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

Company reported a net loss for the third quarter of 2009 of $(5.8) million, or $(0.14) per share. This compares with a net loss for the third quarter of 2008 of $(10.1) million, or $(0.28) per share. The weighted average shares for the recent third quarter totaled 42.0 million compared with 36.6 million in the third quarter of last year. The increase was due in large part to the issuance of 4.4 million shares as part of two concurrent private placements of stock completed in December 2008.

Cash used in operations was $3.5 million for the third quarter of 2009 compared with $5.5 million in the third quarter of 2008. Cash and equivalents at September 30, 2009 totaled $12.0 million, compared with $30.4 million at December 31, 2008. Total debt was $30.8 million, including $16.2 million drawn against the Company's $25 million line of credit. As previously disclosed, in October 2009 the Company received a commitment to expand its line of credit from $25 million to $30 million and to extend the maturity date from March 31, 2010 to March 31, 2011.

On October 15, 2009, the Company completed a public stock offering, issuing a total of 7,475,000 shares of common stock, including the exercise of the underwriter's over-allotment. The transaction was priced at $4.00 per share, representing gross proceeds of $29.9 million. Net of transaction costs, Stereotaxis received approximately $28 million in cash. This transaction will be reflected in the fourth quarter and year-end financial statements.

2009 Financial Guidance

The Company reiterates its outlook for 2009 as follows:

  • Total revenue for 2009 is expected to exceed 2008 revenue.
  • Gross margins above 65%.
  • Operating expenses are now expected to be below $60 million for the full year 2009.

Conference Call Information

The Company has scheduled a conference call for 8:30 a.m. Eastern Time to
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SOURCE Stereotaxis, Inc.
Copyright©2009 PR Newswire.
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