We’re determined to lead this company to profitability and we’ll continue to take the necessary steps to improve on our financial position as we execute on our current business plan and growth strategies. To that end, our immediate priority is to address the capital needs of the company. Specifically, we’re working to first extend our debt facility with Silicon Valley Bank, which we expect in the upcoming weeks and second, to secure additional capital through one of several options we’re considering.
As Sam will discuss later, these steps are fundamental to our continuing to be able to drive our business model forward. We’re optimistic that we’ll be able to complete both of these in the relative near-term. However, we’re limited in what we can disclose at this time as to both the nature of these transactions for the specific timetable. We’ll keep everyone informed when we’re able to report more.
Now, let me discuss our performance in 2011. Among our successes was the introduction of the fourth generation magnetic robotic system, the Niobe ES or Epoch system in mid-December. Niobe ES provides exceptional advancements and operational response time and a shorter learning curve along with expanded capabilities that position the product to address the needs of the large community hospital market, which often has a single physician operator performing complex ablations.
We’re encouraged by the early very favorable response, which we believe indicates that our new robotic platform meets the needs and provides us strong competitive advantage in terms of safety and now efficiency.Secondly, utilization continues to increase as evidenced by 15% growth in recurring revenue in 2011 over 2010 and we achieved a record high $7.4 million in the fourth quarter. This performance reflects a strong growth we continue to see in clinical procedures on the magnetic platform, which drives disposable sales and service contracts. Company-wide nearly 10,000 procedures were performed in 2011, an increase of a 11% over the prior year. Read the rest of this transcript for free on seekingalpha.com