This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stereotaxis Reports First Quarter 2013 Financial Results

Stocks in this article: STXS

-Year-over-Year Operating Loss Improves by 14%-

-Open Positions in Sales Organization Impact Revenue Growth and New Orders-

-Cash Burn is reduced to $1.1 M, a 73% YOY Improvement-

-Operating Expenses Decrease 23% from Year Ago Period-

-Niobe® System Receives Japanese Regulatory Approval-

-Conference Call Today at 4:30 p.m. Eastern Time-

ST. LOUIS, May 13, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) today reported financial results for the first quarter ended March 31, 2013.

"Following the strong top and bottom line improvements we achieved in 2012, our revenue results in the first quarter softened primarily due to vacancies in our sales and account management teams which impacted new orders, system revenue and procedure growth," said William Mills, Stereotaxis Board Chairman and interim Chief Executive Officer. "Our sales organization is now fully staffed and focused on improving utilization through more individualized, aggressive clinical pathways, as well as leveraging the growing evidence around the clinical and economic benefits of our technologies in driving capital orders.

"Despite challenges to revenue performance, we maintained strong discipline around controlling operating expenses, leading to significant year-over-year improvement in cash burn and operating loss in the first quarter."

Mr. Mills continued, "As we outlined last quarter, one of our major strategic initiatives during the year is to secure market entry of our magnetic navigation platform in Japan, and we were excited to receive regulatory clearance of the Niobe® system in the first quarter. The next step is reimbursement approval, which we expect by year end. With the second largest medical device market behind the U.S. and the third largest global economy, Japan represents a substantial growth opportunity for the Company."

First Quarter Financial Results

Revenue for the first quarter 2013 totaled $8.4 million, compared to $12.3 million in the prior year quarter, a 32% decline. The Company recognized revenue of $1.4 million on one Niobe® ES system and several upgrades, $0.1 million on Vdrive™ system sales and $0.7 million in Odyssey® system sales in the first quarter 2013. Recurring revenue of $6.2 million in the quarter was down 13% from $7.1 million in the 2012 first quarter, due to lower procedure volumes. Utilization in Niobe ES sites declined 6% for the first quarter of 2013 over the same period last year, and overall utilization was down 12%.

The Company generated new capital orders of $2.4 million in the first quarter, including $1.4 million on one Niobe ES order and four upgrades, compared to $3.0 million in the first quarter of 2012. Ending capital backlog for the first quarter was $8.6 million.

Gross margin in the quarter was $6.2 million, or 73.9% of revenue, versus $8.5 million, or 69.4% of revenue, in the first quarter 2012. Operating expenses in the first quarter were $9.8 million, down 23% from the year ago period.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs