HANSEN MEDICAL, INC. (HNSN, Financial) filed Quarterly Report for the period ended 2009-06-30.
HANSEN MEDICAL INC. develops products & technology using robotics for the accurate positioning manipulation and control of catheters & catheter-based technologies. Its first product the Sensei Robotic Catheter system is a robotic navigation system that enables clinicians to place mapping catheters in hard-to-reach anatomical locations within the heart easily accurately & with stability during complex cardiac arrhythmia procedures. The Sensei system is compatible with fluoroscopy ultrasound 3D surface map & patient electrocardiogram data & was cleared by the U.S. Food & Drug Administration in May 2007 for manipulation & control of certain mapping catheters in Electrophysiology procedures. The safety & effectiveness of the Sensei system for use with cardiac ablation catheters in the treatment of cardiac arrhythmias including AF have not been established. In the European Union the Sensei system is cleared for use during EP procedures such as guiding catheters in the t HANSEN MEDICAL, INC. has a market cap of $143.1 million; its shares were traded at around $3.84 with and P/S ratio of 4.7.
Total research and development expenses in the second quarter of 2009 included $688,000 of stock-based compensation expense compared to $763,000 in the second quarter of 2008. We expect research and development expenses for the remainder of 2009 to decrease as compared to 2008 levels due primarily to our reduced employee costs, including the effects of quarterly one-week furloughs, and as we carefully manage expenses related to our development activities for the electrophysiology market and exploring certain other potential future applications of our technology.
Selling, general and administrative expenses in the second quarter of 2009 included $1.0 million of stock-based compensation expense compared to $1.9 million in the second quarter of 2008. We expect our selling, general and administrative expenses for the remainder of 2009 to decrease as compared to 2008 levels primarily due to reduced employee costs, including the effects of quarterly one-week furloughs.
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HANSEN MEDICAL INC. develops products & technology using robotics for the accurate positioning manipulation and control of catheters & catheter-based technologies. Its first product the Sensei Robotic Catheter system is a robotic navigation system that enables clinicians to place mapping catheters in hard-to-reach anatomical locations within the heart easily accurately & with stability during complex cardiac arrhythmia procedures. The Sensei system is compatible with fluoroscopy ultrasound 3D surface map & patient electrocardiogram data & was cleared by the U.S. Food & Drug Administration in May 2007 for manipulation & control of certain mapping catheters in Electrophysiology procedures. The safety & effectiveness of the Sensei system for use with cardiac ablation catheters in the treatment of cardiac arrhythmias including AF have not been established. In the European Union the Sensei system is cleared for use during EP procedures such as guiding catheters in the t HANSEN MEDICAL, INC. has a market cap of $143.1 million; its shares were traded at around $3.84 with and P/S ratio of 4.7.
Highlight of Business Operations:
To date, we have incurred net losses in each year since our inception and, as of June 30, 2009, we had an accumulated deficit of $191.8 million. We expect our losses to continue through at least 2009 as we continue to expand the commercialization of our Sensei system and Artisan catheter and continue to develop new products. We have experienced significant quarterly fluctuations in revenues primarily due to still being in the early stages of our commercial launch and, especially in the fourth quarter of 2008 and the first and second quarters of 2009, general economic and capital market conditions. As discussed in our risk factors, these conditions can cause customers to delay purchases and can lengthen sales cycles and these factors contributed to our results in the second quarter of 2009 being lower than we anticipated. This included having no sales of Sensei systems to United States customers in the second quarter of 2009. Losses in the second quarter of 2009 were also impacted by the write-off of non-recoverable fixed assets in the amount of $1.1 million related to the companys decision to terminate its relationship with its European subcontractor for the manufacture of catheters. In 2009, we have initiated several cost-cutting measures, including a reduction in our work force in the first quarter of 2009 and the institution of four mandatory one-week furloughs during the year.Total research and development expenses in the second quarter of 2009 included $688,000 of stock-based compensation expense compared to $763,000 in the second quarter of 2008. We expect research and development expenses for the remainder of 2009 to decrease as compared to 2008 levels due primarily to our reduced employee costs, including the effects of quarterly one-week furloughs, and as we carefully manage expenses related to our development activities for the electrophysiology market and exploring certain other potential future applications of our technology.
Selling, general and administrative expenses in the second quarter of 2009 included $1.0 million of stock-based compensation expense compared to $1.9 million in the second quarter of 2008. We expect our selling, general and administrative expenses for the remainder of 2009 to decrease as compared to 2008 levels primarily due to reduced employee costs, including the effects of quarterly one-week furloughs.
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