Stereotaxis narrows losses with higher sales in Q2

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon
Stereotaxis has reported positive revenue results for the second quarter of 2008, which ended June 30.

Revenue for the second quarter increased 36 percent to $10.7 million, compared to $7.8 million in revenue in the 2007 second quarter, according to the St. Louis-based company. Stereotaxis said its revenue for the 2008 second quarter was driven by “strong sales of the Niobe Magnetic Navigation System and the recently introduced OdysseyNetwork information management technology.”

The company reported a net loss for the second quarter of 2008 of $12.8 million, compared to a net loss of $15 million in the second quarter of 2007.

However, the company noted that both its operating and research & development (R&D) expenses lessened in the second quarter of 2008. Second quarter operating expenses decreased to $18.7 million, compared to $18.9 million in the second quarter of 2007. Included in the 2008 amount was $1.1 million in expenses associated with the re-engineering of the irrigated catheter. Excluding this expense, operating expenses would have been $17.6 million, a decrease of $1.3 million from the second quarter of 2007, according to Stereotaxis.

R&D expenses for the 2008 second quarter decreased to $4.8 million, including a $1.1 million charge related to the re-engineering of the magnetic irrigated catheter, compared to $7.1 million in the same period in 2007, Stereotaxis said.

At June 2008, cash and investments totaled $11.8 million, compared to $23.6 million at Dec. 31, 2007, according to the company.