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

At June 30, 2011, Stereotaxis had cash and cash equivalents of $23.3 million, compared to $35.2 million on December 31, 2010.  Total debt was $30.5 million, including $15.8 million drawn against the Company's $30 million line of credit.  Cash burn for the second quarter of 2011 was $5.9 million.

"Our revenue and new capital order performance is being impacted by a slowdown in Niobe II momentum and the related impact on the Odyssey business due to delays of Odyssey installations in Niobe labs," said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis.  "The slowdown in Niobe is due to the market's demand for a more efficient solution for complex ablation procedures.  We successfully introduced our new Epoch platform, the Niobe II replacement, at our industry's most widely attended event, the Heart Rhythm Society annual meeting. The significant interest in Epoch's dramatically enhanced efficiency in electrophysiology (EP) procedures has intensified the market shift away from the current Niobe II."

Kaminski continued, "Epoch's technological improvements over Niobe II provide the foundation to accelerate broad adoption of our technology.  We are encouraged by the significant market interest that Epoch is generating as a new potential standard of care for EP interventional medicine.  Since Epoch's release, we have scheduled 36 site visits with Niobe customers and potential customers to review the next generation system.  The early, very positive reaction among key opinion leaders suggests that Epoch enables a faster, more efficient and dynamic magnetic catheter control for all types of robotic-assisted EP procedures while maintaining Niobe's recognized benefits in safety, radiation reduction and clinical outcome.  We are focused on converting the strong interest into orders as quickly as possible, and plan for initial shipments to customers in the fourth quarter 2011."

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