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

, which indicates that Epoch's much improved efficiency and technological enhancements could regenerate market demand for magnetic robotics in electrophysiology procedures.  We are focused on driving rapid market adoption of the Epoch platform, and reaffirm our plan for initial shipments to customers before the end of this year."

Kaminski continued, "We are taking actions that we believe will provide us with the necessary financial resources to capitalize on our growth opportunities.  Our operating expense reduction continues, and we expect to see the initial impact beginning in the fourth quarter 2011, with full realization of a 15% to 20% reduction in annualized year-to-date September 30, 2011 operating expenses by the beginning of 2012.   In addition, we anticipate completing a non-equity capital raise by November 30, 2011, which would satisfy our obligation under the Fourth Loan Modification Agreement with Silicon Valley Bank."

Gross margin was $5.9 million, or 68.9% of net revenue, including a $0.5 million charge related to the absorption of overhead costs based on normal production levels.  Before the charge, gross margin in the quarter was 74.3% compared to $10.0 million, or 72.2% of net revenue in the year ago quarter.  The improvement in gross margin as a percent of net revenue prior to this charge was due to a higher mix of recurring revenue in the 2011 third quarter.

Operating expenses were $14.9 million in the third quarter, an increase of 10% compared to the $13.6 million in the year ago period.  The increase was primarily due to higher research and development expenditures related to the Niobe Epoch and Odyssey upgrades, increased spending on registrations in Japan and foreign currency exchange losses as the U.S. dollar strengthened against the Euro.  

The net loss for the third quarter was $(7.3) million, or $(0.13) per share, compared to a net loss of $(5.1) million, or $(0.10) per share,
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SOURCE Stereotaxis, Inc.
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3. Stereotaxis Board of Directors Reaffirms Commercialization Plans for Epoch™ and Odyssey™ Product Platforms
4. Stereotaxis to Present at the Stifel Nicolaus Healthcare Conference on September 7, 2011
5. Stereotaxis to Present at the Canaccord Genuity Growth Conference on August 11, 2011
6. Stereotaxis Reports Second Quarter Financial Results; Rebalances Investment Around Commercialization of Epoch™ and Odyssey™
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