0001437749-14-003719.txt : 20140310 0001437749-14-003719.hdr.sgml : 20140310 20140310085856 ACCESSION NUMBER: 0001437749-14-003719 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140310 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140310 DATE AS OF CHANGE: 20140310 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MRI INTERVENTIONS, INC. CENTRAL INDEX KEY: 0001285550 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 582394628 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54575 FILM NUMBER: 14679230 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: SUITE 2550 CITY: MEMPHIS STATE: TN ZIP: 38103 BUSINESS PHONE: 9015229300 MAIL ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: SUITE 2550 CITY: MEMPHIS STATE: TN ZIP: 38103 FORMER COMPANY: FORMER CONFORMED NAME: SURGIVISION INC DATE OF NAME CHANGE: 20091106 FORMER COMPANY: FORMER CONFORMED NAME: SURGI VISION INC DATE OF NAME CHANGE: 20040331 8-K 1 mrii20140305_8k.htm FORM 8-K mrii20140305_8k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934.

  

Date of Report:  March 10, 2014

(Date of earliest event reported)

  

MRI Interventions, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-54575

 

58-2394628

(State or other jurisdiction

 

(Commission File

 

(I.R.S. Employer

of incorporation or organization)

 

Number) 

 

Identification No.)

         
One Commerce Square, Suite 2550        
Memphis, Tennessee       38103
(Address of principal executive offices)      

(Zip Code)

 

                                              

(901) 522-9300

(Registrant's telephone number, including area code)

 

Not Applicable

(Former Name or Former Address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
 

 

Item 2.02.     Results of Operations and Financial Condition.

 

Product Revenues for the Quarter Ended December 31, 2013

 

MRI Interventions, Inc. (the “Company”) recorded product revenues of $1.1 million for the quarter ended December 31, 2013, compared to $339,000 for the same period in 2012, an increase of 226%. ClearPoint disposable product revenues were $562,000 for the quarter ended December 31, 2013, compared with $308,000 for the same period in 2012, representing growth of 82%. Revenues from ClearPoint system reusable component sales were $545,000 in the fourth quarter 2013, compared to $31,000 in the quarter ended December 31, 2012.

 

Product Revenues for the Year Ended December 31, 2013

 

The Company recorded product revenues of $2.9 million for the year ended December 31, 2013, compared to $1.2 million for the prior year, an increase of 149%. Product revenues included ClearPoint system disposable product sales for the year ended December 31, 2013 of $1.8 million, compared with $1.0 million for the prior year, representing growth of 75%. The Company’s revenues from sales of ClearPoint system reusable components were $1.1 million for the year ended December 31, 2013 compared with $150,000 for the prior year, an increase of $982,000.

 

Press Release

 

On March 10, 2014, the Company issued a press release announcing its product revenues for the quarter and full year ended December 31, 2013. In the press release, the Company also announced that it expects to issue another press release on March 20, 2014 reporting more detailed information regarding the Company’s results of operations and financial condition for the quarter and full year ended December 31, 2013. A copy of the press release issued by the Company on March 10, 2014 is furnished herewith as Exhibit 99.1.

 

All of the foregoing information is furnished by the Company pursuant to Item 2.02 of Form 8-K and will not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

 

Item 9.01. Financial Statements and Exhibits.

 

 

(d)

Exhibits.

 

See Exhibit Index immediately following signature page.

 

 
2
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

MRI Interventions, Inc.

 

 

 

 

 

 

 

 

 

 

By:

/s/ Oscar Thomas

 

 

 

Oscar Thomas

 

 

 

Vice President, Business Affairs

 

                                                                                                                                                                                                                      

 

Date:     March 10, 2014

 

 
3
 

 

 

  EXHIBIT INDEX
   

Exhibit No.

Description

   

99.1

Press Release of the Company dated March 10, 2014

   

 

 

4

 EX-99 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1

 

MRI Interventions Announces Quarterly Product Revenues in Excess of $1 Million for the First Time for the Fourth Quarter of 2013

 

Full Year Product Revenues Exceed Guidance

 

MRI Interventions Sets Date to Report Full Financial Results

 

MEMPHIS, Tenn., March 10, 2014 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCQB:MRIC), a commercial stage medical device company focused on creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain and heart, announced today its fourth quarter and full year product revenues for 2013. MRI Interventions also announced the date on which it will release its full financial results for the quarter and year ended December 31, 2013.

 

Product Revenues

 

“We are very pleased to have achieved a milestone during the fourth quarter as we recorded product revenues of $1.1 million, which was the first time our quarterly product revenues exceeded $1 million,” said Kimble Jenkins, CEO of MRI Interventions. “The $1.1 million in product revenues for the quarter represents more than 200% growth over the fourth quarter of 2012. Our total product revenues for 2013 of $2.9 million also sets a record, exceeding our previously announced guidance on product revenues of $2.5 million to $2.8 million. We look forward to sharing our full results and providing an update on our progress later this month,” said Jenkins.

 

Quarter Ended December 31, 2013

 

MRI Interventions recorded product revenues of $1.1 million for the quarter ended December 31, 2013, compared to $339,000 for the same period in 2012, an increase of 226%. ClearPoint disposable product revenues were $562,000 for the quarter ended December 31, 2013, compared with $308,000 for the same period in 2012, representing growth of 82%. Revenues from ClearPoint system reusable component sales were $545,000 in the fourth quarter 2013, compared to $31,000 in the quarter ended December 31, 2012.

 

Year Ended December 31, 2013

 

MRI Interventions recorded product revenues of $2.9 million for the year ended December 31, 2013, compared to $1.2 million for the prior year, an increase of 149%. Product revenues included ClearPoint system disposable product sales for the year ended December 31, 2013 of $1.8 million, compared with $1.0 million for the prior year, representing growth of 75%. Revenues from sales of ClearPoint system reusable components were $1.1 million for the year ended December 31, 2013, compared with $150,000 for the prior year, an increase of $982,000.

 

Release of Full Financial Results for the Quarter and Year Ended December 31, 2013

 

MRI Interventions will release its fourth quarter and 2013 full year financial results on Thursday, March 20, 2014, after the close of the U.S. financial markets.

 

 
 
 

 

MRI Interventions will host a conference call and webcast at 4:30 p.m. Eastern Time that day to discuss the company’s results. To listen to the conference call, please dial 877-407-9034 from the United States or Canada or 201-493-6737 from other international locations. A playback of the call will be available through March 27, 2014, and may be accessed by dialing 877-660-6853 from the United States or Canada, or 201-612-7415 from other international locations, and referencing Conference ID 413671. Additionally, you may access the live or archived webcast of the conference call on the Company’s website at http://ir.stockpr.com/mriinterventions/ir-calendar.

 

About MRI Interventions, Inc.

Founded in 1998, MRI Interventions is creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain and heart. Utilizing a hospital’s existing MRI suite, the company’s FDA-cleared and CE-marked ClearPoint® system is designed to enable a wide range of minimally invasive procedures in the brain. In partnership with Siemens Healthcare, MRI Interventions is developing the ClearTrace® system to enable MRI-guided catheter ablations to treat cardiac arrhythmias, including atrial fibrillation. Building on the imaging power of MRI, the company’s interventional platforms strive to improve patient care while reducing procedure costs and times. For more information, please visit www.mriinterventions.com.

 

Contact Information:

MRI Interventions, Inc.

David Carlson, CFO, 901-522-9300