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-Achieves Record Fourth Quarter Cash Burn of Less than $0.1M-
-Lowers Operating Loss to a Record $0.9M in Fourth Quarter, an 81% YOY Improvement--Reduces Operating Expenses 31% in Quarter and for Full Year--Grows Full Year Total Revenue 11%--Hosts Conference Call Today at 4:30 p.m. Eastern Time-
ST. LOUIS, March 5, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) today reported financial results for the fourth quarter and full year ended December 31, 2012.
Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis, said, "During 2012, we made significant progress in converting the excitement around our unique Epoch™ platform into capital orders and customer upgrades, resulting in an 11% increase in total full year revenue over 2011. By year-end, we achieved our strategic milestone of upgrading half of our installed base in North America and Europe to the new technology. We also reached shipment targets for the Niobe® ES system, receiving an additional $2.5 million of funding on January 31, 2013, under our existing agreement with Healthcare Royalty Partners (previously 'Cowen')."
Mr. Kaminski continued, "Our strong financial performance for the year included record improvement to the bottom line, primarily occurring in the second half of the year. Through strict financial management, we reduced our annual operating expenses 31% and cash burn by 68% from the prior year. As a result, operating loss for the full year decreased 67% over 2011. In the fourth quarter, operating loss declined 81% to an eight-year low of $880,000 and cash burn was a record $77,000.
"While significantly reduced, our new cost structure has not compromised our plans for growth or ability to fund key innovation projects. We will continue work to execute on our strategic priorities in 2013, including optimizing our robotic EP solutions for improved top line results, securing important product approvals in Japan and the U.S., beginning multi-center clinical studies to expand our clinical proof and leveraging global strategic partnerships for long-term growth," he said.