news
Press release
 
November 12, 2015
Corindus Vascular Robotics Reports Third Quarter 2015 Results

WALTHAM, MA - November 12, 2015Corindus Vascular Robotics, Inc. [NYSE MKT: CVRS], a leading developer of precision vascular robotics, today reported financial results for the three and nine months ended September 30, 2015.

  • Installed two new CorPath® systems increasing the total installed base to 34 CorPath Systems.
  • Revenues of $0.2 million for the third quarter of 2015, compared to $0.6 million for the same period in the prior year.
  • Formed a joint robotic-assisted percutaneous coronary intervention (PCI) research and clinical program with the Mayo Clinic. Installed a CorPath System at the Mayo Clinic, establishing the platform for clinical and technology validation.
  • Received FDA clearance for the CorPath System to be used for robotic-assisted radial access PCI procedures.
  • Named Gary Lickovitch as Vice President of Sales and Service.
  • Had a strong presence at annual Transcatheter Cardiovascular Therapeutics (TCT) meeting with over 150 physicians participating in peer to peer educational symposia, abstracts, presentations and demonstrations of robotic-assisted PCI including radial access and complex cases.
  • Initiated marketing activities relating to preliminary investigation of the Japanese market.
  • Released a documentary film "Robotics Reducing the Burden of a Life in the Cath Lab" which highlights noted interventional cardiologist Dr. Vijay Iyer to show how Corindus' robotic technology may reduce the risk of further injuries.

"We continue to make progress on our growth initiatives of product indication expansion and market development in these early stages of commercialization of the CorPath System. We have momentum on our initiative to collaborate with the leading cardiology centers across the country in order to continue to increase the awareness of our technology platform as evidenced by our recent collaboration with the Mayo Clinic," said David M. Handler, President and Chief Executive Officer of Corindus. "We remain focused on expanding and supporting our customers in their mission of bringing high value care to patients while protecting cath lab workers from harmful radiation and other occupational hazards."

Third Quarter 2015 Financial Results

Revenues for the third quarter of 2015 were $0.2 million compared to $0.6 million for the same period in the prior year. The decrease is due primarily to a decline in revenue from our CorPath Systems.

Gross loss for the third quarter 2015 was $0.5 million compared to $0.2 million for the third quarter of 2014. Cost of revenues for the third quarter 2015 continued to include the effect of under-utilization of production facilities, which is expected to continue for the remainder of 2015.

Research and development expenses were $2.3 million for the third quarter of 2015 compared to $1.4 million in the third quarter of 2014. The increase is primarily due to increased headcount and the purchase of prototype materials to support the development of the next generation CorPath System. Selling, general and administrative expenses were $3.9 million in the third quarter of 2015, compared to $3.8 million in the third quarter of 2014. The increase is due to incremental employee related costs resulting from the expansion of the direct sales force and increased commercial initiatives offset by a decline in general and administrative expenses versus prior period.

Cash, cash equivalents, and marketable securities as of September 30, 2015 were $50.3 million.

Conference Call

Management will host an investment community conference call today beginning at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by dialing (877) 201-0168 for domestic callers, or (647) 788-4901 for international callers (Conference ID: 67550260), or from the webcast on the "Investor Relations" section of the Company's website at: www.corindus.com. Following the call, a replay will be available on the Investor Relations section of the Company's website.

 
CORINDUS VASCULAR ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
 
        December 31,     September 30,
        2014     2015
Assets              
Current Assets:              
Cash and cash equivalents       $ 28,526       $ 29,735  
Marketable securities         -         20,590  
Accounts receivable         473         566  
Inventories, net         1,519         1,610  
Prepaid expenses and other current assets         574         944  
Total current assets         31,092         53,445  
               
Property and equipment, net         1,284         1,420  
Deposits and other assets         222         169  
Deferred inventory costs         102         -  
Notes receivable due from stockholders         136         136  
Total assets       $ 32,836       $ 55,170  
               
Liabilities and stockholders' equity              
Current Liabilities:              
Accounts payable       $ 2,005       $ 1,706  
Accrued expenses         1,137         1,216  
Deferred revenue         202         305  
Current portion of long-term debt         1,517         3,873  
Total current liabilities         4,861         7,100  
               
