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Stereotaxis Reports 2014 First Quarter Financial Results

Stocks in this article: STXS

-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.

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