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Stereotaxis Reports Third Quarter Financial Results
Date:11/1/2010

ST. LOUIS, Nov. 1, 2010 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) announced today financial results for the quarter ended September 30, 2010 that were in line with the preliminary results reported on October 13, 2010. Third quarter 2010 results included record recurring revenue, strong gross margins, and reductions in both operating loss and net loss.

Revenue for the third quarter 2010 totaled $13.9 million, compared to $13.3 million in the third quarter 2009. As previously announced on October 13, 2010, revenue growth for the second half of 2010 is being impacted by installation delays in the third and fourth quarters. The Company recognized revenue of $5.5 million in Niobe® Magnetic Navigation Systems and $2.6 million in Odyssey™ systems in the third quarter 2010. Disposables, services and accessories revenue for the quarter ended September 30, 2010 increased 24% to a record $5.7 million from the recurring revenue reported for the year-ago quarter, and reflects continued growth in clinical procedures.

New capital orders for the quarter ended September 30, 2010 increased 94% to $12.2 million from the capital orders placed in the comparable period in 2009. Global orders for the Company’s Niobe Remote Magnetic Navigation System totaled $8.1 million, while Odyssey system orders increased over 140% to a record $4.1 million from the year ago period. New capital orders from North America orders were $6.3 million, or 52% of total orders in the third quarter of 2010.

“The strong momentum in new orders during the third quarter 2010 confirms that we continue to execute on our commercial strategy by further driving adoption of our innovative technology platforms, resulting in stronger reference sites,” said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. “In particular, our Odyssey system conti
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SOURCE Stereotaxis, Inc.
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