Revenue Increase of 36% Year-over-Year to $10.7 Million Backlog Reaches $72
Magnetic Irrigated Catheter on Track for Return to Market
Recently-introduced Odyssey System Building Strong Market Momentum
ST. LOUIS, Aug. 5 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today reported excellent results for the second quarter ended June 30, 2008. Revenue for the recent second quarter increased 36% to $10.7 million compared with $7.8 million in revenue in the second quarter of 2007. The record revenue for the second quarter was driven by strong sales of the Niobe(R) Magnetic Navigation System and the recently introduced Odyssey(TM) Network information management technology. Revenue in the second quarter of 2008 from Niobe and Odyssey systems was $7.9 million, while disposables, services and accessories revenue was $2.8 million. Operating expenses, aside from the Company's contribution to the re-engineering of the magnetic irrigated catheter, were $1.3 million less than one year ago and $300,000 less than in the first quarter of 2008. In the second quarter of 2007, revenue from Niobe systems sales was $5.8 million and disposables, services and accessories revenue was $2.0 million.
"This was a very solid quarter for Stereotaxis and the Company made excellent progress on a number of fronts," said Bevil Hogg, Chief Executive Officer of Stereotaxis. "Our second quarter revenue represents revenue recognition on eight Niobe systems, as well as growth in sales of our Odyssey systems. New orders were approximately $14 million, a record second quarter for the Company. Our backlog reached a record $72 million and we had no cancellations during the period. In addition, our efforts to reduce expenses are generating results."
"The increase in the number of Niobe systems recognized in second
quarter revenue compared with the first quarter was achieved despite the
lack of availability of an i
|SOURCE Stereotaxis, Inc.|
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