For the same period atrial fib procedures increased 31% in ES sites and by 23% for all sites. According to these trends there's an extremely positive feedback from physicians, some of which have told us that they no longer will perform complex procedures without the advanced capabilities of the Niobe ES system. It has changed the way they approach EP procedures.
At the same time, we continue to make substantial progress on reducing operating expenses, which were down 27% year-over-year. Our commitment to cost reduction has resulted in a 52% improvement in operating losses for the first half of 2012, compared to the same period last year.
As I outlined on the last quarterly call, our current cost reduction initiatives include leveraging our clinical sales force to help drive capital sales, focus spending on R&D project, aggressively reducing general expenses including G&A, support functions and discretionary spending that does not align with top line growth.
Today, we have completed a majority of the discretionary spending cuts and continued to realign other areas. We're on track for the 15% to 20% decrease in operating expenses by year end from the first quarter of 2012. We've also significantly improved our balance sheet and financial position in the quarter by securing approximately $18.5 million in gross proceeds from our successful financing.Offsetting these successes, we faced challenges in the quarter that impacted top line growth. First was a sequential decline in recurring revenue. This decrease was largely a result of the stocking of disposables by customers in the first quarter in anticipation of an ES upgrade or Vdrive utilization, which resulted in lower purchases in the second quarter. Read the rest of this transcript for free on seekingalpha.com
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