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

ronger Niobe reference sites and expanding our Odyssey business into standard EP labs.  Our efforts to increase gross margins led to gross margins for the year of 71 percent.  In addition, we continue to effectively manage operating expenses, which resulted in substantial reductions in both operating loss and net loss compared to 2009."

"As we look ahead to 2011, we are poised to further drive clinical adoption of Niobe with the recent expansion of our catheter strategic partnership, our growing body of clinical research and our focus on innovation to bring compelling value to the EP lab," stated Mr. Kaminski.  

During 2010, a total of 8,900 electrophysiology (EP) procedures were performed with the Niobe robotic system, a 26% increase from the 7,000 EP procedures performed in 2009.  

Full year 2010 new capital orders were $41.0 million, up 48% over the level reported in 2009.  The Company generated global new capital orders in the fourth quarter 2010 of $11.4 million, a 48% increase over the capital orders placed during the fourth quarter of 2009.  Global orders for the Company's Niobe robotic system for the fourth quarter 2010 increased 84% to $8.3 million from the $4.5 million in Niobe orders reported in the fourth quarter 2009.  Odyssey system orders in the fourth quarter 2010 were $3.1 million.  New capital orders from North America were $4.2 million, or 37% of total orders in the fourth quarter of 2010.  

Fourth Quarter 2010 Financial PerformanceGross margin for the quarter ended December 31, 2010 increased 12.8% to $10.7 million from $9.5 million in the fourth quarter of 2009.  This represents a gross margin percentage of 73.4% compared with 67.3% in the year ago period.  Fourth quarter 2010 operating expenses totaled $14.1 million, substantially below the $15.3 million reported in fourth quarter 2009, representing the Company's continued focus on cost control.  C
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SOURCE Stereotaxis, Inc.
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