Sales gains in its biological and drug delivery business contributed to a 62% increase in revenue for MRI Interventions in its third quarter.
For the period (end-September 30), MRI Interventions had record revenue of $2.9 million, up from $1.8 million in the third quarter of 2018. The company had a net loss of $1.1 million, compared with a net loss of $1.4 million a year ago.
In quarterly highlights, functional neurosurgery revenue climbed 28% to reach $1.9 million, while biologics and drug delivery revenue surged 188% to $564,000. In addition, therapy revenue increased to $64,000 and capital equipment sales and related service revenue grew 144% to $395,000. MRI Interventions now has 57 active surgical centers in its client base.
The firm said it also supported a record 233 cases during the third quarter, up 33% from the 175 supported in the third quarter last year.
