Stereotaxis narrows losses in Q2

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Image-guided interventional developer Stereotaxis has reportedly narrowed its net losses for the 2009 second quarter, which ended June 30.

The St. Louis-based company incurred a net loss of $7.44 million in this year's second quarter, compared to losses of $12.79 million for the 2008 second quarter. The increase was due in large part to the issuance of 4.4 million shares as part of two concurrent private placements of stock completed in December 2008.

Revenue for the recent second quarter totaled $12.6 million, an increase of 19 percent over the $10.7 million reported for the year-ago quarter, Stereotaxis said. During the 2009 second quarter, the company recognized revenue on eight Niobe Magnetic Navigation systems and two Odyssey systems totaling $8.2 million, while disposables, services and accessories revenue was a record $4.5 million, a 62 percent increase from the same period in 2008.

Also, the company managed to drop its operating expenses to $14.6 million, a decrease of 22 percent from the second quarter of 2008. Included in the recent second quarter was a $535,000 charge to write-off unusable assets.

"During the first half of the year we generated strong revenue growth, reflecting an increase in installations as well as higher recurring revenue driven by the commercial introduction of the magnetic irrigated catheter. And we've continued to drive operating expenses lower," said Michael P. Kaminski, president and CEO.