Total Revenue $11.1 Million, 58% Increase From Prior Year
Recurring Revenue Climbs to All Time High of $4.3 Million
Record Gross Margin of 69%
Operating Expenses Decrease 17% from Prior Year, Resulting in a 46% Reduction in Operating Loss
ST. LOUIS, May 7 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today reported financial results for the first quarter ended March 31, 2009. Revenue for the first quarter of 2009 totaled $11.1 million, an increase of 58% over the $7.0 million reported for the same period in 2008. The company recognized revenue on five Niobe(R) Magnetic Navigation Systems and five Odyssey(TM) systems totaling $6.9 million, while disposables, services and accessories revenue was a record $4.3 million, a 61% increase versus the same period in 2008. Purchase orders in the first quarter for Niobe and Odyssey systems totaled $8.8 million, resulting in an ending backlog of $67 million. The Company's operating expenses fell to $14.8 million, a 17% decrease from the first quarter of 2008.
Michael P. Kaminski, President and Chief Executive Officer, said, "During the first quarter, we demonstrated strong revenue growth, exceptionally strong margins on all our products, and a significant uptick in recurring revenue, driven primarily from the launch of the magnetic irrigated catheter. Additionally, the organization continues to focus on key initiatives and drive robust processes resulting in an improvement in operating expenses from prior year.
"The commercial rollout of the magnetic irrigated catheter in Europe and in the U.S. is proceeding very well," Mr. Kaminski added. "All European sites are launched and the rollout began in early March for the U.S. sites. Utilization increased by approximately 40% in March compared with January, r
|SOURCE Stereotaxis, Inc.|
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