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Stereotaxis Reports Second Quarter 2013 Financial Results; Announces Capital Transactions

Stocks in this article: STXS

-Achieves 49% Sequential Improvement in System Revenue- -Secures Two Niobe® ES Orders- -Narrows Operating Loss to $(1.8) Million- -Obtains U.S. FDA Clearance of Vdrive™ with V-Sono™ System- -Receives Cash Infusion of Approximately $8.5 Million from Warrant Exercises- -Hosts Conference Call Today at 9:00 a.m. Eastern Time-

ST. LOUIS, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) today reported financial results for the second quarter ended June 30, 2013. In addition, the Company disclosed recent business developments, including financing transactions to improve its current liquidity position.

Management Comments

William Mills, Stereotaxis Board Chairman and interim Chief Executive Officer, said, "In the second quarter, we achieved sequential improvement in revenue, gross margin and operating loss and secured two orders for our Niobe® ES system. One of these orders was a second system sale to a leading U.S. healthcare provider, which is one of four major integrated delivery networks in the country to invest in the Epoch™ platform.  

"Furthermore, we saw improved utilization rates in certain strategic regions through a targeted physician plan and the implementation of territory assistants focused on driving clinical adoption. Our plan involves engaging those physicians that represent the greatest potential for volume growth and facilitating a faster pace of adoption within our installed base."   

Mr. Mills continued, "At the end of July, we achieved an important milestone with FDA clearance of our Vdrive™ with V-Sono™ system, representing a potentially significant boost to our U.S. market opportunities. The Vdrive system enables a single operator to control all catheters used in complex electrophysiology (EP) procedures and improves navigation to specific sites. The unique, diverse capabilities of the Vdrive system have enhanced the performance of Niobe labs in Europe, and we believe its entry in the U.S. will accelerate volume in our existing sites as well as potentially open doors to the wider EP market."   

"Finally, we are pleased to announce that we have entered into transactions with each of our existing convertible note holders, which will result in a cash infusion of $8.475 million. While we believe these transactions alleviate our liquidity concerns over the next few months, they do not represent a long-term solution. To that end, we have engaged Gordian Group, LLC, a financial advisory firm with special expertise in banking and advisory services for businesses in challenging liquidity situations, to assist us in evaluating various strategic and financing alternatives," he concluded.

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