Hansen Medical (NSDQ:HNSN) shares slipped today after the medical device company missed expectations on Wall Street with wider losses and a more than 5% sales decline.
Mountain View, Calif.-based Hansen reported losses of 13.4 million, or 20¢ per share, on sales of $3.3 million during the 3 months ended June 30. Losses grew 17.2% compared with Q2 2012; sales were off 5.4% compared with the same period last year.
Analysts on The Street were looking for losses per share of 18¢. HNSN shares were down 3.5% to $1.67 each as of about 4 p.m. today.
"We are encouraged by the progress we made during the 1st ½ of the year, and especially the strong procedure rates and growing utilization, which we believe are indicative of the value physicians and hospitals are deriving from intravascular robotics from Hansen Medical," president & CEO Bruce Barclay said in prepared remarks. "During the 2nd quarter, we commercialized 3 robotic systems, delivered both record procedures and catheter sales and achieved our 8th consecutive quarter of procedure growth. Physicians have now performed over 200 clinical cases with the Magellan system and we remain excited about the breadth of clinical cases and positive experiences being generated. Given the growing momentum exhibited in Q2, we are confirming our full-year 2013 outlook for the commercialization of a total of 14 to 17 robotic systems, and increasing our full-year procedure guidance to 3,200 to 3,400, from our previous expectation of 3,100 to 3,400, representing potential year over year growth of approximately 19% to 26%. This anticipated procedure growth would be the highest year over year growth since 2010."
Last month Hansen closed a $93 million financing round with a consortium of investors, sending share prices up nearly 20%.