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Stereotaxis Reports Improved First Quarter 2012 Financial Results
Date:5/8/2012

ST. LOUIS, May 8, 2012 /PRNewswire/ -- Stereotaxis, Inc. (NASDAQ: STXS) today reported financial results for the first quarter ended March 31, 2012. 

Management Comments
Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis, said, "In the first quarter, we continued to capitalize on strong market response to the release of the Epoch™ Solution and robust utilization, realizing a 20% improvement in revenue over the prior year quarter. By quarter end, we had completed 25 upgrades to the Niobe® ES system in existing sites since its launch in December 2011; on pace with our forecast to achieve 40 upgraded sites during the first half of 2012. We expect Niobe® ES system sales will gain momentum throughout the year as we increase reference sites and optimize product value."

"We also improved operating loss by $4.6 million, or 52%, over last year through a combination of top line growth and significantly lower operating spend, which declined 21% year over year," continued Kaminski.

"In order to accelerate our timeline to achieve breakeven, we are executing a plan to reduce operating costs by an additional 15% to 20% without compromising our revenue growth strategies. With the Epoch™ Solution product development behind us, we can focus research dollars on enhancements that ensure market adoption and long-term success of the robotic platform. In addition, we have opportunity for greater efficiencies within our capital sales organization through alignment with our local clinical organization."These strategies, which are built on the successful commercial launch and improving revenue of the Niobe® ES system, position us to reach breakeven while continuing to refine our technology, expand our offering through the Vdrive™ product and leverage our strategic partners in global market opportunities," con
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SOURCE Stereotaxis, Inc.
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