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Stereotaxis Reports Second Quarter Financial Results; Rebalances Investment Around Commercialization of Epoch™ and Odyssey™
Date:8/8/2011

ST. LOUIS, Aug. 8, 2011 /PRNewswire/ -- Stereotaxis, Inc. (NASDAQ: STXS) today reported financial results for the second quarter ended June 30, 2011.  Revenue for the period was $11.6 million, and included a 17.9% increase in recurring revenue.  In addition, the Company announced an operating plan designed to ensure successful commercialization of its new Epoch™ platform and Odyssey™ platform.  The plan includes a realignment and reduction of operating expenses in order to minimize cash burn.  Stereotaxis also announced that Chief Financial Officer Dan Johnston will be leaving the Company, effective August 15, 2011 to pursue other professional interests.  

Second Quarter 2011 Financial ResultsRevenue for the second quarter was down 22.7% from $15.0 million for the second quarter of 2010.  The Company recognized revenue on three Niobe® robotic systems and $1.6 million in Odyssey systems in the second quarter.  Recurring revenue from disposables, services and accessories increased 17.9% to $6.6 million from the year-ago quarter, and reflects continued growth in clinical procedures.

Gross margin for the second quarter ended June 30, 2011 was $8.1 million, or 69.7% of net sales.  Gross margin for the year ago quarter was $10.1 million, or 67.2% of net sales.  Operating expenses for second quarter 2011 totaled $17.6 million.  

The net loss for the second quarter 2011 was $(9.7) million, or $(0.18) per share, compared to a net loss of $(3.9) million, or $(0.08) per share, reported for the second quarter 2010.  The weighted average shares for the second quarter of 2011 totaled 54.8 million compared with 49.9 million in the second 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.


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SOURCE Stereotaxis, Inc.
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