Scoprire » Stereotaxis

Stereotaxis Awarded $1.5 Million in Grants under the Qualifying Therapeutic Discovery Project Program

Giancarlo Nicoli — Sun, 07 Nov 2010 15:04:27 +0000

From the press release.

ST. LOUIS, Nov. 4, 2010 /PRNewswire via COMTEX/ –

Stereotaxis, Inc. (Nasdaq: STXS) announced today that it has been awarded $1.5 million in grants under the Qualifying Therapeutic Discovery Project Program that was enacted under the Patient Protection and Affordable Care Act of 2010. The program targets projects that show potential to produce new therapies or medical technology that assists in the delivery or administration of therapeutics, addresses unmet medical needs and reduces the long-term growth of health care costs. Stereotaxis was awarded the grants for 2009 and 2010 projects related to the Company’s Niobe(R) Remote Magnetic Navigation System and Odyssey(TM) system, which are designed to provide a safer and more effective healthcare solution for treating heart arrhythmias using magnetic catheters within the heart.

“We are pleased that the U.S. Department of Health and Human Services recognizes the potential impact that Stereotaxis’ innovative technologies can have for patients suffering from diseases of the heart,” said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. “These grants will allow Stereotaxis to further enhance and expand the capabilities of our technology in an effort to treat the most common type of heart arrhythmias, atrial fibrillation, as well as ventricular tachycardia and other cardiovascular disorders.”

About Stereotaxis

Stereotaxis’ Odyssey(TM) portfolio of products provides an innovative enterprise solution for integrating, recording and networking interventional lab information within hospitals and around the world. Odyssey(TM) Vision integrates data for magnetic and standard interventional labs, enhancing the physician workflow through a consolidated display of multiple systems and eliminating the challenge of interacting simultaneously with many separate diagnostic systems. Odyssey(TM) Enterprise Cinema then captures a complete record of synchronized procedure data that can be viewed live or from a comprehensive archive of cases performed. Odyssey(TM) then enables hospitals to efficiently share live and recorded clinical data anywhere around the world to maximize referrals and promote collaboration.

The core components of the Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere. For more information, please visit www.stereotaxis.com and www.odysseyexperience.com.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products in the marketplace, the effect of global economic conditions on the ability and willingness of customers to purchase our systems and the timing of such purchases, competitive factors, changes resulting from the recently enacted healthcare reform in the U.S., including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays.

SOURCE: Stereotaxis, Inc.

Stereotaxis Reports Third Quarter Financial Results

Giancarlo Nicoli — Sun, 07 Nov 2010 15:02:19 +0000

From the press release.

Total Revenue of $13.9 Million; Recurring Revenue up 24% to a Record $5.7 Million
Strong New Capital Orders Represent Increasing Penetration of Niobe and Odyssey
Gross Margin of 72.2%, Compared to 67.8% in Year Ago Quarter
Cash Burn Significantly Reduced to $1.7 Million

ST. LOUIS, Nov. 1, 2010 /PRNewswire via COMTEX/ –

Stereotaxis, Inc. (Nasdaq: STXS) announced today financial results for the quarter ended September 30, 2010 that were in line with the preliminary results reported on October 13, 2010. Third quarter 2010 results included record recurring revenue, strong gross margins, and reductions in both operating loss and net loss.

Revenue for the third quarter 2010 totaled $13.9 million, compared to $13.3 million in the third quarter 2009. As previously announced on October 13, 2010, revenue growth for the second half of 2010 is being impacted by installation delays in the third and fourth quarters. The Company recognized revenue of $5.5 million in Niobe(R) Magnetic Navigation Systems and $2.6 million in Odyssey(TM) systems in the third quarter 2010. Disposables, services and accessories revenue for the quarter ended September 30, 2010 increased 24% to a record $5.7 million from the recurring revenue reported for the year-ago quarter, and reflects continued growth in clinical procedures.

New capital orders for the quarter ended September 30, 2010 increased 94% to $12.2 million from the capital orders placed in the comparable period in 2009. Global orders for the Company’s Niobe Remote Magnetic Navigation System totaled $8.1 million, while Odyssey system orders increased over 140% to a record $4.1 million from the year ago period. New capital orders from North America orders were $6.3 million, or 52% of total orders in the third quarter of 2010.

“The strong momentum in new orders during the third quarter 2010 confirms that we continue to execute on our commercial strategy by further driving adoption of our innovative technology platforms, resulting in stronger reference sites,” said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. “In particular, our Odyssey system continues to gain traction in standard electrophysiology labs in the U.S., driven by the demand to improve clinical data management and distribution capabilities. We remain confident in our near- and long-term growth potential, and believe the strong sustained trend in increased new capital orders combined with our focus on operational excellence will ultimately lead us to profitability.”

Third Quarter 2010 Financial Performance

Gross margin for the quarter ended September 30, 2010 increased 11% to $10.0 million from $9.0 million in the third quarter of 2009. This represented 72.2% of total revenue compared with 67.8% a year ago. Third quarter 2010 operating expenses totaled $13.6 million, compared to $13.2 million in the third quarter 2009. The combination of revenue growth, strong margins, operating expense control and tight cash management resulted in a significant reduction in cash burn to $1.7 million for the third quarter of 2010.

The operating loss for the third quarter 2010 was $(3.6) million, compared to an operating loss of $(4.2) million for the third quarter 2009. The net loss for the third quarter 2010 was $(5.1) million, or $(0.10) per share, compared to a net loss of $(5.8) million, or $(0.14) per share, reported for the third quarter 2009. Net loss for the third quarter 2010 included expense related to warrants issued in 2008 of $0.02 per share as a result of the increase in the Company’s stock price at September 30, 2010 versus June 30, 2010. Excluding the effect of the repricing of the warrants, the net loss in the third quarter 2010 was $(4.2) million, or $(0.08) per share. The weighted average shares for the third quarter of 2010 totaled 50.1 million compared with 42.0 million in the third quarter of last year. The increase was due in large part to the issuance of 7.5 million shares as part of the stock offering completed in October 2009.

