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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.

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