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Delaware
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94-3120386
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Pursuant to the Waiver, the Bank waived the testing of the liquidity ratio financial covenant contained in the Original Agreement solely for the compliance period ended February 29, 2012.
A copy of the Waiver is being filed as Exhibit 10.1 hereto, and the information contained therein is hereby incorporated by reference herein.
In accordance with General Instruction B.2. of Form 8-K, the information contained in Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
10.1 Waiver Agreement by and among Silicon Valley Bank, Stereotaxis, Inc. and Stereotaxis International, Inc., dated February 29, 2012
99.1 Stereotaxis, Inc. Press Release dated March 5, 2012
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Stereotaxis, Inc.
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Date: March 05, 2012
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By:
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/s/ Karen Witte Duros
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Karen Witte Duros
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Sr. Vice President, General Counsel and Secretary
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Exhibit No.
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Description
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EX-10.1
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Waiver Agreement by and among Silicon Valley Bank, Stereotaxis, Inc. and Stereotaxis International, Inc., dated February 29, 2012
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EX-99.1
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Stereotaxis, Inc. Press Release dated March 5, 2012
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WAIVER AGREEMENT |
This Waiver Agreement (this “Waiver Agreement”) is entered into on February 29, 2012, by and between SILICON VALLEY BANK, a California corporation, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at 380 Interlocken Crescent, Suite 600, Broomfield, Colorado 80021(“Bank”), STEREOTAXIS, INC., a Delaware corporation (“Stereotaxis”), and STEREOTAXIS INTERNATIONAL, INC., a Delaware corporation, each with offices located at 4320 Forest Park Avenue, Suite 100, St. Louis, Missouri 63108 (“International”, and together with Stereotaxis, individually and collectively, jointly and severally, “Borrower”).
1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of March 11, 2009, evidenced by, among other documents, a certain Second Amended Restated and Loan and Security Agreement dated as of November 30, 2011 (as may be amended from time to time, the “Loan Agreement”) and a certain Amended and Restated Export-Import Bank Loan and Security Agreement, dated as of November 30, 2011 (as may be amended from time to time, the “EXIM Bank Loan and Security Agreement”), in each case between Borrower and Bank. Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement.
2. DESCRIPTION OF COLLATERAL Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement and the EXIM Bank Loan and Security Agreement, and the Intellectual Property Collateral described in a certain IP Security Agreement, dated as of November 30, 2011.
Hereinafter, the Loan Agreement, together with the EXIM Bank Loan and Security Agreement and all other documents executed in connection therewith evidencing, securing or otherwise relating to the Obligations shall be referred to as the “Existing Loan Documents”.
3. WAIVER OF FINANCIAL COVENANT. Bank hereby waives testing of the Liquidity Ratio financial covenant contained in Section 6.9(b) of the Loan Agreement solely for the compliance period ended February 29, 2012. Bank’s waiver shall only apply to the Liquidity Ratio financial covenant, and only for the specific compliance period described above, and shall not constitute a continuing waiver. Borrower hereby acknowledges and agrees that, except as specifically provided herein, nothing in this Section or anywhere in this Waiver Agreement shall be deemed or otherwise construed as a waiver by the Bank of any of its rights and remedies pursuant to the Loan Documents, applicable law or otherwise.
4. FEES. Borrower shall pay to Bank a waiver fee equal to Ten Thousand Dollars ($10,000), which waiver fee shall be due on the date hereof and shall be deemed fully earned as of the date hereof. Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents.
5. ADDITIONAL COVENANTS; RATIFICATION OF PERFECTION CERTIFICATE. Borrower is not a party to, nor is bound by, any license or other agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or termination of could interfere with the Bank’s right to sell any Collateral. Borrower shall provide written notice to Bank within ten (10) days of entering or becoming bound by any such license or agreement (other than over-the-counter software that is commercially available to the public). Borrower shall take such steps as Bank requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (x) all such licenses or contract rights to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such license or agreement (such consent or authorization may include a licensor’s agreement to a contingent assignment of the license to Bank if Bank determines that is necessary in its good faith judgment), whether now existing or entered into in the future, and (y) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under the Loan Agreement and the other Loan Documents. Except as otherwise disclosed in that certain Perfection Certificate dated as of November 30, 2011, the Borrower hereby certifies that no Collateral is in the possession of any third party bailee (such as at a warehouse). In the event that Borrower, after the date hereof, intends to store or otherwise deliver the Collateral to
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such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate, dated as of November 30, 2011, and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in the Perfection Certificate remain true and correct in all material respects as of the date hereof.
6. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without notice to Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other Person, shall be deemed to violate the rights of the Bank under the Code.
7. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above.
8. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all of the Loan Documents and all of the security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations.
9. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder.
10. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Waiver Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Waiver Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in this Waiver Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of this Waiver Agreement.
11. RIGHT OF SET-OFF. In consideration of Bank’s agreement to enter into this Waiver Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Silicon Valley Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.
12. CONFIDENTIALITY. Bank may use confidential information for the development of databases, reporting purposes, and market analysis, so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement.
13. JURISDICTION/VENUE/TRIAL WAIVER. Borrower accepts for itself and in connection with its properties, unconditionally, the exclusive jurisdiction of any state or federal court of competent jurisdiction in the State of Illinois in any action, suit, or proceeding of any kind against it which arises out of or by reason of this Waiver Agreement. NOTWITHSTANDING THE FOREGOING, THE BANK SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR ITS PROPERTY IN THE
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COURTS OF ANY OTHER JURISDICTION WHICH THE BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE THE BANK’S RIGHTS AGAINST THE BORROWER OR ITS PROPERTY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WAIVER AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS WAIVER AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.
14. COUNTERSIGNATURE. This Waiver Agreement shall become effective only when it shall have been executed by Borrower and Bank.
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[The remainder of this page is intentionally left blank] |
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IN WITNESS WHEREOF, the parties hereto have caused this Waiver Agreement to be executed as a sealed instrument under the laws of the State of Illinois as of the date first above written.
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BORROWER: STEREOTAXIS, INC. By /s/ Samuel W. Duggan II Name: Samuel W. Duggan II Title: CFO STEREOTAXIS INTERNATIONAL, INC. By /s/ Samuel W. Duggan II |
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Name: Samuel W. Duggan II Title: President and Treasurer |
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BANK: |
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SILICON VALLEY BANK By /s/ Sheila Colson |
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Name: Sheila Colson Title: Senior Advisor |
Stereotaxis Reports 2011 Financial Results; Provides 2012 Milestones
-Launches New EpochTM Platform with Strong Initial Results--Achieves Record-High Recurring Revenue--Reduces Annual Operating Expense Run Rate by 20% --Focuses on Financing--Hosts Conference Call Today at 4:30 p.m. Eastern Time-
ST. LOUIS, MO, March 5, 2012—Stereotaxis, Inc. (NASDAQ: STXS) today reported financial results for the fourth quarter and full year ended December 31, 2011.
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Management Comments |
“While 2011 was challenged by the transition to a new robotic platform, we are confident the strategic initiatives we put in place will lead to improved operating performance and financial results beginning in 2012,” said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. “We are focused on leading the company on a path to profitability and will continue to take the necessary steps to improve our financial position.”
Kaminski continued, “After much anticipation, we were excited to launch our next generation Niobe® ES, or Epoch™ system, in December and are encouraged by the positive initial results and validation from multiple physician users. The Niobe ES system is designed to transform the practice of electrophysiology (EP), and we believe it provides a strong competitive advantage in terms of efficiency and safety. To date, we have upgraded 21 sites and anticipate solid market traction and system revenue growth this year based on the significant early market interest.”
“The recognized value of our robotic technology for complex ablations in the EP lab was further evidenced by 23% growth in utilization for complex procedures in 2011. Overall, utilization grew 11% and contributed to record levels of recurring revenue during the year.
“Moving forward, our immediate priority is to address the capital needs of the company, including securing an extension of our credit agreement with Silicon Valley Bank and
one or more additional capital transactions, as well as leveraging the commercial appeal of our technology. An intense focus on capitalization, and securing adequate funds in our financing activities, will be fundamental to our ongoing success and our ability to leverage the positive feedback on our new platform to support our future growth in what we believe will be a high-demand, global market,” concluded Kaminski.
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2011 Financial Results Fourth Quarter |
Revenue for the fourth quarter 2011 totaled $11.6 million, compared to $14.5 million in the fourth quarter 2010 and $8.5 million in the third quarter 2011. The Company realized revenue of $2.3 million in Niobe system sales and $1.8 million in Odyssey™ system sales in the fourth quarter 2011. Recurring revenue in the quarter improved 18% from the year-ago quarter to a record high $7.4 million.
