ST. LOUIS, Oct. 23 Stereotaxis, Inc.(Nasdaq: STXS) announced today that it is now commercially selling its OdysseyCinema system. Introduced at Heart Rhythm 2008, and now available for sale,Odyssey Cinema is Stereotaxis' data management solution for remote viewing andrecording of live interventional cases. Odyssey Cinema enables physicians toremotely view real-time high definition images of a procedure. It includes apowerful archiving capability that will allow clinicians to store and replayentire procedures or segments of procedures. Odyssey Cinema also providesphysicians with a significant new tool for clinical collaboration, remoteconsultation, and training through the global Odyssey network.
Dr. Andrea Natale, a leading expert on atrial fibrillation and ExecutiveMedical Director of the Texas Cardiac Arrhythmia Institute at St. David'sMedical Center in Austin, Texas, recently installed Odyssey in his Niobe lab.
"Odyssey is the most advanced platform of its kind," said Dr. Natale. "Itconsolidates the several data sources involved in each procedure that wouldotherwise be stored in different places. For training and consultation, thisis unprecedented. I expect it to transform the way our labs operate, and itwill improve patient care. I also expect that other centers with which Icollaborate will purchase Odyssey to enable real-time exchange of procedureinformation."
With the availability of Odyssey Cinema, and with interest in the Odysseysystem growing beyond the installed base of Niobe(R) Magnetic NavigationSystems, Stereotaxis is expanding its Odyssey sales program to reach a broaderrange of interventional labs, of which there are believed to be more than2,000 worldwide in electrophysiology alone.
"We built the Odyssey System as an information management platform to beused in interventional labs, and it is gaining clear traction in themarketplace," said Bevil Hogg, CEO of Stereotaxis. "We believe hospitals arecontinuing to make significant investments in their electrophysiologydepartments, particularly for technologies that have the potential to improveefficiency, and sales of the Odyssey system have been a growing contributor toour revenue in 2008. With our expanded sales effort taking Odyssey beyond theNiobe installed base, we expect that Odyssey Workstation and Odyssey Cinemasales will play an important role in revenue growth in 2009 and beyond. Thetwo products have a combined list price of $450,000, and are expected togenerate for Stereotaxis incremental annual software, license, service andnetwork connection fees."
The Odyssey portfolio of products is an innovative new informationmanagement solution that consolidates the systems in an electrophysiology lab,greatly improving the ergonomics for the physician and increasing their focuson critical patient information. Typically, interventional physicians arefaced with the challenge of interacting simultaneously with multiple systemsand 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 andpotentially bringing greater simplicity and efficiency to electrophysiologyprocedures. The system also features a remote viewing and recordingcapability, called Odyssey Cinema, that simultaneously captures all of the labinformation from multiple labs at a time. This information can be accessedfrom locations throughout the hospital local area network and over the globalOdyssey Network.
Stereotaxis designs, manufactures and markets an advanced cardiologyinstrument control system for use in a hospital's interventional surgicalsuite to enhance the treatment of coronary artery disease and arrhythmias.The Stereotaxis System is designed to enable physicians to complete morecomplex interventional procedures by providing image guided delivery ofcatheters and guidewires through the blood vessels and chambers of the heartto treatment sites. This is achieved using computer-controlled, externallyapplied magnetic fields that govern the motion of the working tip of thecatheter or guidewire, resulting in improved navigation, shorter proceduretime and reduced x-ray exposure. The core components of the Stereotaxissystem 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-lookingstatements inherently involve risks and uncertainties that could cause actualresults to differ materially from the forward-looking statements. Factors thatwould 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 theCompany's periodic and other filings with the Securities and ExchangeCommission. By making these forward-looking statements, the Companyundertakes no obligation to update these statements for revisions or changesafter the date of this release. There can be no assurance that the Companywill recognize revenue related to its purchase orders and other commitments inany particular period or at all because some of these purchase orders andother commitments are subject to contingencies that are outside of theCompany's control. In addition, these orders and commitments may be revised,modified or canceled, either by their express terms, as a result ofnegotiations, or by project changes or delays.
SOURCE Stereotaxis, Inc.