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Stereotaxis Reports Record First Quarter Orders
Date:5/6/2008

to be augmented by the launch later this year of our advanced CardioDrive II model, which will be previewed at HRS, we see our recurring revenue stream accelerating significantly in 2009. For that year, we have a goal of approximately 20,000 procedures and expect to generate revenues per procedure of more than $1,000 from a combination of royalties and proprietary disposables to which will be added substantial service, software license and network connection fees. Thus, we are gaining confidence in our drive to profitability and believe that, once the irrigated catheter is in full commercial release, the key elements of our profitability will be per- procedure pricing power, rapidly accelerating Odyssey sales, continued strong growth in Niobe system sales, and gross margins on the order of 70%, coupled with continued focus on operating expense control," concluded Mr. Hogg.

First Quarter Financial Performance

Gross margin for the quarter was 65% of revenue or $4.6 million, similar to the 65% of revenue or $5.9 million realized in the first quarter 2007.

First quarter operating expenses increased 7% to $17.8 million in the quarter, compared to $16.7 million in the first quarter of 2007. The increase was driven by higher sales and marketing, and general and administrative expenses.

R&D expenses for the three months ended March 31, 2008, decreased 17% to $4.7 million, compared to $5.7 million in the same period in 2007. The decrease is related to a reduction in expenses for new product introductions and further device development.

The $17.8 million of total operating expenses for the three months ended March 31, 2008 decreased by approximately $1.0 million compared to the $18.9 million recorded in the three months ended December 31, 2007, in line with the company's previously established objectives regarding overall operating expense levels in 2008.

The Company reported a net loss for the first quarter of 2008 of $13.5 million,
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SOURCE Stereotaxis, Inc.
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