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IRVINE, Calif., March 01, 2019 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCQB:MRIC), a platform neurosurgery company with products designed for navigation in procedures for deep brain stimulation, ablation, aspiration and gene therapy, today announced that Joe Burnett, CEO, will host investor meetings at the 31st Annual Roth Capital Conference on Monday, March 18, 2019. Investors wishing to schedule a meeting should contact their Roth Capital representative or MRI’s Investor Relations at firstname.lastname@example.org.
The Company previously announced that it anticipates revenue for the quarter ended December 31, 2018 to be approximately $2.2 million, an increase of 30% from $1.7 million in the prior year fourth quarter, driven by a record 188 procedures using the company’s ClearPoint Neuro Navigation System in the 2018 fourth quarter. Cash used in operations declined to approximately $600,000, compared with $1.7 million used in the year-ago fourth quarter and better than the company’s expected usage of $800,000 for the quarter.
The Company also announced that it secured five additional hospital evaluations in the fourth quarter, achieved FDA Clearance for both the ClearPoint 2.0 platform and the ClearPoint 2.0 Neuro Aspiration System, launched a partnership to develop its own laser ablation platform for neuro and spine applications, and provided navigation, disposables and clinical support in the first patient dosing in two separate gene therapy clinical trials for Parkinson’s disease.
MRI Interventions has provided its preliminary outlook for 2019, including revenue in the range of $9.0 to $10.0 million, representing growth of 20-35 % year-over-year, and case volume in the range of 800 to 850 cases.
About MRI Interventions, Inc.
Building on the 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.
Statements herein concerning MRI Interventions, Inc.’s 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, 2017, and its Quarterly Report on Form 10-Q for the three months ended September 30, 2018, both of which have been filed with the Securities and Exchange Commission, as well as the company’s Annual Report on Form 10-K for the year ended December 31, 2018, which the company intends to file with the Securities and Exchange Commission on or before April 1, 2019.
Matt Kreps, Darrow Associates Investor Relations