Healthcare Industry News: Stereotaxis
News Release - June 20, 2008
Stereotaxis Appoints Senior Vice President, North AmericaResponsible for Sales and Clinical Services
ST. LOUIS, June 20 (HSMN NewsFeed) -- Stereotaxis, Inc. (Nasdaq: STXS ) announced today that it has enhanced its senior management team for North American sales and clinical services with the appointment of Louis Ruggiero as Senior Vice President, North America. Mr. Ruggiero was most recently Chief Sales & Marketing Officer at DJ Orthopedics, formerly was President and CEO of Titan Scan Technologies Corporation, and is a 10-year veteran at General Electric Medical Systems. Mr. Ruggiero will report to Michael P. Kaminski, President and Chief Operating Officer of Stereotaxis.
"Lou brings to Stereotaxis 25 years of progressive sales, marketing and general management experience in the healthcare industry," said Bevil J. Hogg, Chief Executive Officer of Stereotaxis. "His background includes sales leadership positions at both emerging and well-established medical device companies. We anticipate that Lou will play a key role, strengthening our sales effort and driving operational efficiencies. He has a track record for generating strong revenue growth and driving profits, and we believe that Lou will quickly become an important asset to our company."
Mr. Ruggiero, 48, joins Stereotaxis from DJ Orthopedics (DJO), where he served as Chief Sales and Marketing Officer and Corporate Officer from 2003 until the Company was acquired by The Blackstone Group in 2007. During his four-year tenure at DJO, Mr. Ruggiero helped the Company double sales growth to $375 million. Prior to joining DJO, Mr. Ruggiero spent four years at Titan Scan Technologies Corporation as President and Chief Executive Officer. In that time he led Titan to more than $50 million in sales, from $7 million.
Mr. Ruggiero earned his M.B.A. in General Management and Marketing at the J.L. Kellogg Graduate School of Management at Northwestern University, and his B.A. in Political Science and Interpersonal Communication at St. John's University.
Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Stereotaxis System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe and Canada.
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance for the Company's products in the marketplace, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, and other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company's control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.
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