The Company generated global new capital orders of $3.6 million in the fourth quarter, comprised of one new Niobe ES system, 11 Niobe ES system upgrades, three Vdrive™ robotic navigation systems and $1.4 million in orders related to the Odyssey system. This compares to $11.4 million in global new capital orders in the fourth quarter 2010 and $2.2 million in the third quarter 2011.
Gross margin in the quarter was 71.4% of revenue or 73.2% excluding a $0.2 million charge related to the under absorption of overhead based on normal production levels. Gross margin in the fourth quarter 2010 was 73.4% of revenue and 68.9% in the third quarter 2011.
Operating expenses were $12.9 million in the fourth quarter, down $1.2 million from the year ago period and down $2.0 million sequentially. At the end of 2011, the Company had reduced its annualized operating expense run rate by 20%, primarily through headcount and discretionary spending cuts during the second half of the year.
The net loss for the fourth quarter was $(5.5) million, or $(0.10) per share, compared to a net loss of $(2.5) million, or $(0.05) per share, reported for the fourth quarter 2010 and $(7.3) million, or $(0.13) per share, in the third quarter 2011. The weighted average shares outstanding for the fourth quarter of 2011 totaled 54.9 million, compared with 52.5 million in the fourth quarter 2010 and 54.9 million in the third quarter of 2011.
Cash burn for the fourth quarter 2011 was $14.8 million, which included the Company’s final repayment of the Biosense Webster, Inc. (BWI) advance of $3.1 million and higher working capital of $7.5 million, of which $6.6 million related to increased accounts receivable.
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Full Year |
For the full year 2011, total revenue was $42.0 million compared with $54.1 million in 2010. The decline was primarily due to softness in Niobe robotic system sales as the
Company transitioned from the Niobe II system to its new Epoch platform. Systems revenue was $15.6 million for the year and 2011 capital orders were $17.3 million.
Conversely, recurring revenue increased 15.1% over the previous year to $26.4 million, a result of strong utilization growth that led to greater disposable sales and service contracts. During 2011, a total of 9,842 EP procedures were performed with the Niobe system worldwide, a 10.8% increase from 2010. For complex cardiac ablations, the Company recognized a 23.3% increase in utilization over the prior year.
Gross margin for the full year 2011 was 70.2% of revenue compared to 71.2% in 2010, and was positively impacted by a higher mix of recurring revenue, which averaged an 85.1% gross margin. Excluding a $0.6 million charge related to the under absorption of overhead based on normal production levels, gross margin was 71.7% for the full year 2011.
Operating expenses were $61.4 million for the full year 2011, an increase of $4.0 million from the year ago period. The rise relates to the development of Niobe ES and Odyssey system upgrades, headcount to support higher utilization rates and increased spending on registrations in Japan as Niobe ES system approaches the end of clinical trials.
The net loss for full year 2011 was $(32.0) million, or $(0.58) per share, compared to a net loss of $(19.9) million, or $(0.39) per share, reported for 2010. The weighted average shares outstanding for full year 2011 totaled 54.8 million, compared with 50.5 million in 2010.
At December 31, 2011, Stereotaxis had cash and cash equivalents of $14.0 million, compared to $35.2 million at December 31, 2010. At year end, total debt was $38.5 million, including $15.2 million related to Cowen Healthcare Royalty Partners (Cowen) financing in the fourth quarter.
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Capitalization |
On November 30, 2011, the Company secured up to $20 million in financing through Cowen of which $15 million has been funded to date, with another $5 million that may be borrowed in 2012 if the Company is able to achieve certain Niobe ES system shipment milestones. Under the terms of the facility, the Company is obligated to repay the Cowen debt, which accrues interest at 16% and matures December 31, 2018, using BWI catheter royalties.
The Company anticipates that its lower cost structure and the expected rebound in revenue will improve cash flow and reduce capital requirements. The Company is also working to secure additional financing and is actively looking at and considering a number of potential alternatives. Successfully completing these steps in the near term will be fundamental for the Company to continue to be able to drive its business model forward as planned.
