Stereotaxis Inc. saw its third-quarter loss narrow slightly to $10.1 million from a loss of $10.4 million in last year’s third quarter.
For the quarter ended Sept. 30, 2008, the company reported revenue of nearly $10.6 million, down 12 percent from just over $12 million in last year’s quarter.
During the recent quarter, the company said it recognized revenue on six of its magnetic navigation systems and shipped three additional systems, the revenue for which it expects to recognize in the fourth quarter this year and first quarter 2009.
Third-quarter revenue from Niobe and Odyssey systems totaled $7.4 million, while sales of disposables, services and accessories were $3.2 million.
Stereotaxis said its operating expenses in the recent quarter fell 14 percent from last year’s third quarter and 8 percent compared to the second quarter this year, excluding costs related to re-engineering a magnetic irrigated catheter in the second quarter.
"While the hospital capital equipment market has been impacted by the credit crisis, electrophysiology lab spending on projects, programs and systems that help build overall hospital revenue remains relatively robust and we are capitalizing on the value that Stereotaxis brings to the marketplace," said CEO Bevil Hogg in a statement.
Michael Kaminski, Stereotaxis’ president and chief operating officer, said the company booked approximately $13 million in new orders in the recent quarter and backlog reached a record $75 million. |
