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Stereotaxis Reports 26% Third Quarter 2009 Revenue Growth
Date:11/5/2009

ST. LOUIS, Nov. 5 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today reported strong revenue growth, a significant increase in the gross margin, lower operating expenses and a significant reduction in the net loss for both the quarter and the nine month period ended September 30, 2009. Revenue for the recent third quarter totaled $13.3 million, an increase of 26% over $10.6 million for the 2008 third quarter. During the quarter, the Company recognized revenue on six Niobe® Magnetic Navigation Systems and seven Odyssey(TM) systems totaling $8.7 million. Disposables, services and accessories revenue reached a record $4.6 million, a 45% increase from the third quarter of 2008. Gross profit margin was 68% compared with 65% in the third quarter of 2008. Operating expenses declined 18% from the third quarter last year to $13.2 million.

For the first nine months of 2009, revenue grew 31% to $37.1 million compared with $28.2 million in the first nine months of 2008. Recurring revenue grew 56% from $8.6 million to $13.4 million and gross margin increased 37% to $24.7 million, or 67% of sales. Operating expenses decreased 19%, resulting in a 48% reduction in the operating loss to $18.0 million for the first nine months of 2009 compared with a $34.6 million operating loss in the same period in 2008.

Michael P. Kaminski, President and Chief Executive Officer, said, "The third quarter financial results reflect a solid improvement in our Company's march to breakeven. We remain focused on driving revenue growth and strong margins while controlling operating expenses, resulting in a significant reduction in our cash burn to $3.5 million. We are particularly excited about the introduction of the Odyssey platform for non-magnetic labs as seen by the first multiple system order for non-magnetic labs in September. T
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SOURCE Stereotaxis, Inc.
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