Company said customers delayed purchases into third quarter

The developer and maker of medical robotics Hansen Medical Inc. (Nasdaq: HNSN) recently announced preliminary second-quarter revenue revealing a significant plunge below Wall Street’s estimates, citing pullbacks in customer purchase commitments during the deepening global recession, Reuters reported.

The Mountain View, Calif.-based company said some customers required additional approval or alternative financing arrangements before placing orders, pushing purchasing decisions during the quarter into the next quarter.

“Sensei system sales during the second quarter were adversely affected by general macroeconomic conditions that continue to significantly impact our potential customers’ capital spending,” CEO Frederic Moll stated in the press release.

“I was expecting the company to come in weak, I just didn’t know to what degree,” Needham & Co analyst Sameer Harish said.

But Harish said sales for the quarter aren’t as bad as it may appear, as revenue from three systems already shipped will be reported for the third quarter.

The company’s Sensei robotic catheter system positions catheters within the heart more easily and accurately during certain cardiac procedures.

Hansen anticipates revenue for the second quarter to total $3.1 million to $3.3 million, compared with Thomson Reuters estimate of $8.7 million, and $7.1 million in revenue posted in the first quarter.

The company shipped approximately 626 Hansen Artisan catheters in the most recent quarter, compared with approximately 600 during the first quarter, it said.

Hansen provided no further guidance, withdrawing its previous revenue estimates for the remainder of 2009 due to uncertain market conditions.

Audited results for the second quarter will be announced in early to mid-August. The mean analyst estimate polled by Thomson Reuters is for the company to earn 36 cents per share, compared with 61 cents per share on revenue of $5.8 million for the second quarter of fiscal 2008.

About Hansen Medical Inc.

Hansen Medical Inc. develops, manufactures, and markets medical robotics designed for accurate positioning, manipulation, and stable control of catheters and catheter-based technologies.

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