Mountain View, Calif.-based Hansen said it named board member Christopher Lowe as interim CEO while it begins its search for Barclay’s permanent replacement.
Hansen posted losses of -$11.9 million, or -12¢ per share, on sales of $5.6 million for the 3 months ended Dec. 31, 2013. That compares with profits of $9.6 million, or 15¢ per share, on sales of $4.3 million during Q4 2012 – representing sales growth of 29.4%.
For the full year, Hansen more than doubled its losses to -$55.7 million, or -70¢ per share, on sales of $11.8 million, for a sales decline of -4.2% compared with 2012.
HNSN shares were down 0.6% to $2.34 apiece as of about 1:20 p.m. today.
"We are pleased with our 4th quarter and 2nd half 2013 performance including the continued placement of systems, the broadening clinical experience, and the qualifying of new Magellan centers of excellence," CFO Peter Mariani said in prepared remarks. "These positive trends, together with the recent FDA clearance of our new, smaller diameter Magellan 6Fr robotic catheter, demonstrate the expanding breadth of applications of our platform across intravascular procedures."
Lowe told analysts during a conference call yesterday that the move to replace Barclay is aimed at improving the commercial end of the business.
"Look, when Bruce took over as CEO, he accomplished a lot in the last 3 to 4 years in terms of stabilizing the company, laying a foundation for growth. And so we kind of find that where we sit today – and we appreciate those contributions without a doubt – and where we sit today and look forward, we think we’ll find somebody of equal talent as Bruce brought to the table to help us unlock the commercial opportunity here," he said. "The company is very well capitalized, starting to gain momentum in the commercial marketplace, broadening our clinical user experience. And now felt like the right time."
There’s no timeline for finding a permanent replacement, Lowe added.
"The most important thing to us is finding the right person and the right talent to leverage the technology platform we have here," he said. "If that takes a couple of months, that’s great. If it takes a little bit longer, that’s great. But this is really about finding the right person, not necessarily the 1st person."
Hansen did not provide any financial guidance for the 1st quarter or 2014.
The Magellan 6Fr clearance triggered the issuance of some $14 million worth of Series A warrants, Hansen said in a press release. The warrants, for about 11.4 million shares, have an exercise price of $1.23 apiece. Warrant holders had 15 days from the Feb. 11 announcement to exercise their shares.