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Stereotaxis Announces Preliminary Fourth Quarter Results

January 16, 2009 | About:

Press Release: Stereotaxis Announces Preliminary Fourth Quarter Results

ST. LOUIS, Jan. 16 /PRNewswire-FirstCall/ -- Stereotaxis, Inc.(Nasdaq: STXS) today announced preliminary results for its fourth quarterended December 31, 2008. The Company expects revenue for the fourth quarterof approximately $12 million, which would represent growth of approximately17% 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 $3million, principally from disposables and service. New orders for Niobe andOdyssey systems in the fourth quarter are expected to total approximately $11million. The Company anticipates net backlog of Niobe and Odyssey systems ofapproximately $70 million at December 31, 2008. "Our preliminary fourth quarter revenue results demonstrate that even inthe current environment of constrained hospital capital equipment spending,Stereotaxis systems continue to be regarded as strategically important to theinstallation of electrophysiology (EP) cath labs ," said Michael P. Kaminski,Stereotaxis President and Chief Executive Officer. "We also are aggressivelymanaging overall expenditures, which has reduced fourth quarter operatingexpenses 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 $20million in additional equity capital, despite the difficult marketconditions," Mr. Kaminski continued. "This new capital further strengthensour balance sheet and provides us with additional flexibility to achieve ourcorporate initiatives during 2009. Given our sizeable backlog and proveneconomic model for the customer even in these difficult times, we expect togenerate both solid revenue and system utilization growth during 2009." Stereotaxis continues to receive very positive feedback from clinicians inEurope about their experiences with the partnered magnetic irrigated catheter.These results have consistently demonstrated excellent safety and patientoutcomes in the treatment of very complex arrhythmias. Several clinicianswill be presenting their results using the irrigated catheter and the Niobemagnetic robotic navigation system at the 14th Annual Atrial FibrillationSymposium in Boston this week. The fourth quarter results are preliminary. The Company expects toannounce its final results for the fourth quarter and full year 2008 inlate-February. About Stereotaxis Stereotaxis designs, manufactures and markets an advanced cardiologyinstrument control system for use in a hospital's interventional surgicalsuite to enhance the treatment of coronary artery disease and arrhythmias. TheStereotaxis System is designed to enable physicians to complete more complexinterventional procedures by providing image guided delivery of catheters andguidewires through the blood vessels and chambers of the heart to treatmentsites. This is achieved using computer-controlled, externally applied magneticfields that govern the motion of the working tip of the catheter or guidewire,resulting in improved navigation, shorter procedure time and reduced x-rayexposure. The core components of the Stereotaxis system have receivedregulatory 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 statementsinherently involve risks and uncertainties that could cause actual results todiffer materially from the forward-looking statements. Factors that wouldcause 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 theCompany's periodic and other filings with the Securities and ExchangeCommission. By making these forward-looking statements, the Company undertakesno obligation to update these statements for revisions or changes after thedate of this release. There can be no assurance that the Company willrecognize revenue related to its purchase orders and other commitments in anyparticular period or at all because some of these purchase orders and othercommitments are subject to contingencies that are outside of the Company'scontrol. In addition, these orders and commitments may be revised, modified orcanceled, either by their express terms, as a result of negotiations, or byproject changes or delays.Source: PRNewsWireMore on STXS:

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