Stereotaxis releases prelim Q3 results, gets C2 classification for Niobe in Japan

|By:, SA News Editor

Stereotaxis (STXS +52.4%) is off to the races today after announcing preliminary Q3 results ahead of a rights offering.

Revenues are expected to come in at $10.6-11.1M (system revenue of $4.4-4.6M and recurring revenue of $6.2-6.5M).

STXS reports one new Niobe system order and an estimated capital backlog of $5.2-5.6M.

"While we continued to be challenged to grow utilization, we believe our release of the Vdrive with V-Sono system in the U.S. and full entry of the Niobe platform into the Japan market ... provide us with potentially significant growth opportunities," interim CEO William Mills says. (PR)

Speaking of Niobe and Japan, the country's Ministry of Health, Labor and Welfare has given the system a C2 classification, "the highest of five reimbursement categories for medical devices in Japan."

A temporary technical fee for Niobe procedures is set at $3,500 (permanent fee to be determined in April 2014). (PR)