Corindus Vascular Robotics (CVRS) Inactive Financial Report Summaries

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Removed: application, function, impacted, neurointerventional, similarly, typically, user

From filing 10-Q 2019 Q2

Financial report summary

Competition

Stereotaxis

Management Discussion

Revenue increased to $10.8 million for the year ended December 31, 2018 from $9.7 million for the year ended December 31, 2017. This revenue increase was due primarily to the increase in the average selling price associated with the CorPath Systems.
Our revenue associated with CorPath Systems increased to $8.6 million for the year ended December 31, 2018 from $6.9 million for the year ended December 31, 2017. We installed 13 and 17 new CorPath Systems during the years ended December 31, 2018 and 2017, respectively. CorPath System revenues included revenues related to eight and six CorPath Systems shipped and accepted by a distributor during the year ended December 31, 2018 and 2017, respectively. Additionally, CorPath System revenues for the year ended December 31, 2018 included $0.6 million of revenue related to the sale of remote nodes. For the year ended December 31, 2017, CorPath Systems revenue included $0.7 million of previously deferred CorPath System revenue where the customer arrangements included a previously undelivered item that was completed in 2017. Our average selling price associated with CorPath Systems for which revenue was recognized during the year ended December 31, 2018 when compared to CorPath Systems for which revenue was recognized during the year ended December 31, 2017 increased by 33.1% (excluding the revenue related to the remote nodes). We have experienced, and we expect to continue to experience, some unevenness in the number and trend of CorPath Systems sold and the average selling price of CorPath Systems sold on a quarterly basis given the early stage of commercialization of our product and market acceptance along with the continued development of a dedicated and consistent sales force.
With the launch of our second generation CorPath GRX System in January 2017, revenue also includes upgrade revenues for existing customers of CorPath 200 Systems who purchased capital upgrades or upgrades related to a service contract to the CorPath GRX System. Revenues associated with upgrades during the year ended December 31, 2018 totaled $0.7 million compared to $1.2 million during the year ended December 31, 2017.