Overlooked and Underfollowed
Value, special situations, long only

Stereotaxis - Japan Market Entry And Domestic Vdrive Sales Underway. Maintain Positive Thesis.

Japan Distribution Agreement in Place; Key Catalyst for Procedure & Revenue Growth in 2014 and Beyond

The key on Tuesday February 25th, in our view, was not Stereotaxis' (NASDAQ:STXS) quarterly results. Although we would have liked to see sequential growth in revenues, we were encouraged by several factors including: (1) utilization being up sequentially in Q4 for first time in 2013; (2) high margin revenues from disposables coming in flat on a sequential basis; and (3) backlog increasing for the first time in over a year. The more important announcement was the distribution agreement for Japan is finally in place. It looks to be well worth the wait with Stereotaxis now working with two quality partners…Medix Japan

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