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

d we believe its performance has the potential to set a new standard for EP labs. As we look to the year ahead, once the magnetic irrigated catheter is approved by the U.S. Food and Drug Administration, our goal is to generate market interest in the Niobe system and resulting order momentum matching what we have achieved in Europe."

"Cash and cash equivalents totaled $30 million at the end of the year. Included in this total was $19 million in net proceeds from the additional equity that we raised in December 2008. We believe increased acceptance of our Niobe platform and Odyssey, along with our reduced expense structure and our balance sheet strength and flexibility, will position Stereotaxis to grow revenue and achieve much improved bottom-line results in 2009," concluded Mr. Kaminski.

Fourth Quarter and Full Year 2008 Financial Performance

Gross margin for the quarter was $8.2 million, or 68% of revenue, compared with $6.5 million, or 64% of revenue in the fourth quarter of 2007. Fourth quarter operating expenses decreased 23% to $14.6 million, compared to $18.9 million in the fourth quarter of 2007.

The Company reported a net loss for the fourth quarter of 2008 of $7.5 million, or $(0.20) per share. This compares to a net loss of $12.2 million, or $(0.34) per share, in the fourth quarter of 2007. The weighted average shares for the recent fourth quarter were 36.7 million compared with 36.3 million in the fourth quarter of last year.

For the full year 2008, revenue totaled $40.4 million compared with revenue of $39.3 million for 2007. The Company reported a net loss of $43.9 million for 2008 compared with a net loss of $48.1 million for 2007. On a per share basis, the net loss in 2008 represented $(1.20) compared with $(1.34) in 2007.

Cash used in operations was $3.4 million for the fourth quarter of 2008, and cash and investments at December 31, 20
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SOURCE Stereotaxis, Inc.
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