At September 30, 2010, Stereotaxis had cash and cash equivalents of $21.8 million, compared to $22.0 million on June 30, 2010. Total debt was $26.5 million, including $17.0 million drawn against the Company’s $30 million line of credit.

Year-to-Date Financial Performance

Revenue for the first nine months of 2010 was $39.5 million, a 7% increase from the first nine months of 2009. Gross margin grew 13% to $27.8 million, or 70.4% of revenue, compared with $24.7 million, or 66.5% of revenue in the first nine months of the prior year. Operating expenses were $43.3 million for the first nine months of 2010 compared with $42.7 million in the same period of 2009. The operating loss decreased to $(15.5) million for the first nine months of 2010 compared with $(18.0) million for the comparable period of 2009. Cash burn for the first nine months of 2010, including payments against the Biosense Webster advance, was $16.0 million compared with $20.9 million in the first nine months of 2009. Stereotaxis has historically included the repayment of the Biosense advance as part of cash burn as operationally the advance is reduced by the earning of royalties. Of the $16.0 million in year-to-date cash burn, $3.8 million is repayment of Biosense debt.

2010 Financial Outlook

The Company updated its outlook for 2010 as follows:

New capital order growth in the range of 45%-50%
Total revenue growth in the high-single digit percentage range
Gross margins approaching 70%
Operating expenses between $59 million and $61 million

Conference Call Information

Stereotaxis will hold a conference call today, November 1, 2010 at 4:30 p.m. Eastern Time, to discuss third quarter 2010 results and operational highlights. The dial-in number for the conference call is 1-877-941-9205 for domestic participants and 1-480-629-9835 for international participants. An audio replay of the call will be available for seven days following the call, and can be accessed by dialing 1-800-406-7325 for domestic callers and 303-590-3030 for international callers, both using passcode 4377272#. The call will also be available on the Internet live and for 90 days thereafter at the following URL: http://www.videonewswire.com/event.asp?id=73566

About Stereotaxis

The core components of the Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere.

STEREOTAXIS, INC.
BALANCE SHEETS
(Unaudited)

	September 30, 2010	December 31, 2009
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$ 21,792,728	$ 30,546,550
Accounts receivable, net of allowance of $311,680 and $322,463 in 2010 and 2009, respectively	10,909,844	11,152,648
Current portion of long-term receivables	63,800	66,800
Inventories	5,258,338	4,403,675
Prepaid expenses and other current assets	2,585,139	3,872,535
Total current assets	40,609,849	50,042,208
Property and equipment, net	4,108,137	4,790,310
Intangible assets	2,653,945	1,144,445
Long-term receivables	136,845	138,441
Other assets	5,113	5,112
Total assets	$ 47,513,889	$ 56,120,516


Liabilities and stockholders’ equity
Current liabilities:
Current maturities of long-term debt	$ 20,969,199	$ 3,333,333
Accounts payable	6,754,672	3,881,205
Accrued liabilities	7,840,984	8,615,287
Deferred contract revenue	7,172,396	7,191,492
Warrants	4,092,784	4,142,614
Total current liabilities	46,830,035	27,163,931

Long-term debt, less current maturities	5,555,754	20,346,655
Long-term deferred contract revenue	436,094	948,574
Other liabilities	11,462	20,013

Stockholders’ equity:
Preferred stock, par value $0.001; 10,000,000 shares authorized at 2010 and 2009; none outstanding at 2010 and 2009	-	-
Common stock, par value $0.001; 100,000,000 shares authorized at 2010 and 2009; 50,403,055 and 50,208,171 issued at 2010 and 2009, respectively	50,403	50,208
Additional paid-in capital	335,721,565	331,249,918
Treasury stock, 40,151 shares at 2010 and 2009	(205,999)	(205,999)
Accumulated deficit	(340,885,425)	(323,452,784)
Total stockholders’ equity	(5,319,456)	7,641,343
Total liabilities and stockholders’ equity	$ 47,513,889	$ 56,120,516

STEREOTAXIS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2010	2009	2010	2009

Revenue
System	$ 8,153,088	$ 8,671,302	$ 22,826,700	$ 23,694,613
Disposables, service and accessories	5,719,166	4,619,391	16,680,241	13,373,484
Total revenue	13,872,254	13,290,693	39,506,941	37,068,097

Cost of revenue
System	3,091,734	3,474,492	9,482,225	9,250,005
Disposables, service and accessories	763,348	811,089	2,219,680	3,162,142
Total cost of revenue	3,855,082	4,285,581	11,701,905	12,412,147

Gross margin	10,017,172	9,005,112	27,805,036	24,655,950

Operating expenses:
Research and development	2,868,426	3,302,008	9,595,972	10,247,877
Sales and marketing	7,269,005	6,290,814	22,410,734	21,424,796
General and administration	3,471,244	3,654,207	11,337,637	11,006,981
Total operating expenses	13,608,675	13,247,029	43,344,343	42,679,654
Operating loss	(3,591,503)	(4,241,917)	(15,539,307)	(18,023,704)
Other income/(expense)	(920,222)	(489,139)	49,830	66,507
Interest income	3,004	2,721	7,934	34,069
Interest expense	(635,176)	(1,085,408)	(1,951,098)	(2,860,479)
Net loss	$ (5,143,897)	$ (5,813,743)	$ (17,432,641)	$ (20,783,607)

Net loss per common share:
Basic and diluted	$ (0.10)	$ (0.14)	$ (0.35)	$ (0.50)

Weighted average shares used in computing net loss per common share:
Basic and diluted	50,137,857	41,988,251	49,847,321	41,649,094

SOURCE: Stereotaxis, Inc.

Stereotaxis Appoints Industry Veteran as Head of EMEA Sales and Operations

Giancarlo Nicoli — Sat, 30 Oct 2010 14:26:31 +0000

From the press release.

