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Stereotaxis Reports Third Quarter Financial Results
Date:11/7/2011

ST. LOUIS, Nov. 7, 2011 /PRNewswire/ -- Stereotaxis, Inc. (NASDAQ: STXS) today reported financial results for the third quarter ended September 30, 2011.  

Third Quarter 2011 Financial ResultsRevenue for the third quarter was $8.5 million, down 38% from the year ago period.  The decrease was primarily due to softness in Niobe® robotic system sales, resulting from market demand for a more efficient solution for complex ablation procedures and the ongoing platform transition from Niobe II to the Company's new Epoch™ platform.  The Company recognized revenue on one Niobe system and $1.0 million in Odyssey™ systems in the third quarter.  Recurring revenue in the quarter was $6.5 million, a 14% increase from the year-ago quarter.  This growth was attributable to the larger installed base of Niobe systems and increased utilization leading to greater disposable sales and service contracts over last year, as well as favorable pricing.  

The Company generated global new capital orders of $2.2 million in the third quarter, which were comprised of four upgrades to the Epoch platform from Niobe II, two Vdrive™ robotic navigation systems, and $1.6 million in orders related to Odyssey.  

"Our top-line performance and system orders in the quarter, as we expected, were impacted by market demand for a more efficient solution for complex ablation procedures and the ongoing platform transition from Niobe II to Epoch," said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis.  "These factors contributed to softness in Niobe II revenue and the related impact on Odyssey installations in Niobe labs.  Meanwhile, we continue to build market momentum and interest in the Epoch platform ahead of its planned launch in December.  We remain encouraged by the early, positive market feedback
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SOURCE Stereotaxis, Inc.
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