Full Press Release Details
MRI INTERVENTIONS ANNOUNCES RECORD QUARTERLY
REVENUE, RECORD CLEARPOINT SYSTEM PROCEDURES IN 2017 FIRST QUARTER
Company Achieves Eighth Consecutive
Quarter of ClearPoint System Procedure Growth
6, 2017 - MRI Interventions, Inc. (OTCQB: MRIC) today announced preliminary results for the quarter ended March 31, 2017.
Total revenues were $2.0
million for the three months ended March 31, 2017, and $1.4 million for the same period in 2016, an increase of $613,000, or 44%.
ClearPoint disposable product
sales were $1.7 million for the three months ended March 31, 2017, compared with $1.1 million for the same period in 2016, representing
an increase of $559,000, or 51%. This increase was due primarily to a record 146 ClearPoint Neuro Navigation System procedures
performed in the 2017 first quarter.
ClearPoint reusable product
sales were $259,000 for the three months ended March 31, 2017, compared with $262,000 for the same period in 2016. Reusable products
consist primarily of computer hardware and software bearing sales prices that are appreciably higher than those for disposable
products and historically have fluctuated from period to period.
"We are very pleased
to report a 44% increase in first quarter revenue year-over-year, and our eighth consecutive quarter of record procedures as adoption
of the ClearPoint System continues to increase," said Frank Grillo, President and Chief Executive Officer of MRI Interventions,
Inc. "Just a few of the highlights from this quarter include:
We are pleased with the
continued adoption of our technology, and are encouraged by the broadening use of our technology in multiple procedure types in
our existing sites. We look forward to reporting our full financial results near the end of April."
5 Musick, Irvine, California 92618 949.900.6833
About MRI Interventions, Inc.
on the imaging power of magnetic resonance imaging ("MRI"), MRI Interventions is creating innovative platforms for
performing the next generation of minimally invasive surgical procedures in the brain. The ClearPoint Neuro Navigation System,
which has received 510(k) clearance and is CE marked, utilizes a hospital's existing diagnostic or intraoperative MRI suite
to enable a range of minimally invasive procedures in the brain. For more information, please visit www.mriinterventions.com.
Forward-Looking Statements
concerning MRI Interventions, Inc. (the "Company") plans, growth and strategies may include forward-looking statements
within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance,
as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements
within the meaning of these laws. Uncertainties and risks may cause the Company's actual results to differ materially from those
expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: the Company's
ability to obtain additional financing; estimates regarding the sufficiency of the Company's cash resources; future revenues
from sales of the Company's ClearPoint Neuro Navigation System products; and the Company's ability to market, commercialize
and achieve broader market acceptance for the Company's ClearPoint Neuro Navigation System products. More detailed information
on these and additional factors that could affect the Company's actual results are described in the "Risk Factors"
section of the Company's Annual Report on Form 10-K for the year ended December 31, 2016, which has been filed with the Securities
and Exchange Commission, as well as the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2017,
which will be filed with the Securities and Exchange Commission on or before May 15, 2017.
Harold A. Hurwitz, Chief Financial
Darrow Associates Investor Relations
Matt Kreps, Managing Director