ST. LOUIS, Oct. 28 /PRNewswire-FirstCall/ — Stereotaxis, Inc. (Nasdaq:STXS – News) announced today the appointment of Pierre Rivaux as Vice President, Europe, Middle East, Africa (EMEA) to lead the Company’s EMEA operations and sales efforts in continuing to drive increased capital sales and utilization of its Niobe® Remote Magnetic Navigation System and Odyssey™ system. Mr. Rivaux will report directly to Michael P. Kaminski, President and CEO of Stereotaxis.

“Pierre brings over 20 years of international sales and broad executive experience in the medical device industry that enhances Stereotaxis’ focus on driving future sales growth in Europe and other key international markets,” said Mr. Kaminski. “Pierre’s extensive experience in Europe, strong leadership and expertise in selling high-tech medical/surgical disposables and capital equipment, as well as in building effective international teams and global sales operations will be tremendous assets as we continue to execute on our strategy to drive commercial success of our innovative technology platforms, Niobe and Odyssey.”

Mr. Rivaux previously held various management positions at Intuitive Surgical, including Vice President of International Sales & Marketing, President and CEO of Intuitive Surgical SA France and CEO of Intuitive Surgical Sarl in Switzerland, where he was responsible for implementing a new sales, marketing and finance organization focused on Europe (direct and distribution), Middle East, Africa, India, Asia and Latin America. Prior to that, from 2000 to 2004, Mr. Rivaux held management positions across Europe with Tyco Healthcare, most recently serving as Vice President of Central Europe. He was also the President and CEO of Tyco Healthcare France. Before that, he worked at Kendall S.A., most recently as President, CEO and General Manager of Kendall Incontinence. He earned his graduate degree at the Lille Graduate School of Management in 1985.

About Stereotaxis

Stereotaxis’ Odyssey™ portfolio of products provides an innovative enterprise solution for integrating, recording and networking interventional lab information within hospitals and around the world. Odyssey™ Vision integrates data for magnetic and standard interventional labs, enhancing the physician workflow through a consolidated display of multiple systems and eliminating the challenge of interacting simultaneously with many separate diagnostic systems. Odyssey™ Enterprise Cinema then captures a complete record of synchronized procedure data that can be viewed live or from a comprehensive archive of cases performed. Odyssey™ then enables hospitals to efficiently share live and recorded clinical data anywhere around the world to maximize referrals and promote collaboration.

The core components of the Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere.

Source: Stereotaxis, Inc.

Stereotaxis Launches the Odyssey Interventional Network for Superior Online Cardiovascular Education and Training

Giancarlo Nicoli — Sat, 23 Oct 2010 06:55:26 +0000

From the press release.

ST. LOUIS, Oct. 20 /PRNewswire/ — Stereotaxis, Inc. (Nasdaq: STXS) announced today that it launched the Odyssey Interventional Network, a training and educational video sharing web portal for the global cardiovascular community. The portal will showcase innovative electrophysiology (EP) and interventional cardiology (IC) procedures from leading centers around the world. The Odyssey Interventional Network utilizes Stereotaxis’ state-of-the-art Odyssey technology platform to deliver a synchronized, high-definition view of all information available during a procedure. This allows specialists, referring doctors and patients an opportunity to virtually experience real interventional procedures and learn about the techniques of world-class clinical experts from the comfort of their home or office. The first online broadcast features a recorded EP procedure hosted by Dr. Andrea Natale, MD, FACC, FHRS and Dr. David Burkhardt, MD, FACC from the Texas Cardiac Arrhythmia Institute at St. David’s Medical Center in Austin, TX. They performed a case on a 50-year old patient with significant coronary artery disease who had received multiple shocks from his implantable defibrillator for ventricular tachycardia (VT) despite medical therapy. The patient was successfully treated during the procedure with the Stereotaxis Magnetic Navigation System as the doctors narrate the case. The Odyssey Interventional Network represents a paradigm shift for the delivery of medical education. Online procedures are often low-quality broadcasts with a limited view of the case. Procedures that are broadcast on the Odyssey Interventional Network feature a complete, synchronized view of the many systems in the interventional lab in high definition, preserving the fine details of diagnostic and imaging data. “Our Odyssey business is experiencing impressive growth as a workflow and information tool for cardiac catheterization labs (cath labs) and electrophysiology labs (EP labs) on a world-wide basis,” said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. “In addition to its clear workflow and archiving advantages, many hospitals are acquiring the Odyssey solution to revolutionize their training and education programs. We believe that the Odyssey Interventional Network provides a major breakthrough in online education with a high definition panoramic view of lab information for an optimized learning experience.” The Odyssey Interventional Network is currently a complementary service requiring a simple user registration. It can be accessed through the company’s Odyssey business website, www.odysseyexperience.com, or the newly expanded company website, www.stereotaxis.com. Interested viewers can learn about upcoming cases at www.twitter.com/stereotaxis, or by joining Stereotaxis on Facebook. “The Odyssey Interventional Network addresses a significant unmet need in online clinical education for a broad audience,” added Mr. Kaminski. “Our unique clinical technology will leverage the new social and interactive Internet in this manner to better meet the needs of our customers and patients.” About Stereotaxis Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital’s interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Niobe® Remote Magnetic Navigation System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. Stereotaxis’ Odyssey™ portfolio of products provides an innovative enterprise solution for integrating, recording and networking interventional lab information within hospitals and around the world. Odyssey™ Vision integrates data for magnetic and standard interventional labs, enhancing the physician workflow through a consolidated display of multiple systems and eliminating the challenge of interacting simultaneously with many separate diagnostic systems. Odyssey™ Enterprise Cinema then captures a complete record of synchronized procedure data that can be viewed live or from a comprehensive archive of cases performed. Odyssey™ then enables hospitals to efficiently share live and recorded clinical data anywhere around the world to maximize referrals and promote collaboration. The core components of the Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere. This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products in the marketplace, the effect of global economic conditions on the ability and willingness of customers to purchase our systems and the timing of such purchases, competitive factors, changes resulting from the recently enacted healthcare reform in the U.S., including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays. CONTACT: Company, Dan Johnston, Chief Financial Officer of Stereotaxis, Inc., +1-314-678-6007; or Investors, Doug Sherk & Gregory Gin, +1-415-896-6820, or Media, Steve DiMattia, +1-646-201-5445, all of EVC Group, Inc., for Stereotaxis, Inc.

