UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(D)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 6, 2014
HANSEN MEDICAL, INC.
(Exact name of registrant as specified in charter)
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Delaware |
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001-33151 |
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14-1850535 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
800 East Middlefield Road
Mountain View, California 94043
(Address of principal executive offices and zip code)
Registrants telephone number, including area code: (650) 404-5800
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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. |
On November 6, 2014, Hansen
Medical, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2014. A copy of the press release is attached as Exhibit 99.1 to this current report and is incorporated herein by reference.
The information in this current report and in the accompanying exhibit shall not be deemed to be filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this current report
and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Hansen Medical, Inc., whether made before or after the date hereof, regardless of any general
incorporation language in such filing.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit
No. |
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Description |
99.1 |
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Press release, dated November 6, 2014 entitled Hansen Medical Reports Recent Business Highlights and Third Quarter 2014 Results. |
SIGNATURES
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.
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HANSEN MEDICAL, INC.
(Registrant) |
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Date: November 6, 2014 |
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/S/ CHRISTOPHER P. LOWE |
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Christopher P. Lowe |
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Interim Chief Financial Officer |
Exhibit 99.1
Hansen Medical Reports Third Quarter 2014 Operating Results and
Recent Business Highlights
MOUNTAIN
VIEW, CA November 6, 2014 Hansen Medical, Inc. (NASDAQ: HNSN), a global leader in intravascular robotics, today reported recent business highlights and financial results for the third quarter of fiscal year 2014 ended
September 30, 2014.
Third Quarter 2014 Operating Results:
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The Company shipped four systems in the quarter: two Magellan Robotic Systems and two Sensei® Robotic Systems. Two of the systems were
recognized as revenue and two of the systems were shipped as evaluation units for the purpose of conducting clinical research. |
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The Company generated revenues of $3.9 million. |
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The Company shipped 714 catheters. |
Recent Business Highlights:
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The Companys Magellan 6Fr Robotic Catheter and Magellan Transport System received CE Mark, enabling commercialization in Europe and other countries requiring CE Mark. |
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The Companys Sensei X2® Robotic System was made commercially available in the U.S. and Europe. |
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The Company announced completion of the first robot-assisted Uterine Fibroid Embolization procedure in the U.S. using the Magellan Robotic System. |
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The Company announced the commercial availability of the Magellan Transport System in the U.S., enabling hospitals to expand access to more physicians interested in performing robotic endovascular
procedures. |
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A study conducted by Barts Health NHS Trust, London concluded that the Sensei® Robotic System was associated with statistically significant improved
success rates compared to manual persistent atrial fibrillation ablation. |
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A study conducted by Imperial College, London found the use of Magellan Robotic System in uterine fibroid embolization procedures appears to be feasible and safe. |
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On October 20, 2014, the Company announced the appointment of Brian Sheahan to the position of Vice President of Clinical, Regulatory, and Quality Affairs. |
During the third quarter, the Company expanded the body of clinical evidence for both the Magellan Robotic System and the Sensei® Robotic System as demonstrated by the results from the Barts Health NHS Trust study, the Imperial College study, and the first robot-assisted Uterine Fibroid Embolization procedure in the
U.S., said Cary Vance, Hansen Medicals Chief Executive Officer. We believe demonstrating the breadth of capabilities of our robotic platforms through clinical validation will lead to optimal user experiences, increased
utilization, and a higher value proposition.
1
Total revenue for the third quarter ended September 30, 2014 decreased 24% to $3.9 million, compared to
revenue of $5.1 million in the same period of 2013. The Company shipped four systems in the quarter, two Magellan and two Sensei. Two of the systems were recognized as revenue and two of the systems were shipped as evaluation units for the
purpose of conducting clinical research. The Company sold 714 catheters in the third quarter of fiscal 2014, down 10% year-over-year. Physicians performed an estimated 750 robotic procedures in the third quarter of 2014, unchanged from the same
period in the prior year.
Gross profit in the third quarter ended September 30, 2014 decreased 48% to $0.7 million, or 18% of sales, compared to
$1.3 million, or 26% of sales, in the same period of 2013. The decrease in gross margin in the current year third quarter was due primarily by a decrease in system sales as compared to the prior year period.
Research and development expenses for the third quarter ended September 30, 2014 were $4.9 million, compared to $3.8 million for same period of
2013. The increase of $1.1 million was primarily due to an increase in expenses to complete development and launch of the Magellan Transport System.
Selling, general and administrative expenses for the third quarter ended September 30, 2014 were $7.2 million, compared to $7.7 million for the same
period in 2013. The decrease of $0.5 million was primarily due to a decrease in legal expenses, stock-based compensation expenses, and other corporate matters, and was partially offset by an increase in sales and marketing expenses.
Net loss for the third quarter ended September 30, 2014 was $15.6 million, or $0.13 per share, compared to a net loss of $13.2 million, or $0.16 per
share, in the same period of 2013. Weighted average shares outstanding used to compute diluted net loss per share were 120.2 million shares for the third quarter of fiscal 2014, compared to 84.1 million shares in the third quarter of
fiscal 2013.
As of September 30, 2014, our total balances in cash, cash equivalents, short-term investments and restricted cash were
$41.5 million, compared to $32.2 million as of June 30, 2014, and $35.3 million as of December 31, 2013.
About Hansen Medical, Inc.
