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Stereotaxis Provides Fourth Quarter 2007 Revenue Outlook
Date:1/15/2008

cellations relating to the availability of the irrigated catheter and, most importantly, the exceptional growth in our recurring revenue during the past year, we are very confident that we will generate significant improvement in revenue during the coming year. The recent approval of the irrigated catheter reinforces our confidence. Once the irrigated catheter is widely available to our customers, we expect our operating model to begin to transition during 2008 from one driven principally by capital equipment sales to one increasingly focused on high margin, recurring revenue. In addition, a long planned reduction in R&D spending should enable absolute operating expense dollars in 2008 to remain flat or below 2007 levels," added Mr. Hogg.

The Company's backlog reached an all time high as of December 31, 2007 of approximately $59 million, net of two order cancellations for its Niobe system that the Company implemented during the fourth quarter, and which were unrelated either to delays in the irrigated catheter or to competition. The Company continues to believe that competitive offerings have had an extremely limited impact on the Company's revenue, orders, or pipeline.

"The situation we faced in the fourth quarter is very similar to the one we faced in 2005 when the regulatory approval and subsequent launch of the first catheter used with our magnetic navigation technology was delayed," said Mr. Hogg. "Upon full launch of that catheter, our sales and orders increased dramatically and all indications are that we will repeat that performance when the irrigated catheter is both approved and fully launched. Predicting the U.S. approval timeframe of the irrigated catheter has proven to be extremely difficult. However, we have now finally achieved that milestone. Now that we have approval, manufacturing ramp and customer training are remaining prerequisites for broad product usage and are unlikely to be fully accomplished before mid-2008.

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SOURCE Stereotaxis, Inc.
Copyright©2008 PR Newswire.
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