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Clinical Results |
As of February 25, 2012, the Company has documented 386 total procedures using the Epoch system at 16 different centers around the world. A total of 42 physicians have participated in this clinical experience. The majority of these procedures, 70%, are atrial fibrillation ablation patients. Reported case times average slightly over three hours, an average improvement of 25 minutes from the Niobe II system. Feedback continues to be overwhelmingly positive, with operators noting an improvement in efficiency due to Niobe ES system in 92% of cases.
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2012 Milestones |
Stereotaxis provided the following milestones for 2012:
| · | Complete additional capital raise and secure extended credit agreement with Silicon Valley Bank |
| · | Achieve at least 10 new Niobe ES system sales |
| · | Complete 40 Niobe ES system upgrades during first half of the year |
Conference Call and Webcast
Stereotaxis will host a conference call and webcast today, March 5, 2012 at 4:30 p.m. Eastern Time, to discuss fourth quarter and full year results and operational progress. The dial-in number for the conference call is 1-866-356-4279 for domestic participants and 1-617-597-5394 for international participants, passcode 42030097. Participants are asked to call the above numbers 5-10 minutes prior to the start time. A real-time, listen-only webcast of the conference call will be accessible at www.stereotaxis.com in the Investors section under Event Calendar. Listeners should go to the website at least 15 minutes prior to the live conference call to install any necessary audio software.
An audio replay of the call will be available for seven days following the call and can be accessed by dialing 1-888-286-8010 for domestic callers and 1-617-801-6888 for international callers, both using passcode 14422617. The call also will be available for 90 days at www.stereotaxis.com.
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About Stereotaxis |
Stereotaxis is a healthcare technology and innovation leader in the development of robotic cardiology instrument navigation systems designed to enhance the treatment of arrhythmias and coronary disease, as well as information management solutions for the interventional lab. With over 100 patents for use in a hospital’s interventional surgical suite, Stereotaxis helps physicians around the world provide unsurpassed patient care with robotic precision and safety, improved lab efficiency and productivity, and enhanced collaboration of life-saving information. Stereotaxis’ core technologies are the Niobe® ES Remote Magnetic Navigation system, the Odyssey™ portfolio of lab optimization, networking and patient information management systems and the Vdrive™ Robotic Mechanical Navigation system and consumables.
The core components of Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere; the V-Loop™ circular catheter manipulator is currently under regulatory review by the U.S. Food and Drug Administration. For more information, please visit www.stereotaxis.com and www.odysseyexperience.com
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, our continued access to capital and financial resources, including our ability to extend our current loan facility and to obtain additional capital through other financing arrangements, in each case on a timely basis and on terms that are acceptable, continued acceptance of the Company's products in the marketplace, the effect of global economic conditions on the ability and willingness of customers to purchase our systems and the timing of such purchases, the outcome of various shareholder litigation recently filed against us, competitive factors, changes resulting from the recently enacted healthcare reform in the U.S., including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, 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, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays.
| Company Contact: | Investor Contact: | Media Contact: | ||
| Sam Duggan | EVC Group, Inc. | Frank Cheng | ||
| Chief Financial Officer | Gregory Gin / Doug Sherk | Senior Vice President, | ||
| 314-678-6007 | 646-445-4801 / 415-568-4887 | Marketing & Business | ||
| Development | ||||
| 314-678-6111 |
| STEREOTAXIS, INC. | ||||||||
| BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2011 | 2010 | |||||||
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| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 13,954,919 | $ | 35,248,819 | ||||
| Accounts receivable, net of allowance of $667,529 and $367,536 in | ||||||||
| 2011 and 2010, respectively | 11,104,038 | 13,915,569 | ||||||
