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Stereotaxis Reports First Quarter 2009 Financial Results

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, reflecting the rapid ramp-up of usage in the U.S. Early clinical results of the magnetic irrigated catheter usage have been positive. Electrophysiologists are pleased with the ability of the catheter to deliver effective transmural lesions. Some of the initial results will be presented at the upcoming Heart Rhythm Society conference in Boston," Mr. Kaminski said.

"We continue to see a marked increase in interest in our Odyssey and Cinema systems not associated with a Niobe platform. The pipeline for our Standard Cath Lab Odyssey systems has grown and we anticipate a pick up in these orders throughout the year," continued Mr. Kaminski.

"Overall, we are pleased with the results of the first quarter, but recognize there is more work to do. We are energized by the release of our new products and even in light of the current macro trends, are optimistic regarding 2009," Mr. Kaminski concluded.

First Quarter 2009 Financial Performance

Gross margin for the quarter was $7.7 million, or 69% of revenue, compared with $4.6 million, or 65% of revenue in the first quarter of 2008.

Total first quarter operating expenses decreased 17% to $14.8 million, compared with $17.8 million in the first quarter of 2008. Most notable reductions occurred in research, development and general and administrative spending, while expenditures for sales and marketing support continued at near prior year levels.

The Company reported a net loss for the first quarter of 2009 of $7.5 million, or $(0.18) per share. This compares with a net loss for the first quarter of 2008 of $13.5 million, or $(0.37) per share. The weighted average shares for the recent first quarter totaled 41.3 million compared with 36.5 million in the first 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 $10.4 million for the first quarter of 2009. Cash used in operations during the second quarter of 2009 is expected to be significantly lower than the first quarter of 2009. Cash and equivalents at March 31, 2009 totaled $18.8 million, compared with $30.4 million at December 31, 2008. Total debt amounted to $29.2 million, including $13.2 million drawn against the Company's $25 million line of credit.

Conference Call Information

The Company has scheduled a conference call for 8:30 a.m. Eastern Time today to discuss its financial results for the first quarter. To access the conference call, please dial (800) 257-7063. International participants can call (303) 262-2075. An audio replay of the call will be available for seven days following the call at (800) 405-2236 for U.S. callers or (303) 590-3000 for those calling outside the U.S. The password required to access the replay is 11130340#. The call will also be available on the Internet live and for 90 days thereafter at the following URL:

About Stereotaxis

Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital's interventional surgical suite to enhance the treatment of arrhythmias and coronary artery disease. The Stereotaxis system is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe, Canada and elsewhere.

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance for the Company's products in the marketplace, the effect of global credit and economic conditions on the ability and willingness of customers to purchase our systems, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approval and return of the irrigated catheter to the market, and other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company's control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.

                                  STEREOTAXIS, INC.
                               STATEMENTS OF OPERATIONS

                                                Three Months Ended
                                                     March 31,
                                               2009              2008
       System                              $6,860,807        $4,377,398
       Disposables, service and
        accessories                         4,272,327         2,651,053
    Total revenue                          11,133,134         7,028,451

    Cost of revenue
       System                               2,563,483         1,856,102
       Disposables, service and
        accessories                           897,199           569,960
    Total cost of revenue                   3,460,682         2,426,062

    Gross margin                            7,672,452         4,602,389
    Operating expenses:
      Research and development              3,309,862         4,698,797
      Sales and marketing                   7,453,439         7,663,713
      General and administration            4,038,156         5,476,122
    Total operating expenses               14,801,457        17,838,632
    Operating loss                         (7,129,005)      (13,236,243)

    Other income                              250,937                 -
    Interest income                            26,972           107,728
    Interest expense                         (678,991)         (402,651)
    Net loss                              $(7,530,087)     $(13,531,166)

    Net loss per common share:
        Basic and diluted                      $(0.18)           $(0.37)

    Weighted average shares used in
     computing net loss per
     common share:
       Basic and diluted                   41,281,130        36,493,662

                                      STEREOTAXIS, INC.
                                        BALANCE SHEETS

                                                   March 31,    December 31,
                                                     2009          2008
    Current Assets:
      Cash and cash equivalents                  $18,799,762   $30,355,657
      Short-term investments
      Accounts receivable, net of
       allowance of $436,957 and $328,307
       in 2009 and 2008, respectively             12,569,981     9,739,008
      Current portion of long-term receivables       190,968       197,351
      Inventories                                  8,145,691     8,086,956
      Prepaid expenses and other current assets    4,934,792     2,966,510
    Total current assets                          44,641,194    51,345,482
    Property and equipment, net                    6,955,458     6,420,600
    Intangible assets                              1,244,445     1,277,778
    Long-term Receivables                            284,457       298,123
    Other assets                                      98,863        98,382
    Total assets                                 $53,224,417   $59,440,365

    Liabilities and stockholders' equity
    Current liabilities:
      Current maturities of long-term debt       $13,901,491    $3,901,491
      Accounts payable                             5,330,995     4,561,928
      Accrued liabilities                          8,709,512     9,873,818
      Deferred contract revenue                    8,418,545     9,676,339
      Warrants                                     4,803,654             -
    Total current liabilities                     41,164,197    28,013,576

    Long term debt, less current maturities       15,294,783    25,271,547
    Long term deferred contract revenue            1,100,321     1,225,656
    Other liabilities                                146,465       158,905

    Stockholders' equity:
      Preferred stock, par value $0.001;
       10,000,000 shares authorized at
       2009 and 2008; none outstanding at
       2009 and 2008                                       -             -
      Common stock, par value $0.001;
       100,000,000 shares authorized at
       2008 and 2007; 42,384,136 and
       42,049,792 issued at 2008 and 2007,
       respectively                                   42,384        42,050
      Additional paid-in capital                 299,170,680   300,892,957
      Treasury stock, 40,151 shares at
       2008 and 2007                                (205,999)     (205,999)
      Accumulated deficit                       (303,488,414) (295,958,327)
    Total stockholders' equity                    (4,481,349)    4,770,681
    Total liabilities and stockholders' equity   $53,224,417   $59,440,365

SOURCE Stereotaxis, Inc.
Copyright©2009 PR Newswire.
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