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Stereotaxis Reports Fourth Quarter 2008 Financial Results
Date:2/26/2009

ST. LOUIS, Feb. 26 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today reported its financial results for the fourth quarter ended December 31, 2008. Revenue for the fourth quarter of 2008 was $12.1 million, an increase of 18% over the fourth quarter of 2007. Stereotaxis recognized revenue on seven Niobe(R) Magnetic Navigation Systems and four Odyssey(TM) systems in the quarter. Revenue from sales of the Niobe and Odyssey systems totaled $8.7 million. Recurring revenue from disposables, services and accessories was $3.4 million. New orders in the fourth quarter for both Niobe and Odyssey systems were $11 million and backlog at December 31, 2008 totaled $69 million. The Company continued to drive cost efficiencies and lowered operating expenses to $14.6 million, which represented a 23% decline from the prior year's fourth quarter and a 9.5% decline from the third quarter of 2008.

Michael P. Kaminski, President and Chief Executive Officer, commented, "Our fourth quarter results were in line with our preliminary announcement and reflected some very positive trends, including the increase in revenue, continued strength of gross margins and lower operating expenses. As a result, our operating loss declined by 48% compared to the fourth quarter of last year as we continuously move Stereotaxis toward breakeven."

"The roll-out of the Thermocool irrigated catheter in Europe is proceeding well and the results have been very encouraging," continued Mr. Kaminski. "The Thermocool catheter is currently in use at 29 sites in Europe and since its reintroduction in September, utilization in Europe has increased significantly. The procedures performed to date to treat complex arrhythmias have confirmed that the efficacy, efficiency and safety record of the irrigated catheter is unsurpassed in the industry an
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SOURCE Stereotaxis, Inc.
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