRIC) announced first-quarter results after the bell Tuesday, reporting a decrease in revenue but a narrower earnings loss.

The medical-device company reported a loss of US$0.15 per share on revenue of US$1.5mln compared with a loss of US$0.45 per share on revenue of US$1.9mln in the previous year’s first quarter.

The California-based company develops ways to perform minimally invasive surgical procedures on the brain and heart. Its ClearPoint system works alongside a hospital’s existing MRI equipment and has been installed in 53 centers in the US.

The case volume for the ClearPoint platform totaled 160 cases, missing an internal target by 10 cases. In an earnings call, CEO Joe Burnett said he knew the reason behind each lost case, including six lost due to the Northeast blizzard.

“The first quarter of 2018 was an opportunity to 'hit the reset button' and prepare our company and organization to execute on our five-year growth strategy,” said Burnett in a statement.

Partner with Voyager Therapeutics 

The company also entered into a strategic agreement with Voyager Therapeutics Inc (NASDAQ:VYGR), a clinical-stage gene therapy company that develops treatments for neurological diseases. Together, the companies will develop new minimally invasive neurosurgical devices as well as hardware and software for Voyager’s gene therapy programs.

When asked on the conference call if there's any plan to uplist the shares from the OTC, Burnett said that he had no updates about that at this time, but added that the company is "continuing to build our business in the best possible way we can.”

Shares of MRI Interventions closed nearly 6% lower to US$2.55 Tuesday.

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