Medical equipment maker
Stereotaxis Inc
(
STXS
) has commenced initial shipments of its new Epoch platform
designed for the electrophysiology ("EP") labs. Launched in
April 2011, Epoch is a comprehensive solution for EP labs and is
geared to improve efficiency of cardiac procedures and increase
workflow by enabling physicians to control procedures
remotely.
The company noted that the initial shipments include upgrade to
the next-generation Epoch platform from its Niobe II magnetic
navigation system for clients across North America and Europe. As
part of the upgrade, the European centers will also deploy
Stereotaxis' Vdrive Duo mechanical arm robotic navigation system,
which allows physicians to remotely manipulate devices such as
catheters and sheath.
The Epoch platform integrates the benefits of remote magnetic
catheter control, the efficiency of remote robotic device
manipulation and the Vdrive mechanical robotic platform, allowing
highly sophisticated procedural data integration and
transmission.
The Epoch solution is expected to considerably cut procedure
time for all types of robotic-assisted EP procedures including
atrial fibrillation ablation procedures. Since its introduction,
this new platform has generated considerable interest from both
existing and prospective customers.
Missouri-based Stereotaxis develops and markets advanced
cardiology instrument control system for use in cardiac
catheterization labs for the treatment of coronary artery disease
and arrhythmias.
Stereotaxis offers the Niobe Magnetic Navigation System, which
allows physicians to perform complex interventional procedures.
Moreover, its Odyssey Enterprise Solution integrates and records
all lab data allowing physicians to focus on the patient for
optimal procedure efficiency. The company's competitors include
Boston Scientific
(
BSX
) and
Edwards Lifesciences
(
EW
).
Stereotaxis recently reported lackluster third quarter results
with net losses swelling roughly 41% year over year to $7.3 million
on account of a double-digit decline in sales. Revenues plummeted
roughly 38% year over year to $8.5 million, hurt by weakness in the
Niobe business and the ongoing migration from Niobe II to Epoch
platform.
The company booked global new capital orders of $2.2 million in
the quarter, comprised of four Niobe II to Epoch upgrades, two
Vdrive navigation systems and $1.6 million in orders related to
Odyssey.
The company's Board, in September 2011, approved its operating
plan for the commercialization of the Epoch magnetic surgery
platform and expansion of the Odyssey platform into standard
laboratories. The plan includes realignment and reduction of
operating expenses aimed at minimizing cash burn.
Stereotaxis, during the third quarter, completed a major portion
of the expense reduction program by curtailing headcount and
discretionary spending. It expects the cost containment efforts to
lead to a reduction in annual operating costs by roughly
15%-20%.
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EW
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STXS
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