Source: Stereotaxis, Inc.

Stereotaxis Announces Third Quarter 2010 Capital Orders of $12.2 Million, Up 94 Percent Year-to-Year

Giancarlo Nicoli — Thu, 14 Oct 2010 13:28:19 +0000

From the press release.

Odyssey Orders Grow 140% from Third Quarter 2009
Increasing 2010 New Capital Order Guidance; Reducing 2010 Revenue Guidance

ST. LOUIS, Oct 13, 2010 /PRNewswire via COMTEX/ –

Stereotaxis, Inc. (Nasdaq: STXS) announced today that the new capital order momentum continued to build in the third quarter of 2010. The Company generated new capital orders of $12.2 million, which is a 94% increase over the capital orders placed during the third quarter of 2009, and a 19% increase over the second quarter of 2010. Globally, orders for the Company’s Niobe(R) Remote Magnetic Navigation System totaled $8.1 million, while Odyssey(TM) system orders increased over 140% from the year ago period to a record $4.1 million. As a result of the strong third quarter performance, the Company now expects capital orders for 2010 to increase by approximately 45-50% over 2009 levels. Previously, the Company had guided new orders for 2010 to increase by over 40%.

Stereotaxis also reported that revenue growth for the second half of 2010 is being impacted by installation delays in the third and fourth quarters. As a result, revenue in the third quarter of 2010 is now expected to be in the range of $13.5 million to $14.0 million, compared to $13.3 million in the third quarter 2009. Full year revenue is now expected to grow in the high single digit percentage range versus 2009 revenue of $51.1 million. Previously, the Company had guided revenue for 2010 to increase in the mid-twenty percent range.

Contributing to the aforementioned delays, the Company has been notified by an imaging partner that, due to production constraints, they will not install any magnetically compatible x-ray systems from the fourth quarter of 2010 until the second quarter of 2011. In the fourth quarter, one system is known to be impacted and one to two other customers may switch to a different imaging partner which may cause Niobe installation delays. In addition to the fourth quarter 2010 impact, it is expected that a small number of Niobe installations will be also be delayed from the first to the second quarter of 2011.

“Naturally we are disappointed that our near term revenue growth is less than expected; nevertheless, we are pleased that the leading indicator of success in the marketplace, new capital orders, continues to strengthen and reflect broad geographic and product line commercial success. It is important to note that the near term delay in revenue growth is not the result of lost business, but rather the timing of system placements. Ultimately, we believe that the strengthening of our order backlog will provide us with a larger pool of revenue opportunities resulting in a smaller impact from installation timing shifts like we are reporting today,” said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis.

“The strength in new orders in the third quarter of 2010 and what we expect to book in the fourth quarter of 2010 confirms that we are making strong progress in our key initiatives of driving stronger Niobe reference sites and growing our Odyssey business. In addition, we expect a record low cash burn for the third quarter of 2010 of less than $2.0 million, which is a combination of strong margins and operational expense control. We look forward to expanding on the state of business during our third quarter call during the first week of November,” Kaminski continued.

About Stereotaxis

The core components of the Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere.

SOURCE: Stereotaxis, Inc.

Stereotaxis Achieves Intellectual Property Milestone With 100th U.S. Patent

Giancarlo Nicoli — Mon, 20 Sep 2010 15:07:23 +0000

From the press release.

Commitment to Innovation Expands Company Leadership Position in Interventional Care

ST. LOUIS, Sept 20, 2010 /PRNewswire via COMTEX/ –

Stereotaxis, Inc. (Nasdaq: STXS) today announced that the U.S. Patent and Trademark Office granted the Company its 100th patent, a major intellectual property milestone. The 100th patent, U.S. patent No. 7,772,950, covers the “Method and Apparatus for Dynamic Magnetic Field Control Using Multiple Magnets.” The 100th patent reflects Stereotaxis’ ongoing commitment to innovate and protect its leading position in robotic solutions for interventional medicine.

“Our 100th patent represents a significant milestone in Stereotaxis’ drive to protect shareholder value and deliver innovative technologies that improve treatment options for patients with cardiovascular disease,” said Michael P. Kaminski, President and Chief Executive Officer. “Our strong intellectual property position enables the delivery of measurable clinical benefits across the broadest range of cardiovascular, neurovascular, peripheral vascular and other interventional applications, including treatment of ventricular tachycardia with high levels of acute success.”

For more than 15 years, Stereotaxis has built a robust intellectual property portfolio, which includes these 100 issued patents and over 100 additional patent applications in process for approval. Stereotaxis’ extensive U.S. patent portfolio is supplemented by more than 30 non-U.S. patents and patent applications. The Company anticipates doubling the number of non-U.S. patents in the next few months as patents issue on its Niobe(R) Magnetic Navigation System. The patents issued to date include remote/robotic assisted cardiology procedures, diagnostic integration, therapeutic devices, software automation, and information technology for patient/case management.

For the past two years, Stereotaxis ranked in the top 10 of IEEE Spectrum’s Patent Power Scorecard, a rating of the world’s most valuable patent portfolios. Many of Stereotaxis’ 100 U.S. patents have been the basis for new product solutions, while others have been strategically leveraged in alliances with global giants in the area of cardiology.

About Stereotaxis

Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital’s interventional surgical suite to enhance the treatment of arrhythmias and coronary artery disease. The Stereotaxis system is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. The unparalleled clinical capability of Stereotaxis has driven more than 130 hospitals to adopt magnetic navigation for a growing number of complex ablation cases in all four chambers of the heart. Stereotaxis technology is now installed and used by 9 out of the Top 10 Best U.S. Heart Hospitals as ranked by U.S. News and World Report, and more than one third of the EP academic training centers in the United States have included Stereotaxis into their arrhythmia treatment laboratories. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe, Canada and elsewhere.

