Revenue Growth of Approximately 17% Over Q4 2007
New Orders of Approximately $11 Million
Recurring Revenue Expected to Exceed $3 Million
Boston Atrial Fibrillation Symposium Clinical Presentations Highlighted
ST. LOUIS, Jan. 16 /PRNewswire-FirstCall/ -- Stereotaxis, Inc.
(Nasdaq: STXS) today announced preliminary results for its fourth quarter
ended December 31, 2008. The Company expects revenue for the fourth quarter
of approximately $12 million, which would represent growth of approximately
17% over the fourth quarter of 2007. During the recent fourth quarter,
Stereotaxis recognized revenue on seven Niobe(R) systems and four Odyssey(TM)
systems. All Niobe systems recognized were from the Company's backlog.
Recurring revenue during the fourth quarter is anticipated to exceed $3
million, principally from disposables and service. New orders for Niobe and
Odyssey systems in the fourth quarter are expected to total approximately $11
million. The Company anticipates net backlog of Niobe and Odyssey systems of
approximately $70 million at December 31, 2008.
"Our preliminary fourth quarter revenue results demonstrate that even in
the current environment of constrained hospital capital equipment spending,
Stereotaxis systems continue to be regarded as strategically important to the
installation of electrophysiology (EP) cath labs ," said Michael P. Kaminski,
Stereotaxis President and Chief Executive Officer. "We also are aggressively
managing overall expenditures, which has reduced fourth quarter operating
expenses below third quarter 2008 levels and lowered them by more than 15%
when compared with fourth quarter 2007 expense levels."
"During the fourth quarter, the Company also successfully raised $20
million in additional equity capital, despite the difficult market
conditions," Mr. Kaminski continued. "This new capital further strengthens
our balance sheet and provides us with additional flexibility to achieve our
corporate initiatives during 2009. Given our sizeable backlog and proven
economic model for the customer even in these difficult times, we expect to
generate both solid revenue and system utilization growth during 2009."
Stereotaxis continues to receive very positive feedback from clinicians in
Europe about their experiences with the partnered magnetic irrigated catheter.
These results have consistently demonstrated excellent safety and patient
outcomes in the treatment of very complex arrhythmias. Several clinicians
will be presenting their results using the irrigated catheter and the Niobe
magnetic robotic navigation system at the 14th Annual Atrial Fibrillation
Symposium in Boston this week.
The fourth quarter results are preliminary. The Company expects to
announce its final results for the fourth quarter and full year 2008 in
late-February.
About Stereotaxis
Stereotaxis designs, manufactures and markets an advanced cardiology
instrument control system for use in a hospital's interventional surgical
suite to enhance the treatment of coronary artery disease and arrhythmias. The
Stereotaxis System is designed to enable physicians to complete more complex
interventional procedures by providing image guided delivery of catheters and
guidewires through the blood vessels and chambers of the heart to treatment
sites. This is achieved using computer-controlled, externally applied magnetic
fields that govern the motion of the working tip of the catheter or guidewire,
resulting in improved navigation, shorter procedure time and reduced x-ray
exposure. The core components of the Stereotaxis system have received
regulatory clearance in the U.S., Europe and Canada.
This press release includes statements that may constitute "forward-
looking" statements, usually containing the words "believe," "estimate,"
"project," "expect" or similar expressions. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not limited to,
continued acceptance for the Company's products in the marketplace,
competitive factors, changes in government reimbursement procedures,
dependence upon third-party vendors, and other risks discussed in the
Company's periodic and other filings with the Securities and Exchange
Commission. By making these forward-looking statements, the Company undertakes
no obligation to update these statements for revisions or changes after the
date of this release. There can be no assurance that the Company will
recognize revenue related to its purchase orders and other commitments in any
particular period or at all because some of these purchase orders and other
commitments are subject to contingencies that are outside of the Company's
control. In addition, these orders and commitments may be revised, modified or
canceled, either by their express terms, as a result of negotiations, or by
project changes or delays.
SOURCE Stereotaxis, Inc.
-0- 01/16/2009
/CONTACT: Jim Stolze, Chief Financial Officer of Stereotaxis,
+1-314-678-6105, or Investors, Doug Sherk or Jenifer Kirtland, +1-415-896-
6820, or Media, Steve DiMattia, +1-646-201-5445, all of EVC Group, Inc. /
/Web site: http://www.stereotaxis.com /
(STXS)
CO: Stereotaxis, Inc.
ST: Missouri
IN: CPR HRD
SU: ERN ERP
EW-DT
-- AQF012 --
1609 01/16/200906:00 ESThttp://www.prnewswire.com