| Current portion of long-term receivables | 59,679 | 30,800 | ||||||
| Inventories | 6,036,051 | 5,441,475 | ||||||
| Prepaid expenses and other current assets | 3,081,484 | 4,557,718 | ||||||
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| Total current assets | 34,236,171 | 59,194,381 | ||||||
| Property and equipment, net | 3,323,856 | 3,840,622 | ||||||
| Intangible assets, net | 2,279,153 | 2,578,986 | ||||||
| Long-term receivables | 51,892 | 109,266 | ||||||
| Other assets | 40,760 | 38,537 | ||||||
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| Total assets | $ | 39,931,832 | $ | 65,761,792 | ||||
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| Liabilities and stockholders' equity (deficit) | ||||||||
| Current liabilities: | ||||||||
| Current maturities of long-term debt | $ | 21,173,321 | $ | 20,894,091 | ||||
| Accounts payable | 5,610,181 | 8,796,182 | ||||||
| Accrued liabilities | 5,703,166 | 6,966,571 | ||||||
| Deferred contract revenue | 8,220,306 | 6,600,313 | ||||||
| Warrants | 125,415 | 3,541,798 | ||||||
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| Total current liabilities | 40,832,389 | 46,798,955 | ||||||
| Long-term debt, less current maturities | 17,290,531 | 8,000,000 | ||||||
| Long-term deferred contract revenue | 634,713 | 478,850 | ||||||
| Other liabilities | 3,094 | 8,741 | ||||||
| Stockholders' equity (deficit): | ||||||||
| Preferred stock, par value $0.001; 10,000,000 shares authorized at | ||||||||
| 2011 and 2010, none outstanding at 2011 and 2010 | - | - | ||||||
| Common stock, par value $0.001; 100,000,000 shares authorized at | ||||||||
| 2011 and 2010, 55,431,573 and 54,746,240 shares issued | ||||||||
| at 2011 and 2010, respectively | 55,432 | 54,746 | ||||||
| Additional paid-in capital | 356,729,118 | 354,002,770 | ||||||
| Treasury stock, 40,151 shares at 2011 and 2010 | (205,999) | (205,999) | ||||||
| Accumulated deficit | (375,407,446) | (343,376,271) | ||||||
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| Total stockholders' equity (deficit) | (18,828,895) | 10,475,246 | ||||||
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| Total liabilities and stockholders' equity (deficit) | $ | 39,931,832 | $ | 65,761,792 | ||||
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| STEREOTAXIS, INC. | ||||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| December 31, | December 31, | |||||||||||||
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| 2011 | 2010 | 2011 | 2010 | |||||||||||
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| Revenue | ||||||||||||||
| System | $ | 4,235,077 | $ | 8,293,334 | $ 15,585,538 | $ | 31,120,034 | |||||||
| Disposables, service and accessories | 7,381,498 | 6,250,962 | 26,401,894 | 22,931,203 | ||||||||||
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| Total revenue | 11,616,575 | 14,544,296 | 41,987,432 | 54,051,237 | ||||||||||
| Cost of revenue | ||||||||||||||
| System | 2,147,500 | 3,236,975 | 8,576,283 | 12,719,200 | ||||||||||
| Disposables, service and accessories | 1,172,002 | 625,807 | 3,921,798 | 2,845,487 | ||||||||||
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| Total cost of revenue | 3,319,502 | 3,862,782 | 12,498,081 | 15,564,687 | ||||||||||
| Gross margin | 8,297,073 | 10,681,514 | 29,489,351 | 38,486,550 | ||||||||||
| Operating expenses: | ||||||||||||||
| Research and development | 2,651,731 | 2,648,191 | 12,886,488 | 12,244,163 | ||||||||||
| Sales and marketing | 6,698,774 | 7,768,084 | 31,635,415 | 30,178,818 | ||||||||||
| General and administration | 3,524,343 | 3,685,052 | 16,908,656 | 15,022,689 | ||||||||||
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| Total operating expenses | 12,874,848 | 14,101,327 | 61,430,559 | 57,445,670 | ||||||||||
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| Operating loss | (4,577,775) | (3,419,813) | (31,941,208) | (18,959,120) | ||||||||||
| Other income | 164,561 | 2,010,516 | 3,416,383 | 2,060,346 | ||||||||||
| Interest income | 1,915 | 2,644 | 9,052 | 10,578 | ||||||||||
| Interest expense | (1,102,188) | (1,084,193) | (3,515,402) | (3,035,291) | ||||||||||
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| Net loss | $ | (5,513,487) | $ | (2,490,846) | $ (32,031,175) | $ | (19,923,487) | |||||||
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| Net loss per common share: | ||||||||||||||
| Basic and diluted | $ | (0.10) | $ | (0.05) | $ (0.58) | $ | (0.39) | |||||||
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| Weighted average shares used in computing net | ||||||||||||||
| loss per common share: | ||||||||||||||
| Basic and diluted | 54,923,691 | 52,501,460 | 54,826,266 | 50,522,001 | ||||||||||
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