About Odyssey

The Odyssey portfolio of products provides an innovative enterprise solution for integrating, recording and networking interventional lab information around the world. Odyssey Vision standardizes data integration for magnetic and standard interventional labs by enhancing the physician workflow through a consolidated display of multiple systems and eliminating the challenge of interacting simultaneously with many separate diagnostic systems. Odyssey Enterprise Cinema then captures a complete record of synchronized procedure data that can be viewed live or from a comprehensive archive of cases performed. Through its proprietary data compression technology, Cinema enables sharing of live and recorded procedure data via a laptop anywhere over a secure high speed Internet connection. Hospitals can also share procedures with other institutions using Odyssey Network Connect providing a global forum for defining clinical best practices across a broad spectrum of medical procedures.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance for the Company’s products in the marketplace, the effect of global credit and economic conditions on the ability and willingness of customers to purchase our systems, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approval and return of the irrigated catheter to the market, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.

SOURCE: Stereotaxis, Inc.

Stereotaxis Announces First-Ever, Prospective, Comparative Clinical Trial Outcome for VT Patients

Giancarlo Nicoli — Thu, 09 Sep 2010 05:12:17 +0000

From the press release.

Exceptional Clinical Benefits for Patients and Physicians Confirmed
Data Presented at the European Society of Cardiology Annual Congress

ST. LOUIS, Sept 08, 2010 /PRNewswire via COMTEX/ –

Stereotaxis, Inc. (Nasdaq: STXS) highlighted significant new additions to the body of evidence demonstrating exceptional clinical outcomes achieved with its Niobe(R) Magnetic Navigation System in ventricular tachycardia (VT) ablation.

At the European Cardiology Society Annual Congress in Stockholm last week, the research team led by Dr. Tamas Szili-Torok from the Erasmus Medical Center in Rotterdam presented the first comparative trial in a prospective study of 64 consecutive VT patients, comparing Stereotaxis VT ablation to conventional, non-magnetic ablation. Acute success was achieved in 97% of the Stereotaxis VT ablation group versus 81% of the manual ablation group. Patients in the Stereotaxis VT group averaged 50% less x-ray exposure, and after a year, only 14% VT recurrence, versus a 50% recurrence rate among manual ablation patients. A remarkable 25% reduction in total procedure time was achieved in the Stereotaxis VT group compared to the manual group.

There were no major complications in the Stereotaxis VT group compared to one death in the non-Stereotaxis group, representing a 4% major complication rate.

“The use of Stereotaxis offers major advantages for the ablation of VT,” said Dr. Szili-Torok. “We have adopted a 100% utilization rule for our Stereotaxis lab for cardiac arrhythmias due to the significant benefits for our patients as well as for us as operators.”

Further, Dr. Arash Arya and colleagues from the University of Leipzig Heart Center in Leipzig, Germany published data from a series of 30 consecutive patients who were suffering from “VT storm,” which is three or more VT episodes in a 24 hour period that trigger a shock treatment from an implanted defibrillator device. While treating VT Storm is extremely challenging, Dr. Arya reported that 70% of the patients in this series were free from any VT episodes at nearly one year following cardiac ablation with Stereotaxis. The journal Pacing and Clinical Electrophysiology will publish Dr. Arya’s series in an upcoming issue. An early review of the abstract is available at http://www.ncbi.nlm.nih.gov/pubmed/20723092.

“VT ablation is extremely challenging and risky, yet remains a promising treatment option to reduce risks of sudden cardiac death,” said Michael P. Kaminski, Stereotaxis CEO and President. “Our magnetic navigation system’s unparalleled mapping precision, safety profile and ability to treat difficult areas of the heart have been proven by scientific studies from around the world to minimize these challenges for the delivery of an effective treatment.” We are proud to be on the cutting edge of VT treatment and excited to see Stereotaxis VT procedure volumes growing at three times the rate of manual VT procedures through the first half of this year. We are confident that Stereotaxis VT ablation is on a path to become the worldwide standard of care for VT treatment, bringing superior clinical benefits to both patients and caregivers.”

With 15% annual growth, VT ablation is among the fastest growing EP procedures. In 2010, VT ablation will reach approximately 30,000 procedures worldwide, representing approximately 20% of all complex EP procedures.

VT is a potentially life-threatening arrhythmia because it may lead to ventricular fibrillation, asystole, and sudden death. VT is one of the most challenging arrhythmia facing electrophysiologists due to complex anatomy, the sensitive nature of ventricular tissue, and potentially lethal outcomes. Catheter ablation of VT, one of the fastest growing EP procedures globally, requires the delivery of robust lesions for clinical success.

About Stereotaxis

About Odyssey

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance for the Company’s products in the marketplace, the effect of global credit and economic conditions on the ability and willingness of customers to purchase our systems, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approval and return of the irrigated catheter to the market, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.

SOURCE: Stereotaxis, Inc.

Stereotaxis Reports Record Results for Second Quarter 2010

Giancarlo Nicoli — Thu, 12 Aug 2010 07:55:27 +0000

From the press release

Revenue Increases 19% to Record $15.0 Million
Recurring Revenue Sets Record at $5.6 Million, an Increase of 24%
Record Gross Margin Dollars of $10.1 Million
Operating Loss Decreases 14% to $5.7 Million
Net Loss Declines 48% to $3.9 Million
Company Reiterates 2010 Outlook

ST. LOUIS, Aug 02, 2010 /PRNewswire via COMTEX/ –

Stereotaxis, Inc. (Nasdaq: STXS) today reported record results for the second quarter ended June 30, 2010. Results included record recurring revenue, record gross margin dollars, a decline in the operating loss and a significant reduction in the net loss. In addition, new capital orders more than doubled from the level in the second quarter of 2009 to $10.2 million.

