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Stereotaxis Announces First Quarter Results.

Article Excerpt
Management to Host a Conference Call Today at 5:00 PM Eastern Daylight Time

ST. LOUIS, May 9 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. today reported revenue of $1.7 million for the quarter ended March 31, 2006. This compares to revenue of $5.1 million for the quarter ended March 31, 2005. The Company recognized revenue from the sale of one of its Niobe(R) advanced cardiology magnetic instrument control systems in the first quarter of 2006.

System revenue amounted to $1.0 million in the first quarter of 2006 compared to $4.6 million in the prior year quarter as a result of the decrease in the number of systems recognized. Disposables, service and accessories revenue increased to $749,000 from $459,000 in the prior year quarter. Gross profit amounted to $500,000 in the current quarter compared to $2.6 million in the prior year quarter. Gross margin for the 2006 quarter amounted to approximately 29% compared to approximately 52% in the prior year quarter as a result of overhead costs associated with the limited production and delivery schedule in this quarter.

First quarter operating expenses were approximately $15.0 million, compared to the $10.1 million incurred during the first quarter of 2005. The increase primarily relates to additional research and development spending, incremental sales and marketing headcount and related costs, and...