Stereotaxis, Inc. (Stereotaxis) has reported preliminary results for the fourth quarter ended December 31, 2008. For the fourth quarter of 2008, the company now expects revenues of $12 million, up 17%, compares with revenues in the year-ago quarter. The company plans to announce its final results for the fourth quarter and full year 2008 in late-February, 2009.
For the period of recent fourth quarter, Stereotaxis recognized revenue on seven Niobe(R) systems and four Odyssey(TM) systems. All Niobe systems recognized were from the company’s backlog. Recurring revenue during the fourth quarter is projected to exceed $3 million, principally from disposables and service. New orders for Niobe and Odyssey systems in the fourth quarter are projected to total about $11 million. The company projects net backlog of Niobe and Odyssey systems of about $70 million at December 31, 2008.
“Our preliminary fourth quarter revenue results demonstrate that even in the current environment of constrained hospital capital equipment spending, Stereotaxis systems continue to be regarded as strategically important to the installation of electrophysiology (EP) cath labs ,” said Michael P. Kaminski, stereotaxis president and chief executive officer. “We also are aggressively managing overall expenditures, which has reduced fourth quarter operating expenses below third quarter 2008 levels and lowered them by more than 15% when compared with fourth quarter 2007 expense levels.”
“During the fourth quarter, the Company also successfully raised $20 million in additional equity capital, despite the difficult market conditions,” Kaminski continued. “This new capital further strengthens our balance sheet and provides us with additional flexibility to achieve our corporate initiatives during 2009. Given our sizeable backlog and proven economic model for the customer even in these difficult times, we expect to generate both solid revenue and system utilization growth during 2009.”