Stereotaxis Inc. (Nasdaq: STXS) announced Monday after-hours that its loss in the second quarter widened to $9.7 million, compared with a loss of $3.9 million in the second quarter of 2010. The St. Louis medical device maker reported revenue of $11.6 million for the quarter ended June 30, down 23 percent from $15 million a year earlier.
Below are excerpts from Stereotaxis CEO presentation of Q2 2011 results:
“Second quarter was a challenging quarter for Stereotaxis and reflects the beginning of a period of significant transition for the company.[…]
“While we are disappointed with our systems revenue and new capital order performance in the second quarter, we believe we clearly understand the drivers for our results and on a path to turn this around. Our financial performance in the quarter and year-to-date is mainly driven by soft Niobe revenue and the related impact on the Odyssey business and the emergence of the larger standard lab Odyssey deal, which take longer to closer but significantly increase our growth potential.
With our key focus on building top-line growth, we are mindful of conserving resources during the transition period. Therefore, we are embarking on an aggressive and immediate action plan to implement and rebalance and reduce the level of spending. This plan will focus on aligning our operating expenses with a revenue growth expectation, minimizing the cash burn while continuing to drive investments in R&D.
2011 has become a transition year for the company, one in which we need to regenerate robotic market demand in EP, continue to expand in the promise of the Odyssey product and rebalance our spending so we can invest in strengthening our value in the market but lower our burn rate. Accomplishing this will position us for a strong 2012 and beyond.” […]
4320 Forest Park Avenue
St Louis, MO 63108
Stereotaxis’ proprietary magnetic systems and disposable devices allow physicians’ to conduct precise, image-guided, computerized remote control interventional procedures designed to provide greater efficacy, efficiency, predictability, ease of use and safety for both routine and complex procedures in electrophysiology and interventional cardiology, including procedures in arrhythmia diagnosis and ablation, cardiac resynchronization therapy and complex occlusion recanalization. Physicians direct procedures from outside the x-ray field via a digital user interface with “point and click”, “joystick” and “push button” controls. Stereotaxis has integrated its products with leading cath lab imaging technologies through alliances with industry leaders. The Company’s core products have regulatory clearances and approvals in the U.S., Europe and Canada.