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Stereotaxis Reports First Quarter 2011 Financial Results
Date:5/2/2011

le a much more efficient and enhanced EP workflow while maintaining our excellent profile in safety, radiation reduction and clinical outcomes," stated Mr. Kaminski.

First Quarter 2011 Financial PerformanceGross margin for the first quarter ended March 31, 2011 was $7.2 million, or 70.6% of net sales.  Gross margin for the year ago quarter was $7.7 million, or 72.5% of net sales.  Operating expenses for first quarter 2011 totaled $16.0 million.  Cash burn for the first quarter of 2011 was $11.0 million.

The operating loss for the first quarter 2011 was $(8.8) million, compared to an operating loss of $(6.3) million for the first quarter 2010.  The net loss for the first quarter 2011 was $(9.5) million, or $(0.17) per share, compared to a net loss of $(8.4) million, or $(0.17) per share, reported for the first quarter 2010.  The weighted average shares for the first quarter of 2011 totaled 54.7 million compared with 49.6 million in the first quarter of 2010.  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 March 31, 2011, Stereotaxis had cash and cash equivalents of $30.4 million, compared to $35.2 million on December 31, 2010.  Total debt was $33.5 million, including $17.1 million drawn against the Company's $30 million line of credit.  

2011 Financial OutlookThe Company updated its outlook for 2011 operating expense, and reiterated 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 $64 million to $65 million

  • Conference Call InformationStereotaxis will hold a conference call today, May 2, 2011 at 4:30 p.m. Eastern Time, to discuss first qu
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    SOURCE Stereotaxis, Inc.
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