Stereotaxis Reports 19% Second Quarter Reve...( ...),Health

ST. LOUIS, Aug. 6 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today reported improved financial results for the second quarter ended June 30, 2009. Revenue for the recent second quarter totaled $12.6 million, an increase of 19% over the $10.7 million reported for the second quarter of 2008. During the quarter, the Company recognized revenue on eight Niobe(R) Magnetic Navigation Systems and two Odyssey(TM) systems totaling $8.2 million, while disposables, services and accessories revenue was a record $4.5 million, a 62% increase from the same period in 2008. Within recurring revenue, disposable revenue associated with utilization increased over 10% from the first quarter of 2009. The Company's operating expenses fell to $14.6 million, a decrease of 22% from the second quarter of 2008.

For the first six months of 2009, revenue grew 34% to $23.8 million compared with $17.7 million in the first half of 2008. Gross margin increased 41% from $11.1 million to $15.7 million in the 2009 six month period. Operating expenses declined 19%, resulting in a 46% reduction in the operating loss to $13.8 million for the first six months of 2009 compared with $25.4 million in the same period in 2008.

Michael P. Kaminski, President and Chief Executive Officer, said, "EP labs and hospitals are recognizing the tremendous value we bring to the institution, the physician and the patient despite the challenging economic environment. During the first half of the year we generated strong revenue growth, reflecting an increase in installations as well as higher recurring revenue driven by the commercial introduction of the magnetic irrigated catheter. And we've continued to drive operating expenses lower. Finally, we have introduced four new products in the first h
'/>"/>