Stereotaxis
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8-K
STEREOTAXIS, INC. filed this Form 8-K on 08/07/2018
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Exhibit 99.1

 

 

Stereotaxis Reports 2018 Second Quarter Financial Results

 

  Progress on strategic internal innovation and external collaborations
  Continued growth in recurring revenue
  Positive cash flow from operations
  Reaffirming 2018 expectations
  Conference call today at 10:00 a.m. Eastern Time

 

ST. LOUIS, MO, Aug. 7, 2018 – Stereotaxis, Inc. (OTCQX: STXS), the global leader in innovative robotic technologies for the treatment of cardiac arrhythmias, today reported financial results for the second quarter ended June 30, 2018.

 

“The second quarter was notable for the strategic agreements announced with Johnson & Johnson’s Biosense Webster and with Acutus Medical. These agreements are important parts of our broader strategic innovation initiative, which continues to advance both internally and in collaboration with others,” said David Fischel, Chairman and CEO.

 

“The recurring revenue growth in the quarter represents the fourth consecutive quarter of year-over-year growth, putting us on track to achieve record recurring revenue this year. Our commercial focus remains on developing the institutional infrastructure and processes to support electrophysiologists build successful robotic ablation practices.”

 

“We are simultaneously investing in our future and enhancing our capabilities while being financially disciplined and attentive to shareholder value. Consistent with our previous guidance, our cash balance increased during the second quarter.”

 

“The increase in quantity and quality of peer-reviewed clinical literature supporting our technology continued in the second quarter. Twenty-four publications have showcased our technology year-to-date. A recent publication in the International Journal of Cardiology by Dr. Qiu et al from Ruijin Hospital in Shanghai compared robotic magnetic navigation to manual catheters in 152 patients suffering from premature ventricular contractions. No complications occurred in patients treated robotically, a stark contrast to the 4.5% rate of major adverse events in patients treated with manual catheters. Patients treated robotically were exposed to 69% less radiation and showed a trend towards higher acute procedure success. Procedure times were equivalent between both arms.”

 

Second Quarter and First Half 2018 Financial Results

 

Revenue for the second quarter of 2018 totaled $7.6 million. Recurring revenue was $7.2 million in the second quarter, up 9% from $6.6 million in the prior year quarter. Recurring revenue for the first half of 2018 of $14.2 million was up 6% from the first half of 2017. System revenue in the second quarter was $0.3 million, down from $1.8 million in the prior year quarter. System revenue in the prior year quarter primarily reflected the shipment of a Niobe® system to an international distributor.

 

 
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