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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Rande Is who wrote (31779)	8/10/2000 8:30:29 PM
From: Rande Is	Respond to of 57584

Integrated Surgical Systems Reports First Quarter Earnings Announcement DAVIS, Calif., Aug. 10 /PRNewswire/ -- Integrated Surgical Systems, Inc. (ISS) (Nasdaq: RDOC; Easdaq: RDOC), a pioneer in medical robotics and the world leader in image-directed, robotic products for surgical applications in the fields of neurological and orthopedic surgeries, today reported financial results for the second quarter ending June 30, 2000. For the second quarter of 2000, net revenues were $1.3 million compared to $0.6 million for the second quarter of 1999. This represents an increase of over 100% of the revenues for this quarter. However, due to lower than expected revenues for the first quarter, the year to date revenues were lower by 30% when compared to the last year. The net operating loss for the second quarter was $0.9 million compared to a loss of $2.4 million for the same period last year. Operating expenses for the second quarter decreased slightly to $2.5 million from $2.7 million in the same quarter last year primarily as a result of decreased levels of selling expenses, while expenditures on research and development increased due to the activities associated with the knee replacement surgery. The net operating loss for the first half, however was $3.5 million for 2000 when compared to $4.7 million for the same period last year representing a decrease of 25%. ISS was, once again, the first company in the world to perform a successful Robot assisted total knee surgery on March 27, 2000. Due to the continued success experienced to date, we anticipate that the total knee surgical application will be available commercially early in the fourth quarter. Now the ROBODOC(R) Surgical Assistant System (the ROBODOC(R)) performs all major orthopedic surgeries namely, primary Total Hip Arthroplasty (THA), Revision THA and Total Knee Arthroplasty. This greatly increases both the clinical utility and the cost effectiveness of the ROBODOC(R) System. This was the first quarter since the Distribution Agreement with Spark 1 Vision was terminated. We are taking control of the direct sales activity in Europe and expect the ramp up of the sales to begin in the fourth quarter. "While our second quarter revenues were encouraging," said Dr. Ramesh Trivedi, President and CEO, "We are taking further actions such as reducing our operating expenses and increasing the focus on sales activities in order to re-balance our plans for 2000. We expect these steps to result in an improved financial performance over the remainder of the year." THE PRODUCTS: ROBODOC(R) is the ISS robotic surgery product used for total hip arthroplasty. ROBODOC(R) consists of a robotic arm assembly and a PC-based positioning system. The product interfaces with the Orthodoc(R) Surgical Planning System from ISS. ISS has installed 37 ROBODOC(R) systems worldwide. The ISS neurosurgery product, NeuroMate(R), is the first robotic technology for use in stereotactic brain surgery. NeuroMate(R) consists of a robotic arm assembly and a PC-based positioning system. The product interfaces with the Surgical Planning System offered ISS, as well as other popular third-party planning stations. ISS has installed 16 NeuroMate(R) systems in the U.S., Europe, Middle East, and Japan. THE COMPANY: Integrated Surgical Systems, Inc. develops, manufactures, markets and services computer-controlled, image-directed robotic products for surgical applications. ISS produces the ROBODOC(R) Surgical Assistant System (ROBODOC), which is designed for orthopedic applications. The ROBODOC System has been used to perform precise total hip replacement surgeries on more than 7,000 patients worldwide. ROBODOC is currently being marketed in Europe and the Middle East. NeuroMate(TM), ISS' neurosurgery product, is the first robotic technology for use in stereotactic brain surgery and has supported neurosurgical procedures on more than 3,000 patients to date. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including the timely development and market acceptance of new products and upgrades to existing products, the impact of competitive products and pricing, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC). NOTE: ROBODOC(R) is a registered trademark of Integrated Surgical Systems, Inc. NeuroMate(TM) is a trademark of Innovative Medical Machines International, S.A. For more information on Integrated Surgical Systems, call us at 877-ROBODOC (International dial 530-792-2600), visit our website at www.robodoc.com or email us at info@robodoc.com. SOURCE Integrated Surgical Systems, Inc.