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Stereotaxis' CEO Discusses Q2 Results - Earnings Call Transcript

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 backlogs, 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 may be revised, modified or canceled, either by their express terms as a result of negotiations or by project changes or delays.

Now I'd turn the call over to Mike Kaminski, President and Chief Executive Officer of Stereotaxis.

Mike Kaminski

Thank you, Greg. Good afternoon, everyone. Thank you for joining us for the review of our second quarter 2012 performance. With me today is our Chief Financial Officer, Sam Duggan. Following our prepared remarks, we'll open up the call for your questions.

Let me briefly review the quarterly results then Sam will provide further details in his prepared remarks. As the year unfolds, we're seeing greater excitement around our Niobe Epic Systems, or Niobe ES, which is designed to significantly enhance complex electrophysiology procedures. In addition, we are continuing to build a strong referral base of Niobe ES users, which we believe will accelerate future capital sales.

In the second quarter, we generated two new Niobe ES orders and two went to revenue, both in North America. We also upgraded 22 sites in the installed base to Niobe ES bringing the total upgraded sites to 41 in the first half of the year and surpassing our milestone of 40 installations.

To-date, 47 sites or over 30% of our customer base in North America and EU have transitioned to the ES platform since its launch in December 2011. We are also seeing encouraging results from our focus on increasing clinical adoption. Among Niobe ES users, utilization grew 28% during the first half of 2012, while all sites grew 13% compared to a year ago period.

Stock quotes in this article: STXS 

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