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

reported for the third quarter 2010.  The weighted average shares outstanding for the third quarter of 2011 totaled 54.9 million, compared with 50.1 million in the third quarter of 2010.  The increase in shares outstanding was due in large part to the issuance of 4.6 million shares as part of the stock offering completed in November 2010.

At September 30, 2011, Stereotaxis had cash and cash equivalents of $17.0 million, compared to $23.3 million on June 30, 2011.  Total debt was $29.0 million, including $16.9 million drawn against the Company's $20 million line of credit.  Cash burn for the third quarter 2011 was $6.4 million.

Rebalancing Operating Expenses Around the Epoch and Odyssey PlatformsIn order to ensure the successful commercialization of the Epoch and Odyssey platforms, as well as conserve resources, Stereotaxis began implementing a wide ranging plan in the 2011 third quarter that includes rebalancing and reducing operating expenses to minimize the Company's cash burn, while continuing to fund R&D investment in key growth areas.  As of September 30, 2011, the Company has completed the majority of the operating expense reductions through headcount and discretionary spending cuts and continues to implement processes and changes to further reduce operating costs.  The Company anticipates that this will result in an operating expense reduction of 15% to 20% on a year-to-date September 30th annual run rate basis.

Non-Equity Capital RaiseOn October 11, 2011, Company entered into a non-binding term sheet with an institutional investor to raise non-equity capital.  The Company expects the capital raise to be completed by November 30, 2011, satisfying the Company's obligation under the Fourth Loan Modification Agreement with Silicon Valley Bank.  The Company and the institutional investor are working diligently and in good faith to close the transaction, subject to customary closing con
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SOURCE Stereotaxis, Inc.
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