Today, Stereotaxis announced that it expects revenue for its fourth quarter ended December 31, 2008 to total approximately $12 million, which is 17% greater than the revenues generated during the same quarter in 2007. Furthermore, the company stated it anticipates a net backlog of Niobe and Odyssey systems of approximately $70 million.
“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 CEO. “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. 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,” Mr. Kaminski concluded.