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Stereotaxis Reports Record Second Quarter Revenue
Date:8/5/2008

ology to provide its customers with clinical and technical support. We believe this agreement with Biosense Webster will help to accelerate the deployment of Odyssey across a broad spectrum of interventional labs."

"Lastly, our recent $18 million financial arrangement with Biosense Webster, comprised of advances against royalties on catheter sales and deferrals of ongoing research and development costs associated with current and future products, is, we believe, an endorsement of our relationship. This not only strengthens our collaboration, but provides Stereotaxis with significant new financial resources on favorable terms. In summary, we have all the pieces in place for sustainable progress for the remainder of 2008. And, we believe that our momentum will accelerate when the magnetic irrigated catheter returns to the market. At the same time, we expect to lower expenses sequentially over the remainder of the year," Mr. Hogg concluded.

Second Quarter Financial Performance

Gross margin for the quarter was $6.5 million, or 61% of revenue, compared with $3.5 million, or 45% of revenue in the second quarter of 2007. Included in the 2007 gross margin was a $1.9 million impairment charge related to the replacement of legacy Niobe I systems. Excluding the impairment charge, the gross profit margin in the second quarter of 2007 was 68%. Gross margin in the second quarter of 2008 was negatively impacted by the sale of one Niobe I system and the structure of one contract which required a significant portion of revenue on that system to be deferred until the third quarter of 2008. Second quarter margin, adjusted for these two items, would have been approximately 64%.

Second quarter operating expenses decreased to $18.7 million, compared to $18.9 million in the second quarter of 2007. However, included in the 2008 amount was $1.1 million in expenses associated with the re-engineering of the irrigated catheter. Excluding this expense, operating expe
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SOURCE Stereotaxis, Inc.
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