Good day and welcome to the Stereotaxis Third Quarter 2015 Financial Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jim Byers, MKR Group. Please go ahead, sir.

Thank you, operator and good afternoon everyone. Thank you for joining us this afternoon for the Stereotaxis conference call and webcast to review financial results for its 2015 third quarter ended on September 30, 2015. Before we get started, we'd like to remind you that during the course of this conference call, the Company may make projections or other forward-looking statements regarding future events or the future financial performance of the Company. These include without limitation, statements regarding future operating results, growth opportunities and other statements that reflect Stereotaxis' plans, prospects, expectations, strategies, intentions and beliefs. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from expectations. For a detailed discussion of the risks and uncertainties that affect the Company's business and that qualify the forward-looking statements made on this call, we refer you to the Company's periodic and other public filings filed with the SEC, including its most recent Forms 10-Q and 10-K and the Form 8-K filed today. The Company's projections and forward-looking statements are based on factors that are subject to change and therefore these statements speak only as of the date they are given. The Company assumes no obligation to update any projections or forward-looking statements. In addition, regarding orders and backlog, 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 cancelled, either by their express terms as a result of negotiations or by project changes or delays. With that said, I would now like to turn the call over to Bill Mills, Chairman and CEO of Stereotaxis.

Thanks, Jim and welcome everyone to our third quarter 2015 earnings call. With me today is our CFO, Marty Stammer. Following our prepared remarks, we'll open up the call to questions-and-answers. We are encouraged by our progress during the quarter driving revenue growth through Niobe ES system sales, as well as focusing on clinical penetration in our newest major market, Japan. We also continue to build momentum toward our top strategic priorities of advancing our position in the worldwide VT markets and introducing further product enhancements that optimize therapy delivery and improve patients lives. For the fourth consecutive quarter, we converted revenue on two Niobe ES system sales including our third shipment to Japan and our first to the Canadian Province of Quebec. We had six system sales year-to-date compared to one at the same point last year. We also experienced another strong quarter of recurring revenue led primarily by a high volume and service contract renewals. As a result, our total revenue for Q3 increased 5% year-over-year and total revenue for the first nine months was up 13% over last year. Through improved revenues and disciplined expense management, we also continue to reduce operating loss, which decreased 23% in the third quarter and 29% for the first nine months compared to the prior year. Our strategic marketing efforts in Japan are fueling an already high level of enthusiasm for our technologies among prestigious medical facilities and high profile physicians. As I noted, during the third quarter, we completed our third commercial Niobe order and shipment to Japan for a prominent private cardiovascular specialty hospital in Western Japan. As one of the top performing cardiovascular centers in Japan, this hospital exceeds 2,000 cases each year in its cath lab and is a prominent player in ongoing clinical research. In addition,…

Thanks Bill and good afternoon everyone. Revenue in the third quarter was $9.3 million, up 5% from $8.9 million in the year ago quarter and down 4% on a sequential basis. System revenue of $2.3 million was an increase of 5% year-over-year and a decrease of 26% on a sequential basis. In the third quarter, we recognized revenue of $1.7 million on two Niobe Systems and $500,000 in Odyssey solution sales. During the quarter, we generated new capital orders of $3.1 million. At quarter end our backlog was $3.6 million. Recurring revenue in the quarter was $7 million, compared to $6.7 million in the prior year quarter and $6.6 million in the second quarter. Procedures declined 6% year-over-year, partly impacted by the current popularity of cryoablation technology over radio frequency catheter ablation and procedures for [indiscernible]. This decline was partially offset by double-digit year-over-year growth in VT procedures. Gross margin in the third quarter 2015 was $6.8 million, or 73.6% of revenue compared to $6.5 million or 73.6% of revenue in the year ago third quarter and $6.7 million or 69.5% of revenue in the second quarter. Operating expenses remained unchanged year-over-year at $7.7 million, and decreased from $8.4 million in the second quarter. Operating loss was $900,000 in the 2015 third quarter, a 23% reduction from $1.2 million in the 2014 third quarter and a 47% improvement from a loss of $1.7 million in the second quarter. Interest expense was $800,000 in all three quarters, related to HealthCare Royalty Partners. Net loss for the third quarter of 2015 was $1 million or $0.05 per share compared to net income of less than a $100,000 or $0.00 a share reported for the third quarter of 2014. The weighted average diluted shares outstanding for the third quarters of 2015 and 2014…

Thanks Marty. With established clinical advantages over available therapies for VT, and significant VT market share to gain we are focused on positioning our technologies as best-in-class treatment for this serious debilitating condition. In the coming months we will continue to work with our physician users to further the clinical evidence that supports the Niobe ES as the standard of care for the treatment of VT. Concurrently we continue to advance our vision of a fully remote, computer assisted procedure environment with enhanced automations that add new users in leading EP markets, improve customers experience, produce exceptional clinical results and create lasting value. With that, we will open up the call to your questions. Operator?

Thank you, operator, and thanks to each of you on the call for your support. We look forward to speaking with you again next quarter, ensuring news of further progress at that time. Have a great afternoon or evening as the case might be.

And this does conclude your teleconference for today. Thank you for your participation. You may disconnect at any time.