This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stereotaxis Reports 2014 First Quarter Financial Results

-Records $7 Million in Recurring Revenue, Aided by Sequential Procedure Growth-

-Furthers Marketing Strategy for Niobe® System in Japan-

-Expands Vdrive™ with V-Sono™ System Usage in U.S.; Receives Market Approval in Canada-

-Submits FDA Application for Vdrive with V-Loop™ System-

-Expands Credit Facility with Silicon Valley Bank to $10 Million-

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

ST. LOUIS, May 6, 2014 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) today reported financial results for the first quarter ended March 31, 2014.

William C. Mills, Stereotaxis Chief Executive Officer, said, "In the first quarter, we achieved our highest reported recurring revenue results – $7 million – since the initial launch of our Epoch™ Solution at the beginning of 2012. While a portion of this increase was driven by customer inventories of disposables, which vary quarter to quarter, it also reflects our concentrated effort to improve clinical adoption, resulting in two consecutive quarters of procedure growth."

Mr. Mills continued, "We completed several important milestones during the first quarter toward our vision for targeted new markets. In February, we announced our engagement of two well-established distribution partners in Japan, both possessing abundant expertise in product promotion and the Japanese medical device industry. Following in-depth training and strategic discussions with Medix Japan and Hokushin Medical, we have a clear direction for building enthusiasm around the Niobe® Magnetic Navigation System as well as the clinical evidence needed to support more robust reimbursement for Niobe procedures.

"In April, the Japanese government established an initial, two-year technical fee of 50,000 yen per Niobe procedure, in addition to separately approved reimbursement for Niobe-compatible magnetic catheters and standard physician fee coverage. Our joint strategy with Medix Japan and Hokushin Medical includes gathering data from prospective clinical experience in select, prestigious Japanese medical centers in order to support expanded reimbursement. At the same time, we will be pursuing registration and classification of important follow-on and accessory products in Japan, including the Vdrive™ Robotic Navigation System, which we believe will be eligible for favorable reimbursement consideration."

"Also in the quarter, we moved closer to U.S. entry of our Vdrive with V-Loop™ Variable Loop Catheter Manipulator, with submission of a 510(k) Premarket Notification to the Food and Drug Administration," Mr. Mills said. "To date, our Vdrive with V-Sono™ Intracardiac Echocardiography (ICE) Catheter Manipulator has been installed in nine U.S. sites and utilized in over 100 cases, delivering more efficient, optimized use of the ICE catheter during Niobe procedures, according to physician users. We anticipate our first formal presentation of the Vdrive platform to a U.S. audience at the Heart Rhythm Society Session this week."

"Lastly, we expanded our revolving credit facility with Silicon Valley Bank from $3 million to $10 million, reflecting the significant financial progress we have made over the past year. As previously stated, while we have no intention of relying on credit, the larger facility gives us increased financial capacity as we continue to focus on achieving improved commercial results through new market opportunities, clinical validation and enhanced technologies," he concluded.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs