Healthcare Industry News: Texas Cardiac Arrhythmia Institute
News Release - October 23, 2008
Stereotaxis Announces Commercialization of Odyssey Cinema(TM)Odyssey Cinema(TM) Represents an Important Expansion of Stereotaxis' Odyssey(TM) Information Management Platform
ST. LOUIS, Oct. 23 (Healthcare Sales & Marketing Network) -- Stereotaxis, Inc. (Nasdaq: STXS ) announced today that it is now commercially selling its Odyssey Cinema system. Introduced at Heart Rhythm 2008, and now available for sale, Odyssey Cinema is Stereotaxis' data management solution for remote viewing and recording of live interventional cases. Odyssey Cinema enables physicians to remotely view real-time high definition images of a procedure. It includes a powerful archiving capability that will allow clinicians to store and replay entire procedures or segments of procedures. Odyssey Cinema also provides physicians with a significant new tool for clinical collaboration, remote consultation, and training through the global Odyssey network.
"Odyssey is the most advanced platform of its kind," said Dr. Natale. "It consolidates the several data sources involved in each procedure that would otherwise be stored in different places. For training and consultation, this is unprecedented. I expect it to transform the way our labs operate, and it will improve patient care. I also expect that other centers with which I collaborate will purchase Odyssey to enable real-time exchange of procedure information."
With the availability of Odyssey Cinema, and with interest in the Odyssey system growing beyond the installed base of Niobe® Magnetic Navigation Systems, Stereotaxis is expanding its Odyssey sales program to reach a broader range of interventional labs, of which there are believed to be more than 2,000 worldwide in electrophysiology alone.
"We built the Odyssey System as an information management platform to be used in interventional labs, and it is gaining clear traction in the marketplace," said Bevil Hogg, CEO of Stereotaxis. "We believe hospitals are continuing to make significant investments in their electrophysiology departments, particularly for technologies that have the potential to improve efficiency, and sales of the Odyssey system have been a growing contributor to our revenue in 2008. With our expanded sales effort taking Odyssey beyond the Niobe installed base, we expect that Odyssey Workstation and Odyssey Cinema sales will play an important role in revenue growth in 2009 and beyond. The two products have a combined list price of $450,000, and are expected to generate for Stereotaxis incremental annual software, license, service and network connection fees."
The Odyssey portfolio of products is an innovative new information management solution that consolidates the systems in an electrophysiology lab, greatly improving the ergonomics for the physician and increasing their focus on critical patient information. Typically, interventional physicians are faced with the challenge of interacting simultaneously with multiple systems and diverse sources of diagnostic and imaging information during a procedure. Odyssey consolidates all of these sources of information into a single, manageable format, dramatically simplifying the interventional lab and potentially bringing greater simplicity and efficiency to electrophysiology procedures. The system also features a remote viewing and recording capability, called Odyssey Cinema, that simultaneously captures all of the lab information from multiple labs at a time. This information can be accessed from locations throughout the hospital local area network and over the global Odyssey Network.
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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