For a detailed discussion of the risks and uncertainties that affect the company’s business and that qualify the forward-looking statements made on this call, we refer you to the company’s periodic and other public filings filed with the SEC, including the Form 10-K for the fiscal year ended December 31, 2010 and the quarterly filings for 2011. The company’s projections and forward-looking statements are based on factors that are subject to change and therefore these statements speak only as of the date they are given. The company assumes no obligation to update any projections or forward-looking statements.
In addition, regarding orders and backlog, 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 our control. In addition, these orders and commitments maybe revised, modified, or canceled either by their express terms, as a result of negotiations or by project changes or delays.
Now, I’d like to turn the call over to Mike Kaminski, President and Chief Executive Officer of Stereotaxis.
Michael P. KaminskiThank you, Greg. Good afternoon, everyone, and thank you for joining us for the review of our fourth quarter and full year 2011 performance. With me today is our Chief Financial Officer, Sam Duggan. Following our prepared remarks, we will open up the call for your questions. Before we begin a more detailed discussion of our 2011 performance and strategic priorities for 2012, I’d like to address some broader topics. Clearly, 2011 was a challenging year for us in which we experienced both successes and set backs. During 2011 as we recognized the impact of our robotic platform transition on our financial results, we took immediate actions including significantly reducing operating expenses, raising capital, and executing on the Epoch platform commercial launch, while we’re confident these actions will lead to improved operating performance beginning in 2012, we know we have much work to do.