The California company said it pared its losses by 17.4% to -$11.9 million, or -9¢ per share, on sales of $5.8 million for the 3 months ended March 31, representing sales growth of 56.6% compared with the same period last year. Adjusted to exclude 1-time items, losses per share were -7¢, 3 pennies ahead of Wall Street’s consensus -10¢ estimate.
Hansen said it cut its cash burn to $8 million from $10.9 million a year ago and $9.9 million in the 4th quarter. The company sold 5 Magellan robot-assisted surgery systems during the quarter, versus 2 in Q1 2014. Catheter sales also spiked 22% over the same period last year.
The Mountain View-based company said it sealed an exclusive distribution deal with China National Medical Device Co. for the Magellan platform, saying it expects the agreement to speed the regulatory approval process in the world’s most populated nation. In April, Hanson also gained CE Mark approval in the European Union for its 10-French Magellan device to help treat peripheral artery disease.
Hansen trimmed research and development costs during Q1 and also reduced selling, general and administrative expenses.
"We are committed to further expand and grow the utility of our robotic platforms, maintain our leadership position in R&D and continue to reduce our burn rate," CEO Cary Vance said in prepared remarks. Hansen raised $35 million in a private placement in March.
HNSN shares have gained 3.5% since the May 7 earnings announcement, closing today at 91¢ apiece for a 0.6% gain on the day.