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Stereotaxis' CEO Discusses Q3 2011 Results - Earnings Call Transcript

Among the bright spots in the quarter, recurring revenue grew 13.8% and reflects continued growth in clinical procedures with our magnetic robotic platform. In addition, we continue to build market interest in Epoch ahead of its planned launch this quarter. We’ve designed Epoch to significantly enhance physician efficiency and experience for robotic-assisted EP procedures. We believe these clear benefits will regenerate market demand for our EP platform, resulting in renewed growth in systems revenue and new capital orders. We’re focused on driving rapid market adoption of Epoch and believe this will significantly contribute to the future growth and profitability.

With respect to the Odyssey platform, we’re continuing our efforts through direct sales and with distribution partners to expand the potential market opportunity. We expect the expansion of the Odyssey business in 2012 as our distributor, Biosense Webster, builds momentum in non-Niobe standard EP labs.

Company is very focused on achieving key milestones, which will accelerate us through this transition period. I’ve mentioned some of these in previous calls, but let me review with you what we’ve accomplished on the top five milestones. The milestones are: 1) restructuring operating costs and lowering them by 15% to 20%; 2) hiring our new CFO; 3) securing relief of our bank covenants; 4) secure non-equity financing; and then 5), begin installation of the Epoch platform.

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