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Stereotaxis Reports Fourth Quarter and Full Year 2007 Financial Results
Date:3/3/2008

eter, we believe that the approximately 250 cases performed to date in Europe and Canada with this catheter, have established a new standard for the safe efficacious treatment of complex arrhythmias and we can build on this, as well as on our successful new Odyssey platform and new offerings in the vascular arena, to achieve continued strong growth in our business," Mr. Hogg concluded

Fourth Quarter Financial Performance

Gross profit totaled $6.5 million in the fourth quarter of 2007, or 63.7% of revenue. This compares with gross profit of $8.2 million, or 58.6% of revenue in the fourth quarter of 2006. The improvement in the gross profit margin in 2007 reflected a 5% increase in average selling price for the Niobe system. Gross profit margin for the year 2007 approached 66% exclusive of the inventory impairment charge recorded in the second quarter.

Total operating expenses increased 28% to $18.8 million in the quarter, compared with $14.7 million in the fourth quarter of 2006. The increase was driven by higher sales and marketing expense, as well as increased research and development related to expenses for new product introductions and further device development. The Company reported a net loss for the fourth quarter of 2007 of $12.2 million, or $0.34 per share. This compares to a net loss of $6.2 million, or $0.18 per share, in the fourth quarter of 2006. The weighted average shares for the recent fourth quarter were 36.3 million compared with 34.0 million in the fourth quarter of last year. The increase in weighted average shares reflected the issuance of 1.9 million shares in a sale of common stock in a registered direct offering completed in March 2007 pursuant to a shelf registration as well as the exercise of warrants in late 2006.

For the full year 2007, the Company reported a net loss of $48.1 million versus a net loss of $45.7 million for 2006. On a per share basis, the net loss in 2007 was $1.34 compared with $1.39 in 2006. <
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SOURCE Stereotaxis, Inc.
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