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TheStreet Open House

Stereotaxis Reports 2013 Fourth Quarter And Full Year Financial Results

Stocks in this article: STXS

-Announces Distribution Partnership in Japan-

-Significantly Increases Working Capital by Year End-

-Reduces Cash Burn for FY2013 to Record Low of $6.3 Million-

-Achieves Lowest Reported Full Year Operating Loss of $8.8 Million-

-Reconfirms Commitment to Technology Advancements-

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

ST. LOUIS, Feb. 25, 2014 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) today reported financial results for the fourth quarter and full year ended December 31, 2013.

Management Comments

"We are very encouraged by the health of Stereotaxis today – leaner, financially stronger and poised to further revolutionize the delivery of care in the electrophysiology (EP) catheter laboratory," said William C. Mills, Stereotaxis Chief Executive Officer. "Over the course of 2013, we effectively transformed our balance sheet, raising $21.9 million in new, permanent capital and eliminating short-term debt obligations, which reduced the principal of our total debt by $17.1 million. At the same time, we continued to demonstrate intelligent capital stewardship during the year, reporting the lowest full year cash burn and operating loss since our initial public offering in 2004."

Mr. Mills continued, "While we were challenged to achieve targeted top line results in 2013, we believe we have significant growth opportunities ahead. As we announced today, we have completed an agreement with two strong, experienced Japanese companies to begin immediate commercialization of our Niobe® technology in Japan. Furthermore, enthusiasm around our Vdrive™ with V-Sono™ ICE catheter manipulator continues to build in the U.S., the result of strategic, customer-centric capital selling and clinical adoption efforts.

"A firmer financial footing enables us to redirect our energies to meaningful technological innovations that not only will lead the EP market in safety and operator efficiencies, but will deliver the highest quality patient outcomes possible, which is our ultimate goal. I am proud to lead an organization of enormously dedicated, creative people and am confident in the inherent strengths of our robotic platform to illuminate a path for the future of interventional cardiac electrophysiology."

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