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Stereotaxis Announces Preliminary Third Quarter 2013 Financial Results In Preparation For Rights Offering

Stocks in this article: STXS

ST. LOUIS, Oct. 23, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) today released certain preliminary financial results for the 2013 third quarter in anticipation of its previously announced rights offering of common stock, which is expected to commence in the near future.

Third Quarter 2013 Preliminary Financial Results:

  • Total revenue of approximately $10.6 million to $11.1 million, with system revenue between $4.4 million and $4.6 million and recurring revenue of approximately $6.2 million to $6.5 million
  • One new Niobe® system order added to backlog with an estimated ending capital backlog of $5.2 million to $5.6 million
  • Utilization decline of about 11% from the prior year third quarter and 12% from the 2013 second quarter
  • Operating expenses of between $8.2 million and $8.6 million
  • Non-cash mark-to-market expense primarily related to recent capital transactions with convertible note holders and other equity investors of approximately $50 million
  • Cash and cash equivalents of approximately $8.4 million at September 30, 2013 and an estimated quarterly cash burn of $1.0 million to $2.0 million

William Mills, Stereotaxis Board Chairman and Interim Chief Executive Officer, commented, "On a sequential basis, we achieved system revenue improvement in the third quarter, delivering three capital orders to revenue. We also significantly improved our balance sheet through transactions announced in August, which added approximately $11.7 million in new capital and extinguished our convertible notes. In addition, we eliminated the $3 million of available advances guaranteed by Alafi Capital Company and an affiliate of Sanderling Venture Partners, paid down the remainder of our Silicon Valley Bank term note, and secured an extension of our revolving credit facility with Silicon Valley Bank through March 31, 2014.

"While we continued to be challenged to grow utilization, we believe our release of the Vdrive™ with V-Sono™ system in the U.S. and full entry of the Niobe® platform into the Japan market, which we announced today, provide us with potentially significant growth opportunities."

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