10.2 C
New York
Friday, March 29, 2024

Stereotaxis Reports 2011 Financial Results; Provides 2012 Milestones; Reduces Annual Operating Expense Run Rate by 20% –

Courtesy of Benzinga.

Stereotaxis, Inc. (NASDAQ: STXS) today reported financial results for the fourth quarter and full year ended December 31, 2011.

Management Comments

“While 2011 was challenged by the transition to a new robotic platform, we are confident the strategic initiatives we put in place will lead to improved operating performance and financial results beginning in 2012,” said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. “We are focused on leading the company on a path to profitability and will continue to take the necessary steps to improve our financial position.”

Kaminski continued, “After much anticipation, we were excited to launch our next generation Niobe® ES, or Epoch™ system, in December and are encouraged by the positive initial results and validation from multiple physician users. The Niobe ES system is designed to transform the practice of electrophysiology (EP), and we believe it provides a strong competitive advantage in terms of efficiency and safety. To date, we have upgraded 21 sites and anticipate solid market traction and system revenue growth this year based on the significant early market interest.”

“The recognized value of our robotic technology for complex ablations in the EP lab was further evidenced by 23% growth in utilization for complex procedures in 2011. Overall, utilization grew 11% and contributed to record levels of recurring revenue during the year.

“Moving forward, our immediate priority is to address the capital needs of the company, including securing an extension of our credit agreement with Silicon Valley Bank and one or more additional capital transactions, as well as leveraging the commercial appeal of our technology. An intense focus on capitalization, and securing adequate funds in our financing activities, will be fundamental to our ongoing success and our ability to leverage the positive feedback on our new platform to support our future growth in what we believe will be a high-demand, global market,” concluded Kaminski.

2011 Financial Results

Fourth Quarter

Revenue for the fourth quarter 2011 totaled $11.6 million, compared to $14.5 million in the fourth quarter 2010 and $8.5 million in the third quarter 2011. The Company realized revenue of $2.3 million in Niobe system sales and $1.8 million in Odyssey™ system sales in the fourth quarter 2011. Recurring revenue in the quarter improved 18% from the year-ago quarter to a record high $7.4 million.

The Company generated global new capital orders of $3.6 million in the fourth quarter, comprised of one new Niobe ES system, 11 Niobe ES system upgrades, three Vdrive™ robotic navigation systems and $1.4 million in orders related to the Odyssey system. This compares to $11.4 million in global new capital orders in the fourth quarter 2010 and $2.2 million in the third quarter 2011.

Gross margin in the quarter was 71.4% of revenue or 73.2% excluding a $0.2 million charge related to the under absorption of overhead based on normal production levels. Gross margin in the fourth quarter 2010 was 73.4% of revenue and 68.9% in the third quarter 2011.

Operating expenses were $12.9 million in the fourth quarter, down $1.2 million from the year ago period and down $2.0 million sequentially. At the end of 2011, the Company had reduced its annualized operating expense run rate by 20%, primarily through headcount and discretionary spending cuts during the second half of the year.

The net loss for the fourth quarter was $(5.5) million, or $(0.10) per share, compared to a net loss of $(2.5) million, or $(0.05) per share, reported for the fourth quarter 2010 and $(7.3) million, or $(0.13) per share, in the third quarter 2011. The weighted average shares outstanding for the fourth quarter of 2011 totaled 54.9 million, compared with 52.5 million in the fourth quarter 2010 and 54.9 million in the third quarter of 2011.


For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,449FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x