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

d global new capital orders of $4.4 million in the second quarter, which were comprised of two Niobe systems, as well as $1.7 million in orders related to Odyssey.  Capital orders in the second quarter 2010 were $10.2 million.

Epoch and Odyssey Commercial PlanIn order to ensure successful commercialization of Epoch and Odyssey platforms, as well as conserve resources, Stereotaxis is implementing a wide ranging plan that includes rebalancing and reducing operating expenses by approximately 15 to 20 percent.  This plan is designed to minimize the Company's cash burn, while continuing to fund R&D investment in key growth areas.  In addition, Stereotaxis is working on several options to raise cash with minimal or no dilution to shareholders.  The Company expects the impact of these initiatives on operating expenses will begin to occur in the fourth quarter of 2011.  

"We are committed to taking the necessary actions to improve our operating performance, enhance our competitive position and strengthen the business for the long term," Kaminski said.  "We need to take difficult but prudent actions to significantly reduce our costs as the market awaits the availability of Epoch, and we are immediately implementing overhead cost-reduction initiatives that will significantly realign and reduce operating expenses and minimize cash burn, while maintaining R&D investments to fund high growth opportunities like the continued advancement of our robotic technology platform."

CFO TransitionStereotaxis also announced that Dan Johnston has resigned from his post as Chief Financial Officer of the Company, effective as of August 15, 2011 to pursue other professional interests.  The search for a replacement is underway and Dan will serve as a consultant to the Company through the end of the year.  

Year-to-Date Financial PerformanceRevenue for the first six months of 2011 was $21.8 m
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SOURCE Stereotaxis, Inc.
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