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Stereotaxis Reports Third Quarter 2008 Financial Results
Date:11/6/2008

Backlog Reaches $75 Million $20 Million Existing Commitment from Two Shareholders Extended into 2010

Significantly Expands Operating Flexibility Evaluation of Magnetic Irrigated Catheter in Europe Results in Excellent

Outcomes

ST. LOUIS, Nov. 6 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today reported its financial results for the third quarter ended September 30, 2008. Revenue for the third quarter of 2008 was $10.6 million as the Company recognized revenue on six Niobe(R) Magnetic Navigation Systems and shipped three additional systems for which it expects to recognize revenue in the fourth quarter of 2008 and first quarter of 2009. Revenue from Niobe(R) and Odyssey(TM) systems totaled $7.4 million, while disposables, services and accessories revenue was $3.2 million. Revenue in the third quarter of 2007 was $12.0 million. Operating expenses in the recent third quarter declined by $2.6 million, or 14% from the third quarter of last year, and $1.5 million, or eight percent compared to the second quarter of 2008, excluding the costs related to the re-engineering of the magnetic irrigated catheter in the second quarter.

"While the hospital capital equipment market has been impacted by the credit crisis, electrophysiology (EP) lab spending on projects, programs and systems that help build overall hospital revenue remains relatively robust and we are capitalizing on the value that Stereotaxis brings to the marketplace," said Bevil Hogg, Chief Executive Officer. "During the quarter, we set an all time high for recurring revenue, set a new record for backlog and generated $13 million in new orders. We are also poised to accelerate our momentum in the market as our partner Biosense Webster has completed the patient enrollment for the external evaluation of our partnered magnetic irrigated catheter. The catheter has been evaluated at nine sites, primarily in E
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SOURCE Stereotaxis, Inc.
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2. Stereotaxis Reports Record Second Quarter Revenue
3. Stereotaxis Announces Second Quarter 2008 Earnings Release Date and Conference Call
4. Stereotaxis Magnetic Navigation System Used to Successfully Treat an Inoperable Congenital Heart Defect in a 10-Year Old Patient
5. Stereotaxis Reports Record First Quarter Orders
6. Stereotaxis to Present at the Deutsche Bank 33rd Annual Health Care Conference
7. Stereotaxis Niobe Magnetic Navigation Systems Perform Approximately 15,000 Cases
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11. Stereotaxis Receives $20 Million in Additional Loan Commitments
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