Stereotaxis Earnings Call Insights: Niobe Revenue Placements, Vdrive Timelines
On Tuesday, Stereotaxis, Inc. (NASDAQ:STXS) reported its first quarter earnings and discussed the following topics in its earnings conference call. Here’s what the C-suite revealed.
Niobe Revenue Placements
Steve Lichtman – Oppenheimer: So just on the 10 order or 10 revenue placements you expect for Niobe will be this year just to be clear have you guys gotten any orders on that front yet and what gives you the confidence that you’re going to hit that 10 by the end of this year in terms of placement?
Michael P. Kaminski – President and CEO: Yeah, so Steve as we came into the year, I think in the last call, we talked about we had a backlog of 10 systems and we anticipated 8 of the 10 would go to revenue this year from backlog. Two of those went to revenue in Q1. We did not secure any new orders nor did we really anticipate that unfolding this early in the year, but we have a lot of interest that’s building and we’ll see those orders start accumulating as the year unfolds. So, fully anticipate that we’ve fill the other two with new orders and that will be in a good position to secure all 10 and build backlog as we – for 2012 as we emerge out of this year or 2013 as we emerge out of this year.
Steve Lichtman – Oppenheimer: Then I know last year, you did a lot of cleaning up in terms of the backlog and sort of really nail down what you’ve felt was true backlog. I mean, was there any movement in terms of removal of anything in the backlog over this past three months or no?
Michael P. Kaminski – President and CEO: No. The only net change was those that went to revenue versus those that were new in book, no cancellation.
Samuel W. Duggan II – CFO: There was nothing removed from backlog.
Steve Lichtman – Oppenheimer: Then I may have missed this, but in terms of your some of the cost savings program, I’ve heard you, one of the things I think you mentioned was securing additional partners from Odyssey from a distribution perspective, what type of partners are you looking for, and how is that going to be different than sort of what you have is with the strong supporter in Biosense?
Michael P. Kaminski – President and CEO: We think there is such a broad opportunity for Odyssey in interventional market, but there is partnering opportunities for both outside of EP as well as this innovative partners, and we have — we’re exploring all those options right now, recognizing that some of the heavy lifting for R&D could come from somebody else, some other partners are looking to get into that innovative line.
Steve Lichtman – Oppenheimer: Then lastly relative to the regulatory pathway in the U.S. for Vdrive…
Michael P. Kaminski – President and CEO: Steve? It sounds like Steve might have got cut-off. Can we go to the next question operator?
Steve Lichtman – Oppenheimer: I said the last question was just on the Vdrive timelines are you guys still on track into U.S. on Vdrive?
Michael P. Kaminski – President and CEO: Yeah, so we anticipate beginning an IDE trial which will be a very quick – very simple trial on the V-Loop and then we still are forecasting that we will have it released in the U.S. this year.