2007 Revenue Increases 45%
Recurring Disposables, Services and Accessories Revenue Up 102%
Update on Partnered Magnetic Irrigated Catheter Launch Provided
ST. LOUIS, March 3 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today reported financial results for the fourth quarter and full year ended December 31, 2007.
For the full year 2007, revenue increased 45% to $39.3 million, compared with $27.2 million in 2006. Sales of the Niobe(TM) system grew 33% to $30.1 million in 2007 compared with $22.7 million last year. Recurring revenue from disposables, services and accessories more than doubled to $9.2 million in 2007 from $4.5 million in 2006. The Company recognized revenue on 27 new systems during the year for a total of 93 placements of the Niobe system worldwide.
Fourth quarter revenue was $10.3 million, a decrease of 27% from $14.0 million in revenue for the fourth quarter of 2006. The decline in revenue was principally due to the delay in European and FDA regulatory approvals for the Company's partnered magnetic irrigated catheter, which created a slowdown in backlog growth and revenues for its Niobe(TM) systems. Disposables, services and accessories revenue grew 67% to $2.6 million for the 2007 fourth quarter compared with $1.6 million last year, setting another quarterly record. The Company recognized revenue on seven new systems during the fourth quarter.
At December 31, 2007, the backlog of purchase orders and other commitments was a record $58.4 million, including $11 million added during the fourth quarter. These commitments are subject to contingencies that are outside the Company's control and may be revised, modified or cancelled. At December 31, 2007, the Company had more than 275 accounts in its mid to late stage pipeline and 400 accounts in the early development stage.
"Our 2007 results demonstrate Stereotaxis' clear leadership in the
treatment of complex arrhyt
|SOURCE Stereotaxis, Inc.|
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