Long-term liabilities:              
Deferred revenue, net of current portion         531         335  
Other liabilities         68         49  
Long-term debt, net of current portion         7,594         4,720  
Total long-term liabilities         8,193         5,104  
Total liabilities         13,054         12,204  
               
Commitments and Contingencies              
               
Stockholders' equity:              

Preferred stock, par value $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding

        -         -  

Common stock, $0.0001 par value; 250,000,000 shares authorized; 105,883,157 shares at December 31, 2014 and 118,559,200 shares at September 30, 2015 issued and outstanding

        11         12  
Additional paid-in capital         104,648         149,372  
Accumulated other comprehensive loss         -         (7)  
Accumulated deficit         (84,877)         (106,411)  
Total stockholders' equity         19,782         42,966  
Total liabilities and stockholders' equity       $ 32,836       $ 55,170  
               
 
CORINDUS VASCULAR ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(In thousands, except share and per share amounts)
 
        Three Months Ended     Nine Months Ended
        September 30,     September 30,
        2014     2015     2014     2015
                           
Revenue       $ 554       $ 212       $ 2,361       $ 1,897  
Cost of revenue         793         722         3,234         2,464  
Gross loss         (239)         (510)         (873)         (567)  
                           
Operating expenses:                          
Research and development         1,352         2,263         4,856         7,851  
Selling, general and administrative         3,796         3,885         9,454         11,883  
Restructuring charge         -         -         175         -  
Total operating expense         5,148         6,148         14,485         19,734  
                           
Operating loss         (5,387)         (6,658)         (15,358)         (20,301)  
                           
Other expense:                          
Warrant revaluation         (2,884)         -         (2,421)         -  
Interest and other expense         (178)         (404)         (214)         (1,233)  
Total other expense, net         (3,062)         (404)         (2,635)         (1,233)  
                           
Net loss       $ (8,449)       $ (7,062)       $ (17,993)       $ (21,534)  
                           
Net loss per share--basic and diluted       $ (0.10)       $ (0.06)       $ (0.23)       $ (0.19)  
                           

Weighted-average common shares used in computing net loss per share--basic and diluted

        86,977,825         118,541,168         77,949,347         111,446,296  
                           
About Corindus Vascular Robotics, Inc.

Corindus Vascular Robotics, Inc. is a global technology leader in robotic-assisted vascular interventions. The company's CorPath System is the first FDA-cleared medical device to bring robotic precision to interventional procedures. During the procedure, the interventional cardiologist sits at a radiation-shielded workstation to advance guide catheters, stents, and guidewires with millimeter-by-millimeter precision. The workstation allows the physician greater control and the freedom from wearing heavy lead protective equipment that causes musculoskeletal injuries. With the CorPath System, Corindus Vascular Robotics brings robotic precision to interventional procedures to help optimize clinical outcomes and minimize the costs associated with complications of improper stent placement during manual procedures. Corindus stands behind its product with its unique $1,000 hospital credit "One Stent Program."

For additional information, visit www.corindus.com, and follow @CorindusInc.

Forward Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Corindus to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that includes terms such as "believes," "belief," "expects," "estimates," "intends," "anticipates" or "plans" to be uncertain and forward-looking. Forward-looking statements may include comments as to Corindus’ beliefs and expectations as to future event

Examples of such statements include statements:

  • that the level of precision that can be attained using the CorPath GRX technology, combined with the potential for remote capabilities in the future, will both expand and improve how patients are treated;
  • that Corindus has entered a transformational period with a focus on expanding its reach to partner with hospitals to build robotic programs globally;
  • that the successful completion of these procedures at Fu Wai Hospital is the first step in Corindus' growth strategy within China; and that
  • the precise positioning enhancements to the CorPath platform that allows physicians to adjust guide catheters during PCI procedures may expand the use of the CorPath GRX System to more complex cases.

Media Contacts:

Corindus Vascular Robotics, Inc.

Kate Stanton
(508) 653-3335 ext. 200
kate.stanton@corindus.com

Investor Contact:

Lynn Pieper Lewis
(415) 937-5402
ir@corindus.com
 
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