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Hansen Medical, Inc. (HNSN) Message Board

  • bobcarlton_2000 bobcarlton_2000 Feb 28, 2013 7:17 PM Flag

    Has any hospital ever returned a Sensei or Magellan???

    Where does it say hospitals are returning them after they try them?????

    Wake up people, hospitals are buying this once they use them for a while.

    Full Year 2012 Summary and Recent Business Highlights
    •Full Year 2012 Results: •Shipped 12 robotic catheter systems: 6 Magellan™ Robotic Systems (4 U.S. and 2 internationally) and 6 Sensei® X Robotic Catheter Systems (3 U.S. and 3 internationally) •3 of the shipped Magellan Robotic Systems and one of the shipped Sensei Robotic Systems were shipped under the company's commercial evaluation program
    •Shipped a total of 122 robotic systems worldwide since first commercial launch
    •Recognized revenue on 13 robotic systems (5 U.S. and 8 internationally) •8 of the systems recognized as revenue were shipped in 2012 and 5 were shipped in previous years
    •We estimate a record 2,688 procedures performed, up 8% year over year
    •Sold a record 2,807 catheters, up 1% year over year

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    • The company shipped 12 systems in 2012, thus adding 12 units into an installed base of 110.

      If every system continues to perform the same number of procedures, the total procedures performed should have been 11% higher. The fact that procedures only increase 8% when installed systems increase by 11% means that consumption per site is actually dropping. This is not indicative of a healthy installed base.

      If we were to look at ISRG's 2012 results, its installed base increased from 2132 to 2585 (+21%). Its procedures increased from 360K to 450K (+25%). Average procedure per site increased by (25%-21% = 4%). This is healthy.

      While HNSN's management does not want to show you these data, we as investors need to look at HNSN's robotic systems like chain stores, where comparable store sales is the key to evaluation the system's health.

      Sentiment: Strong Sell

      • 1 Reply to raider_luke
      • Exactly. This unfortunate reality of a growing installed base coupled with shrinking utilization AND lousy margins has been going on at HNSN for MANY quarters. HNSN would have investors believe that Magellan will turn this trend around, but, so far, they have mostly given away the new robots, and I have yet to see a breakdown of utilization OR margin numbers for Magellan sites.

        (BTW, how long can HNSN not let the Magellan giveaways appear in financials?)


        Sentiment: Strong Sell

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