Stereotaxis Reports First Quarter 2009 Financial Results
Total Revenue$11.1 Million , 58% Increase From Prior Year Recurring Revenue Climbs to All Time High of$4.3 Million Record Gross Margin of 69%
Operating Expenses Decrease 17% from Prior Year, Resulting in a 46% Reduction in Operating Loss
"The commercial rollout of the magnetic irrigated catheter in
"We continue to see a marked increase in interest in our Odyssey and Cinema systems not associated with a Niobe platform. The pipeline for our Standard Cath Lab Odyssey systems has grown and we anticipate a pick up in these orders throughout the year," continued Mr. Kaminski.
"Overall, we are pleased with the results of the first quarter, but recognize there is more work to do. We are energized by the release of our new products and even in light of the current macro trends, are optimistic regarding 2009," Mr. Kaminski concluded.
First Quarter 2009
Gross margin for the quarter was
Total first quarter operating expenses decreased 17% to
The Company reported a net loss for the first quarter of 2009 of
Cash used in operations was
Conference Call Information
The Company has scheduled a conference call for
http://www.videonewswire.com/event.asp?id=58066 AboutStereotaxis
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, the effect of global credit and economic conditions on the
ability and willingness of customers to purchase our systems, competitive
factors, changes in government reimbursement procedures, dependence upon
third-party vendors, timing of regulatory approval and return of the irrigated
catheter to the market, and other risks discussed in the Company's periodic
and other filings with the
STEREOTAXIS, INC. STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2009 2008 Revenue System $6,860,807 $4,377,398 Disposables, service and accessories 4,272,327 2,651,053 Total revenue 11,133,134 7,028,451 Cost of revenue System 2,563,483 1,856,102 Disposables, service and accessories 897,199 569,960 Total cost of revenue 3,460,682 2,426,062 Gross margin 7,672,452 4,602,389 Operating expenses: Research and development 3,309,862 4,698,797 Sales and marketing 7,453,439 7,663,713 General and administration 4,038,156 5,476,122 Total operating expenses 14,801,457 17,838,632 Operating loss (7,129,005) (13,236,243) Other income 250,937 - Interest income 26,972 107,728 Interest expense (678,991) (402,651) Net loss $(7,530,087) $(13,531,166) Net loss per common share: Basic and diluted $(0.18) $(0.37) Weighted average shares used in computing net loss per common share: Basic and diluted 41,281,130 36,493,662 STEREOTAXIS, INC. BALANCE SHEETS March 31, December 31, 2009 2008 (Unaudited) Assets Current Assets: Cash and cash equivalents $18,799,762 $30,355,657 Short-term investments Accounts receivable, net of allowance of$436,957 and$328,307 in 2009 and 2008, respectively 12,569,981 9,739,008 Current portion of long-term receivables 190,968 197,351 Inventories 8,145,691 8,086,956 Prepaid expenses and other current assets 4,934,792 2,966,510 Total current assets 44,641,194 51,345,482 Property and equipment, net 6,955,458 6,420,600 Intangible assets 1,244,445 1,277,778 Long-term Receivables 284,457 298,123 Other assets 98,863 98,382 Total assets $53,224,417 $59,440,365 Liabilities and stockholders' equity Current liabilities: Current maturities of long-term debt $13,901,491 $3,901,491 Accounts payable 5,330,995 4,561,928 Accrued liabilities 8,709,512 9,873,818 Deferred contract revenue 8,418,545 9,676,339 Warrants 4,803,654 - Total current liabilities 41,164,197 28,013,576 Long term debt, less current maturities 15,294,783 25,271,547 Long term deferred contract revenue 1,100,321 1,225,656 Other liabilities 146,465 158,905 Stockholders' equity: Preferred stock, par value$0.001 ; 10,000,000 shares authorized at 2009 and 2008; none outstanding at 2009 and 2008 - - Common stock, par value$0.001 ; 100,000,000 shares authorized at 2008 and 2007; 42,384,136 and 42,049,792 issued at 2008 and 2007, respectively 42,384 42,050 Additional paid-in capital 299,170,680 300,892,957 Treasury stock, 40,151 shares at 2008 and 2007 (205,999) (205,999) Accumulated deficit (303,488,414) (295,958,327) Total stockholders' equity (4,481,349) 4,770,681 Total liabilities and stockholders' equity $53,224,417 $59,440,365
SOURCEStereotaxis, Inc. -0-05/07/2009 /CONTACT:Jim Stolze , Chief Financial Officer ofStereotaxis, Inc. , +1-314-678-6105; or Investors,Douglas Sherk &Jenifer Kirtland ofEVC Group , Inc., +1-415-896-6820, or Media,Steve DiMattia ofEVC Group, Inc. +1-646-201-5445, forStereotaxis, Inc. / /Web Site: http://www.stereotaxis.com / /Audio: http://www.videonewswire.com/event.asp?id=58066/ (STXS) CO:Stereotaxis, Inc. ST:Missouri IN: HEA MEQ SU: ERN CCA PR -- AQ12805 -- 210505/07/2009 06:00 EDT http://www.prnewswire.com