Hansen Medical announces its plan to restate its previous financial results

Hansen Medical, Inc. (NASDAQ: HNSN) today announced that it plans to restate its financial statements for the year ended December 31, 2008 and for the quarters ended March 31, 2008, June 30, 2008, September 30, 2008, March 31, 2009 and June 30, 2009 in order to correct certain errors, some of which arose from potential irregularities occurring outside of the accounting department, regarding the timing of revenue recognition on the sale of some of its Sensei® Robotic Catheter Systems. Through June 30, 2009 Hansen shipped 68 systems based on valid customer purchase orders for which revenue was recognized. Hansen has received full payment for all but two of these systems. Of these two systems, Hansen has not been paid for one system on which it recognized revenue in the quarter ended June 30, 2009 and to date has received partial payment of $320,000 on the sale of a system to a distributor on which it recognized revenue in the quarter ended March 31, 2009. An investigation by Hansen's audit committee, with the assistance of independent outside counsel, has identified systems for which revenue should have been recognized in a later period than the period in which it was recognized and revenue on a smaller number of systems that should have been reflected as deferred revenue on Hansen's balance sheet as of June 30, 2009. As software is more than incidental to the functioning of the Sensei system, Hansen's revenue recognition policy is based on American Institute of Certified Public Accountants, Statement of Position 97-2, Software Revenue Recognition.

Hansen's review is ongoing so it is not yet able to estimate the extent and timing of adjustments that will be required to its financial statements. The ultimate findings of Hansen's ongoing review and the impact of these matters on Hansen's results of operations as previously reported is not yet known. Hansen is working diligently towards completing the restatement and filing its quarterly report on Form 10-Q for the period ended September 30, 2009.

Hansen is filing with the Securities and Exchange Commission a Current Report on Form 8-K with further information on these matters.