Hansen Medical, Inc., based in Mountain View, California, is a global leader in Intravascular Robotics, developing products and technology designed to
enable the accurate positioning, manipulation and control of catheters and catheter-based technologies. The Companys Magellan Robotic System, Magellan Robotic Catheter, Magellan 6Fr Robotic Catheter, and related accessories
are intended to facilitate navigation to 9Fr anatomical targets in the peripheral vasculature and subsequently provide a conduit for manual placement of therapeutic devices. The Companys mission is to enable Cardiac Arrhythmia and Endovascular
Procedures and to improve patient outcomes through the use of Intravascular Robotics. Additional information can be found at www.hansenmedical.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements
containing the words plan,
2
expects, potential, believes, goal, estimate, anticipates, and other similar words. These statements are based on the
current estimates and assumptions of our management as of the date of this press release and are subject to risks, uncertainties, changes in circumstances and other factors that may cause actual results to differ materially from the information
expressed or implied by forward-looking statements made in this press release. Examples of such statements include statements regarding user experiences, utilization and the business environment. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements include, among others: factors relating to engineering, regulatory, manufacturing, sales and customer service challenges in developing new products and entering new markets;
potential safety and regulatory issues that could slow or suspend our sales; the effect of credit, financial and economic conditions on capital spending by our potential customers; the rate of adoption of our systems and the rate of use of our
catheters; our ability to manage expenses and cash flow, and obtain adequate financing; and other risks more fully described in the Risk Factors in our annual report on Form 10-K for the year ended December 31, 2013, as updated from
time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on the forward-looking statements in this press release. We
undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.
Artisan Extend, Hansen Medical, Hansen Medical (with Heart Design), Heart Design (Logo), Sensei,
Lynx, Artisan, Instinctive Motion, Fine Force Technology, IntelliSense are registered trademarks, and Magellan and Hansen Medical Magellan are trademarks of Hansen
Medical, Inc. in the U.S. and other countries.
Investor Contacts:
Hansen Medical, Inc.
650.404.5836
investor_relations@hansenmedical.com
3
HANSEN MEDICAL, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
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Three months ended September 30, |
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Nine months ended September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenues: |
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Product |
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$ |
2,620 |
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$ |
3,834 |
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$ |
10,490 |
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$ |
7,494 |
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Service |
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1,257 |
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1,234 |
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3,973 |
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3,868 |
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Total revenues |
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3,877 |
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5,068 |
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14,463 |
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11,362 |
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Cost of revenues: |
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Product |
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2,462 |
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3,226 |
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9,489 |
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7,193 |
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Service |
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714 |
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502 |
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1,973 |
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1,784 |
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Total cost of revenues |
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3,176 |
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3,728 |
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11,462 |
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8,977 |
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Gross profit |
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701 |
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1,340 |
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3,001 |
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2,385 |
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Operating expenses: |
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Research and development |
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4,905 |
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3,827 |
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14,129 |
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12,417 |
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Selling, general and administrative |
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7,158 |
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7,703 |
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24,465 |
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23,718 |
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Loss on settlement of litigation |
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4,500 |
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Total operating expenses |
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12,063 |
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11,530 |
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38,594 |
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40,635 |
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Loss from operations |
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(11,362 |
) |
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(10,190 |
) |
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(35,593 |
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(38,250 |
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Warrant exchange |
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(2,914 |
) |
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(2,914 |
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Loss on extinguishment of debt |
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(1,935 |
) |
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(1,935 |
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Interest and other expense, net |
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(1,313 |
) |
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(1,036 |
) |
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(3,784 |
) |
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(3,556 |
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Loss before income taxes |
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(15,589 |
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(13,161 |
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(42,291 |
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(43,741 |
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Income tax expense |
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(5 |
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(40 |
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(38 |
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(93 |
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Net loss |
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$ |
(15,594 |
) |
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$ |
(13,201 |
) |
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$ |
(42,329 |
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$ |
(43,834 |
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Basic and diluted net loss per share |
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$ |
(0.13 |
) |
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$ |
(0.16 |
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$ |
(0.38 |
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$ |
(0.60 |
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Weighted average shares used to compute basic and diluted net loss per share |
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120,228 |
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84,145 |
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111,917 |
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73,081 |
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4
HANSEN MEDICAL, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
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September 30, 2014 |
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December 31, 2013 |
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ASSETS |
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Cash, cash equivalents and short-term investments |
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$ |
36,155 |
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$ |
29,940 |
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Accounts receivable, net |
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4,308 |
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5,114 |
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Inventories |
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11,687 |
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12,203 |
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Prepaids and other current assets |
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2,033 |
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1,914 |
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Property and equipment, net |
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2,811 |
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3,641 |
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Restricted cash |
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5,390 |
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5,394 |
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Other assets |
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1,281 |
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2,953 |
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Total assets |
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$ |
63,665 |
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$ |
61,159 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Accounts payable |
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$ |
2,535 |
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$ |
3,337 |
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Deferred revenue |
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2,974 |
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3,115 |
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Debt |
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34,123 |
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33,358 |
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Other liabilities |
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5,091 |
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4,473 |
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Total liabilities |
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44,723 |
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44,283 |
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Total stockholders equity |
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18,942 |
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16,876 |
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Total liabilities and stockholders equity |
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$ |
63,665 |
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$ |
61,159 |
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5
Hansen Medical, Inc. (MM) (NASDAQ:HNSN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Hansen Medical, Inc. (MM) (NASDAQ:HNSN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024