MRI Interventions has reported higher revenues but a larger net loss for the third quarter of 2016 (end-September 30).
Revenues were $1.6 million for the quarter, compared with $1.2 million in the same period of 2015, an increase of 30% and a new record, the company said. However, the firm's net loss was $2.6 million for the most recent period, compared with $245,000 for the same period last year.
For the nine months ended September 30, the company's revenues were $4.1 million, compared with $3.1 million for the same period in 2015. Net loss for the first nine months of 2016 was $6.4 million, down from $7.3 million for the same period last year.
The company said its improving results were attributable in part to successful completion of a private offering of equity units, which resulted in gross cash proceeds of $4.2 million, as well as conversion of $1.75 million in secured debt with the participation of Voyager Therapeutics. Increases in the company's ClearPoint system disposable and reusable products also contributed to the improved picture.
