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Stereotaxis Inc. CEO Discusses Q1 2012 Earnings Results Conference Call Transcript

Stocks in this article: STXS

During the first quarter, the Epoch Solution continued to build momentum. We installed 19 upgrades in addition to the six installed in Q4. At this pace we expect to achieve a milestone of 40 upgraded sites during the first half of 2012.

Two Niobe ES systems contributed to revenue during the quarter, and although there were no new Niobe ES orders in the quarter, we do expect to secure orders as the year unfolds and record type strengthens.

We have seen a marked increase in sales activities due to overwhelmingly positive response to the products clinical and operational [background]. We remain confident in our ability to recognize at least 10 new Niobe ES systems to revenue in 2012.

The Vdrive product continues to generate positive momentum in Europe, expanding our footprint and providing a clear differentiator in the robotic market. The Vdrive system provides a physician the ability to control all catheters [G] and complex EP procedures and the flexibility to change the pivot point of our magnetic catheter, thus improving navigation to specific sites.

To-date 80% of the upgraded Epoch sites in Europe has purchased the Vdrive, and are utilizing it in approximately 50% of all AF procedures. Sales of the Vdrive systems should significantly increase once the V-Loop is approved in the US. We are still on track to commercially release Vdrive in the US later this year.

Our Odyssey business contributed two main to revenue in the first quarter and generated 2.1 million in new orders. Approximately 30% of the orders were of Biosense distribution agreement.

We will continue to leverage this relationship to expand the Odyssey footprint in the interventional market. We are also presenting three significant enhancements to the Odyssey platform at the Heart Rhythm Society later this week. These upgrades are designed to improve the user interface and strengthen the remote communication of (inaudible) find information to physicians in remote sites.

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