Corindus Vascular Robotics, Inc. (CVRS) saw its loss widen to $9.79 million, or $0.08 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $7.23 million, or $0.06 a share.

Revenue during the quarter plunged 35.34 percent to $0.54 million from $0.83 million in the previous year period.

Operating loss for the quarter was $9.61 million, compared with an operating loss of $6.87 million in the previous year period.

"Corindus is better positioned today than ever in the company’s history, aligning with the evolution in the cardiology sector which is poised to more fully incorporate robotics into practice than ever before," said Mark Toland, president and chief executive officer of Corindus. "The first commercial cases with the CorPath GRX at prestigious US hospitals, the recent receipt of several multi-system orders, and our recent expansion into Japan demonstrate meaningful continued progress toward our strategic and commercial objectives. Our leadership team is solidly in place, and we are benefitting from the deep and broad experience of our collective team."

For fiscal year 2017, Corindus Vascular Robotics forecasts revenue to be in the range of $13 million to $15 million.

Debt comes down significantly
Corindus Vascular Robotics, Inc. has recorded a decline in total debt over the last one year. It stood at $3.76 million as on Dec. 31, 2016, down 51.27 percent or $3.95 million from $7.71 million on Dec. 31, 2015. Total debt was 28.86 percent of total assets as on Dec. 31, 2016, compared with 16.34 percent on Dec. 31, 2015. Debt to equity ratio was at 0.92 as on Dec. 31, 2016, up from 0.21 as on Dec. 31, 2015.