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

ash burn for the fourth quarter of 2010 was $5.6 million.

The operating loss for the fourth quarter 2010 was $(3.4) million, compared to an operating loss of $(5.8) million for the fourth quarter 2009.  The net loss for the fourth quarter 2010 was $(2.5) million, or $(0.05) per share, compared to a net loss of $(6.7) million, or $(0.14) per share, reported for the fourth quarter 2009.  Net loss for the fourth quarter 2010 included other income of $1.5 million in federal grants under the Qualifying Therapeutic Discovery Project Program that was enacted under the Patient Protection and Affordable Care Act of 2010.  The weighted average shares for the fourth quarter of 2010 totaled 52.5 million compared with 48.4 million in the fourth quarter of last year.  The increase was due in large part to the issuance of 4.6 million shares as part of the stock offering completed in November 2010.

At December 31, 2010, Stereotaxis had cash and cash equivalents of $35.2 million, compared to $21.8 million on September 30, 2010.  Total debt was $28.9 million, including $11.0 million drawn against the Company's $30 million line of credit.

2011 Financial OutlookStereotaxis provided its outlook for 2011 as follows:

  • New capital order growth expected to be in the mid-30% range
  • Total revenue growth expected to be in the range of 20% to 30%
  • Gross margins expected to be in the high-60% range
  • Operating expenses expected to be in the range of $62 million to $63 million

  • Conference Call InformationStereotaxis will hold a conference call today, February 28, 2011 at 4:30 p.m. Eastern Time, to discuss fourth quarter and full year 2010 results and operational highlights.  The dial-in number for the conference call is 1-877-941-6010 for domestic participants and 1-480-629-9772 for international participants.  An audio replay of the call will be available for seven days following the
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    SOURCE Stereotaxis, Inc.
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