Revenue for the recent second quarter totaled $15.0 million, 19% above $12.6 million in revenue in the second quarter of 2009. The growth was driven by a 16% increase in revenue from capital equipment and higher recurring revenue. The Company recognized revenue on seven Niobe(R) Magnetic Navigation Systems and $2.5 million in Odyssey(TM) systems. Disposables, services and accessories revenue set another record at $5.6 million, 24% above recurring revenue in the second quarter last year, reflecting continued growth in clinical procedures.

For the first six months of 2010, revenue increased 8% to $25.6 million compared with $23.8 million in the first half of 2009. Gross margin grew 14% to $17.8 million, or 69.4% of revenue, compared with $15.7 million, or 65.8% of revenue in the first half of the prior year. Operating expenses were $29.7 million for the first six months of 2010 compared with $29.4 million in the same period of 2009. The operating loss decreased to $11.9 million for the first six months of 2010 compared with $13.8 million for the comparable period of 2009.

Michael P. Kaminski, President and Chief Executive Officer, said, “This was a strong quarter for the Company and our results demonstrate that we are on track to hit our plan for 2010. The success of our focus on driving adoption in the installed base, especially in the U.S., was reflected in our financial results, characterized by higher utilization, growing recurring revenue, and increased capital orders. Of the $10.2 million in new orders, $5.1 million were generated in North America. New orders were comprised of seven Niobe systems, including three in the U.S., two in Europe and two for the rest of the world, as well as $2.6 million in orders related to Odyssey.

“We remain focused on this key initiative, working closely with hospitals and clinicians to reinforce the safety and efficacy of our systems for complex EP procedures and to demonstrate the value that our technologies bring to patient care. We have begun to see progress in driving adoption; we are at the beginning of this effort and there is much opportunity ahead in both the U.S. and internationally.

“The $10.1 million gross margin set another record and was a milestone for the company. It is an example of the leveragability of our model as we continue to drive revenue growth. We are committed to containing operating expenses and driving our bottom-line performance. We are excited about the momentum and reiterate our outlook for revenue and key financial metrics for 2010,” concluded Mr. Kaminski.

Second Quarter 2010 Financial Performance

Gross margin for the quarter increased 26% to $10.1 million from $8.0 million in the second quarter of 2009. This represented 67.2% of total revenue compared with 63.1% a year ago. Second quarter operating expenses totaled $15.8 million, an increase of 8% compared with $14.6 million in the second quarter of 2009. Included in the recent operating expenses were increased severance costs and foreign exchange totaling $0.7 million.

The operating loss in the second quarter was $5.7 million compared with $6.7 million in the same quarter of the prior year. The Company reported a net loss for the 2010 second quarter of $3.9 million, or $0.08 per share. The net loss includes a positive adjustment in value for warrants issued in 2008 of $0.05 per share as a result of the decline in the Company’s stock price at June 30, 2010 versus March 31, 2010. This compares with a net loss for the second quarter of 2009 of $7.4 million, or $0.18 per share. Excluding the effect of the repricing of the warrants in the recent second quarter, the net loss was $6.4 million, or $0.13 per share. The weighted average shares for the second quarter of 2010 totaled 49.9 million compared with 41.7 million in the second quarter of last year. The increase was due in large part to the issuance of 7.5 million shares as part of the stock offering completed in October 2009.

Cash burn for the first six months of 2010, including payments against the Biosense Webster advance, was $14.2 million compared with $17.3 million in the first six months of 2009. Cash and equivalents at June 30, 2010 totaled $22.0 million, compared with $30.5 million at December 31, 2009. Total debt was $26.7 million, including $15.5 million drawn against the Company’s $30 million line of credit.

2010 Financial Outlook

The Company reaffirmed its outlook for 2010 as follows:

New capital order growth in excess of 40%
Total revenue growth in the mid-20% range
Gross margins above 65%
Operating expenses between $60 and $65 million

Conference Call Information

The Company has scheduled a conference call for 4:30 p.m. Eastern Time today to discuss its financial results for the second quarter. To access the conference call, please dial (877) 941-9205. International participants can call (480) 629-9835. An audio replay of the call will be available for seven days following the call at (800) 406-7325 for U.S. callers or (303) 590-3030 for those calling outside the U.S. The password required to access the replay is 4329312#. The call will also be available on the Internet live and for 90 days thereafter at the following URL:

http://www.videonewswire.com/event.asp?id=70601

About Stereotaxis

Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital’s interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Stereotaxis System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. Stereotaxis’ Odyssey solutions integrate and manage information from disparate information sources, eliminating the challenge of interacting simultaneously with many separate diagnostic systems, driving optimized workflow and improved productivity. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe and Canada.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance for the Company’s products in the marketplace, the effect of global credit and economic conditions on the ability and willingness of customers to purchase our systems, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approval and return of the irrigated catheter to the market, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.

                          STEREOTAXIS, INC.
                           BALANCE SHEETS

                                                            December
                                              June 30,         31,
                                                     2010          2009
                                                      ---           ---
                                             (Unaudited)
    Assets
    Current Assets:
      Cash and cash equivalents               $22,014,249   $30,546,550
      Accounts receivable, net of allowance
       of $294,368 and $322,463 in 2010 and
       2009, respectively                      14,147,775    11,152,648
      Current portion of long-term
       receivables                                 63,800        66,800
      Inventories                               4,272,702     4,403,675
      Prepaid expenses and other current
       assets                                   3,024,675     3,872,535
                                                ---------     ---------
    Total current assets                       43,523,201    50,042,208
    Property and equipment, net                 4,445,477     4,790,310
    Intangible assets                           2,742,778     1,144,445
    Long-term Receivables                         146,425       138,441
    Other assets                                    5,112         5,112
                                                    -----         -----
    Total assets                              $50,862,993   $56,120,516
                                              ===========   ===========

