Hansen Medical, a developer of robotic technology, has reported continued losses in its financial results for the second quarter, which ended June 30.
The company reported that its net income was $323,000, compared to $853,000 for the same period in 2007, a decrease that the company said was “primarily due to lower interest income related to lower balances of average cash, cash equivalents and short-term investments.” The lower balances resulted primarily from cash used in operations and its 2007 acquisition of AorTx, partially offset by cash received from an equity offering in April, Hansen said.
Total revenue for second quarter of 2008 was $5.8 million, compared to revenue of $2.4 million in the same period in 2007, a 139 percent increase from last year, according to the Mountain View, Calif.-based Hansen. The company also recognized revenue on eight Sensei Robotic Systems, as well as on shipments of 279 Artisan control catheters and one stand-alone CoHesion module.
During the second quarter, the company also completed a secondary public offering of three million shares common stock worth approximately $39.5 million.
Cost of goods sold was $4.7 million and included non-cash stock compensation expense of $171,000 for the quarter. The company said it expects that cost of goods sold for the remainder of 2008 “will continue to fluctuate from quarter to quarter as revenues change, manufacturing levels change, scale-up of contract manufacturing processes continues and the company transitions into its new manufacturing facility.”
Hansen said its research and development (R &D) expenses for the second quarter were $6.3 million, compared to $4.4 million for the same period in 2007. The increase in R &D expenses “was primarily due to increased employee-related expenses due to higher headcount, increased outside services, materials and overhead expenses, along with higher non-cash stock compensation expenses,” the company said.