Hansen Medical, Inc. (NASDAQ:HNSN)
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The Company develops and manufactures a new generation of medical robotics designed for accurate positioning, manipulation and stable control of catheters and catheter-based technologies.
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> The Sensei is a dangerous piece of equipment for patients, leading to 17-19% complication rates.
> Dr. Fred Moll has lost all credibility after promising "slam dunk" guidance of 53-60 systems in 2009, after only delivering 3 in Q2 (conveniently after they pushed a secondary in April, have you.)
> Hansen's gross margins have eroded to close to 0% as ASPs have collapsed due to the lack of a value proposition.
> Hansen needs to completely restructure and reengineer its product for use in electrophysiology to be adopted clinically. A 17F sheath is too big for the vasculature, in particular, the femoral artery.
> Hansen has suffered the loss of talent, with spontaneous resignations from the President and COO, Gary Restani, to members of the board and key engineering talent.