    Liabilities and stockholders' equity
    Current liabilities:
       Current maturities of long-term debt   $19,499,999    $3,333,333
       Accounts payable                         5,766,991     3,881,205
       Accrued liabilities                      7,698,627     8,615,287
       Deferred contract revenue                7,606,228     7,191,492
       Warrants                                 3,172,562     4,142,614
                                                ---------     ---------
    Total current liabilities                  43,744,407    27,163,931

    Long term debt, less current
     maturities                                 7,154,045    20,346,655
    Long term deferred contract revenue           789,381       948,574
    Other liabilities                              14,134        20,013

    Stockholders' equity:
      Preferred stock, par value $0.001;
       10,000,000 shares authorized at 2010
       and 2009; none outstanding at 2010
       and 2009                                         -             -
      Common stock, par value $0.001;
       100,000,000 shares authorized at 2010
       and 2009; 50,356,233 and 50,208,171
       issued at 2010 and 2009, respectively       50,356        50,208
       Additional paid-in capital             335,058,197   331,249,918
       Treasury stock, 40,151 shares at 2010
        and 2009                                 (205,999)     (205,999)
       Accumulated deficit                   (335,741,528) (323,452,784)
                                             ------------  ------------
    Total stockholders' equity                   (838,974)    7,641,343
                                                 --------     ---------
    Total liabilities and stockholders'
     equity                                   $50,862,993   $56,120,516
                                              ===========   ===========

                               STEREOTAXIS, INC.
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)

                                       Three Months Ended
                                            June 30,
                                            --------
                                          2010             2009
                                          ----             ----

    Revenue
       System                       $9,439,857       $8,162,504
       Disposables, service and
        accessories                  5,578,221        4,481,833
                                     ---------        ---------
    Total revenue                   15,018,078       12,644,337

    Cost of revenue
       System                        4,313,774        3,212,031
       Disposables, service and
        accessories                    612,379        1,453,854
                                       -------        ---------
    Total cost of revenue            4,926,153        4,665,885

    Gross margin                    10,091,925        7,978,452

    Operating expenses:
      Research and development       3,358,008        3,636,007
      Sales and marketing            8,446,612        7,680,549
      General and administration     3,976,057        3,314,678
    Total operating expenses        15,780,677       14,631,234
                                    ----------       ----------
    Operating loss                  (5,688,752)      (6,652,782)
    Other income/(expense)           2,507,221          304,709
    Interest income                      2,148            4,376
    Interest expense                  (682,804)      (1,096,080)
                                      --------       ----------
    Net loss                       $(3,862,187)     $(7,439,777)
                                   ===========      ===========

      Net loss per common share:
         Basic and diluted              $(0.08)          $(0.18)

    Weighted average shares
     used in computing net
    loss per common share:
       Basic and diluted            49,885,589       41,670,130
                                    ==========       ==========

                                         Six Months Ended
                                             June 30,
                                             --------
                                           2010               2009
                                           ----               ----

    Revenue
       System                       $14,673,611        $15,023,312
       Disposables, service and
        accessories                  10,961,076          8,754,162
                                     ----------          ---------
    Total revenue                    25,634,687         23,777,474

    Cost of revenue
       System                         6,390,490          5,775,513
       Disposables, service and
        accessories                   1,456,332          2,351,052
                                      ---------          ---------
    Total cost of revenue             7,846,822          8,126,565

    Gross margin                     17,787,865         15,650,909

    Operating expenses:
      Research and development        6,727,546          6,945,870
      Sales and marketing            15,141,730         15,133,984
      General and administration      7,866,394          7,352,843
    Total operating expenses         29,735,670         29,432,697
                                     ----------         ----------
    Operating loss                  (11,947,805)       (13,781,788)
    Other income/(expense)              970,052            555,646
    Interest income                       4,930             31,349
    Interest expense                 (1,315,921)        (1,775,071)
                                     ----------         ----------
    Net loss                       $(12,288,744)      $(14,969,864)
                                   ============       ============

      Net loss per common share:
         Basic and diluted               $(0.25)            $(0.36)

    Weighted average shares
     used in computing net
    loss per common share:
       Basic and diluted             49,753,046         41,476,704
                                     ==========         ==========

SOURCE: Stereotaxis, Inc.

Stereotaxis Announces Strong Increase in New Capital Orders in Second Quarter 2010

Giancarlo Nicoli — Sun, 18 Jul 2010 08:19:26 +0000

From the press release

Stereotaxis Announces Strong Increase in New Capital Orders in Second Quarter 2010
Capital Orders Double from Second Quarter 2009; 42% Sequential Growth
North America Rebounds to Represent 50% of Total Orders

ST. LOUIS, July 13, 2010 /PRNewswire via COMTEX/ –

Stereotaxis, Inc. (Nasdaq: STXS) announced today that its new capital order momentum continued to build in the second quarter of 2010. The Company generated new capital orders of $10.2 million, more than doubling new capital orders from the 2009 second quarter and representing a 42% sequential increase over orders in the first quarter of 2010. New orders from North America totaled $5.1 million of the total orders in the quarter.

“Our new capital order momentum in the quarter validates our view that driving clinical adoption builds both procedure revenue and market interest,” said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. “The largest increase was in North America where we have focused on clinical adoption. As a result, procedures in the U.S. are steadily increasing, resulting in higher utilization and stronger reference sites. In addition, we continue to generate a strong and balanced performance from Europe and the rest of the world.”

About Stereotaxis

Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital’s interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Stereotaxis System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. Stereotaxis’ Odyssey(TM) solutions integrate and manage information from disparate information sources, eliminating the challenge of interacting simultaneously with many separate diagnostic systems, driving optimized workflow and improved productivity. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe and Canada.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance for the Company’s products in the marketplace, the effect of global credit and economic conditions on the ability and willingness of customers to purchase our systems, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approval and return of the irrigated catheter to the market, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.

SOURCE Stereotaxis, Inc.

