510(k) Application for Image Guided Surgical Robotics System - In August 2012, IMRIS submitted a 510(k) Premarket Notification with the U.S. Food and Drug Administration for clearance of its image guided surgical robotics system. IMRIS's system is designed to allow a surgeon to remotely manipulate instruments accurately and provides MR imaging for enhanced visualization of patient anatomy during surgical procedures.
Outlook
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The trend of strengthening bookings performance through the first three quarters of 2012 is expected to continue through the balance of 2012 and into 2013, driven by the underlying clinical demand for VISIUS Surgical Theatres.
In 2012, annual revenues are forecast to be in the range of $53 million to $54 million with full year 2012 gross margin expected to be comparable to 2011 levels. In the year ahead, the Company's project margins are anticipated to increase and normalize in the 40% range.
The Company's priorities remain a focused drive to maximize bookings with targeted marketing programs together with increased investment to bring the SYMBIS Surgical System and MR guided radiation therapy system to market. Research & development expenses for all of 2012 are expected to be approximately $13 million to $15 million with the remainder of operating expenses in total expected to be comparable to 2011 levels.
The Company's full financial statements as well as management's discussion and analysis will be available at www.sedar.com, www.sec.gov and www.imris.com.
Conference Call
Management will host a conference call to discuss the results at 5:00 pm ET today, Thursday, November 8, 2012. Following management's presentation, there will be a question-and-answer session for analysts and institutional investors. To participate in the teleconference, please call 416-644-3419 or 877-974-0447. To access the live audio webcast, please visit IMRIS's website at www.imris.com. A taped rebroadcast will be available to listeners following the call until midnight (ET) on November 15, 2012. To access the rebroadcast, please call 416-640-1917 or 877-289-8525 and enter passcode 4573189#. The webcast will also be archived on IMRIS' website.
About IMRIS
IMRIS (NASDAQ: IMRS; TSX: IM) is a global leader in providing image guided therapy solutions through its VISIUS Surgical Theatre - a revolutionary, multifunctional surgical environment that provides unmatched intraoperative vision to clinicians to assist in decision making and enhance precision in treatment. VISIUS Surgical Theatres serve the neurosurgical, cardiovascular and cerebrovascular markets and have been selected by leading medical institutions around the world.
