For the period (end-March 31), revenue increased 52% to $2.5 million, compared with $1.6 million in the first quarter of 2018. The company also reported a net loss of $1.2 million in the first quarter, compared with a net loss of $1.6 million in last year's first quarter.
First-quarter growth was boosted by revenue of $1.6 million in the company's functional neurosurgery business, which represents a 38% gain over revenue of $1.2 million in the same quarter last year. In addition, revenue from its biologics and drug delivery segment rose 93% over 2018's first quarter to $382,000. Reported capital sales and other services revenue totaled $486,000 in this year's first quarter, which includes two system sales combined with three evaluation installations. The company's installed base now stands at 63 systems in the U.S.
"The demand for our products and the number of patients benefitting from our navigation platform continue to grow, evidenced by the 175 cases completed in the first quarter across our portfolio," added Joe Burnett, president and CEO, in a statement. "We continue to expect between 800 and 850 cases to be performed in 2019, and the addition of eight to 10 new installations."
Based on first-quarter results, the company projects revenue will be in the range of $10 million to $11 million for the 2019 calendar year.
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