November 10, 2009 / 10:37 PM / 10 years ago

Hansen Medical: Results for 2007 not to be relied upon

Nov 10 (Reuters) - Hansen Medical Inc’s HNSN.O audit committee said the financial results for the year ended Dec. 31, 2007 should not be relied upon due to errors regarding revenue recognition on the sale of one of its Sensei Robotic Catheter Systems to a distributor.

In a regulatory filing with the U.S. Securities and Exchange Commission Tuesday, the medical robotics company also said it has not been paid for one of its systems, which was reported as recognized revenue in the quarter ended June 30, 2009.

In October, company said it planned to restate results for year ended Dec. 31, 2008, for March, June and September quarters of 2008, March and June quarters of 2009, which sought to correct errors regarding the timing of revenue recognition on sale of some of its systems. [ID:nBNG503075]

The audit committee’s investigation and plans for restatement came in the wake of a whistleblower’s report alleging improper revenue recognition in the quarter ended Dec. 31, 2008.

Shares of the company, which have lost about a quarter of their value over the past one month, closed at $2.73 Tuesday on Nasdaq. (Reporting by Anuradha Ramanathan in Bangalore; Editing by Anne Pallivathuckal)

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