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Stereotaxis Reports Third Quarter 2013 Financial Results

Stocks in this article: STXS

-Increases System Revenue 34% Sequentially from Second Quarter 2013-

-Improves Balance Sheet through Capital Transactions and Renewal of Silicon Valley Bank Credit Facility-

-Receives Reimbursement Classification for Niobe® in Japan-

-Receives FDA Clearance of Vdrive TM with V-Sono TM System-

-Incurs One-Time, Non-Cash Expense Related to Capital Transactions, Impacting Net Loss-

ST. LOUIS, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) today reported financial results for the third quarter ended September 30, 2013. In light of the Company's current rights offering and preceding preliminary earnings release, the Company will not be holding a conference call in conjunction with this release, but refers stockholders to the results and comments contained herein along with Form 10-Q for the quarter ended September 30, 2013.

Management Comments

"We achieved two important milestones during the third quarter, receiving FDA clearance to market our Vdrive™ Robotic Navigation System with V-Sono™ Intracardiac Echocardiography catheter manipulator in the U.S. and reimbursement approval of our Niobe® Magnetic Navigation System in Japan," said William Mills, Stereotaxis Board Chairman and interim Chief Executive Officer. "Our immediate priorities now are to secure an in-country distributor in Japan and establish reference sites in both countries to enhance our marketing efforts. Initial users of the Vdrive with V-Sono system in the U.S. are already sharing among their peers the positive outcomes they are experiencing with the system, including improved productivity and catheter stability."    

Mr. Mills continued, "During the quarter, we also increased capital revenue by 34% sequentially on three Niobe ES systems, one of which represented a second system sale to a particular hospital. With continued challenges in growing utilization, we remain committed to optimizing the full scope of our clinical resources to accelerate activity with the Niobe platform and are seeing incremental improvements in several targeted accounts."    

"Our operational goals depend on a solid financial footing, and we made substantial progress in deleveraging our balance sheet in the third quarter," said Mr. Mills. "Through a series of transactions with investors and a renegotiation of our credit agreement with Silicon Valley Bank, we significantly reduced our short-term obligations and improved our cash position. Additionally, we have initiated a rights offering for stockholders and eligible warrant holders, which we expect to end on November 21."

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