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Stereotaxis Reports 2010 Financial Results, Provides 2011 Financial Outlook
Date:2/28/2011

ST. LOUIS, Feb. 28, 2011 /PRNewswire/ -- Stereotaxis, Inc. (Nasdaq: STXS) today reported financial results for the full year and fourth quarter ended December 31, 2010.  Full year 2010 results included continued momentum in new capital orders, record recurring revenue and record gross margins. In addition, the Company reported reduced operating expenses for the year, which helped to drive decreases in both operating loss and net loss compared to 2009.  The Company also provided its financial outlook for 2011.

For the full year 2010, revenue grew 5.7% to $54.1 million compared with $51.1 million in 2009.  Recurring revenue increased 24.0% to $22.9 million from $18.5 million in 2009.

Revenue for the fourth quarter 2010 totaled $14.5 million, compared to $14.1 million in the fourth quarter 2009 and $13.9 million in the third quarter of 2010.  The Company recognized revenue of $5.0 million in Niobe® robotic systems and $3.3 million in Odyssey™ systems in the fourth quarter 2010.  As the Company expected and previously announced in its third quarter 2010 financial results, installation delays during the fourth quarter 2010 impacted revenue growth in the period.  Disposables, services and accessories revenue for the quarter ended December 31, 2010 increased 22.2% to a record $6.3 million from the recurring revenue reported for the year-ago quarter, and reflects continued growth in clinical procedures.

"In 2010 we achieved significant progress toward our goal of establishing our Niobe robotic platform as a new standard of care for EP interventional medicine that we believe offers improved safety, efficacy and cost of care," said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis.  "The strength in global new capital orders confirms that we continue to make progress in our key initiatives of driving st
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SOURCE Stereotaxis, Inc.
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