New Data Demonstrate Safety, Efficacy of Stereotaxis for Patients with AFIB, VT and Congenital Defects

Giancarlo Nicoli — Thu, 13 May 2010 11:18:56 +0000

From the press release

INNOVATIVE ODYSSEY NETWORK CONNECTS INDUSTRY LEADERS THROUGHOUT HRS EXHIBITS
Data Underscores Stereotaxis’ Clinical Leadership in EP, Evident at Heart Rhythm 2010

ST. LOUIS, May 13, 2010 /PRNewswire via COMTEX/ –Stereotaxis’ (Nasdaq: STXS) safety and efficacy in the treatment of patients with complex arrhythmias such as atrial fibrillation, ventricular tachycardia, and congenital heart defects will be featured prominently in the scientific program of the 31st Annual Heart Rhythm Scientific Sessions in Denver, Colorado. Eight podium presentations and eight posters will underscore the broad clinical leadership that Stereotaxis has achieved in the treatment of patients with complex cardiac arrhythmias. Stereotaxis will display its advanced tools for the electrophysiology lab in booth # 1103.

In addition, Dr. J. Peter Weiss and his colleagues from Intermountain Medical Center in Salt Lake City, Utah will present a live case using a non-localized magnetic catheter in a patient with left-sided atrial flutter remotely from the control room of their fully integrated Odyssey lab in Salt Lake City. The case will be presented on Thursday, May 13th at 10:30 am in the Four Seasons Ballroom 3-4.

ATRIAL FIBRILLATION

Catheter ablation for atrial fibrillation is in high demand, with some studies indicating that the procedure is significantly growing each year. Dr. Arash Arya and colleagues from the Heart Center, University of Leipzig in Leipzig, Germany, will present the poster, “Catheter Ablation of Atrial Fibrillation Using Remote Magnetic Catheter Navigation: A Case-Control Study” during Poster Session 6 on Saturday, May 15th at 9 a.m. in the main exhibit hall.

Additional data will be presented by Dr. David Burkhardt and colleagues at St. David’s Medical Center in Austin, Texas during Poster Session 4 on Friday, May 14th at 9 a.m. and by Dr. Shinsuke Miyazaki and physicians from Hopital Cardiologique du Haut-Leveque in Bordeaux, France during Poster Session 5 on Friday, May 14th at 2:00 p.m., both in the main exhibit hall.

CONGENITAL DEFECTS

The congenital heart defect patient group is one of the most challenging populations facing the electrophysiologist and particularly attractive for treatment with the advanced tools offered by Stereotaxis. Dr. Thomas Baurnfeind from the Thoraxcenter at Erasmus Medical Center in Rotterdam, The Netherlands will present the paper, “The Usefulness of Ablation Guided by Remote Navigation in Patients with Complex Congenital Heart Disease.” This paper will be presented on Thursday, 5/13 at 2:15 pm in Room 102.

VENTRICULAR TACHYCARDIA

Due to complex anatomy, the sensitive nature of ventricular tissue, and potentially lethal outcomes, treating ventricular tachycardia is a major challenge for electrophysiologists, and requires the delivery of robust lesions for clinical success.

As previously announced, Hiroshi Nakagawa, MD, PhD, Co-Director of the Heart Rhythm Institute at the University of Oklahoma Health Sciences Center will deliver a podium presentation titled “Substrate Ablation of Scar Ventricular Tachycardia Using Magnetic Catheter Maneuvering System,” on Friday, May 14, at 2:45 pm, Korbel Ballroom 4F. Additionally, Petr Neuzil, MD, PhD, from Na Holmoce Hospital in Prague, will present a poster with early results from the “Stereotaxis Study to Obliterate Persistent Ventricular Tachycardia” or “STOP-VT” study during Poster Session 2 on Thursday, May 13th at 9:00 a.m. in the main exhibit hall.

“We are very excited to see the results from two important VT studies,” said Michael P. Kaminski, President and CEO of Stereotaxis. “VT is among the most challenging arrhythmias to treat. There are a growing number of patients with VT and a limited number of clinicians who perform the complex procedure, creating few options for patients. Based on what we’re seeing at several centers performing VT ablations routinely, we believe that catheter ablation with magnetic navigation can effectively terminate a high majority of documented ventricular tachycardias, particularly among patients who had previously suffered a heart attack.”

ODYSSEY BROADLY FEATURED AT HRS

An innovative Odyssey Network will be featured throughout the HRS exhibit floor including demonstrations in the Siemens Medical Solutions, Philips Medical Systems, and Biosense Webster booths. Odyssey will also support a live interactive demonstration of the Stereotaxis magnetic navigation system through a remote VPN connection between Denver and St. Louis. Customers will have an opportunity to receive a hands-on demonstration of the comprehensive Odyssey Enterprise Solution with its fully integrated, real-time information management platform to integrate, record, and network interventional lab data throughout hospitals and around the world.

“The broad showcase of Odyssey at this year’s HRS validates the level of interest building among customers and partners,” said Michael P. Kaminski. “We believe that the combination of our partner solutions coupled with the unique benefits of Odyssey provides customers with an innovative platform that addresses unmet customer needs from advanced treatment to referral outreach.”

About Heart Rhythm 2010

Heart Rhythm 2010, the Heart Rhythm Society’s 31st Annual Scientific Sessions, will be held at the Colorado Convention Center, May 12 — 15, 2010. For more information, visit www.hrsonline.org/sessions.

About Stereotaxis

Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital’s interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Stereotaxis System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. Stereotaxis’ Odyssey workstation integrates and standardizes data through a consolidated display of multiple systems, eliminating the challenge of interacting simultaneously with many separate diagnostic systems. The magnetic irrigated catheter is not approved for the treatment of atrial fibrillation in the US. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe and Canada. For more information visit www.stereotaxis.com.

About Odyssey

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance for the Company’s products in the marketplace, the effect of global credit and economic conditions on the ability and willingness of customers to purchase our systems, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approval and return of the irrigated catheter to the market, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.

SOURCE: Stereotaxis, Inc.