Good day and welcome to the Stereotaxis 2015 Fourth Quarter and Full Year Financial Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Jim Byers of 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 fourth quarter and full year ended on December 31, 2015. Before we get started, we'd like to remind you that during the course of this conference call, the company might 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. And now with that said, I would like to turn the call over to Bill Mills, Chairman and CEO of Stereotaxis.

Thanks, Jim. Good afternoon everyone and thank you for joining us today to review our fourth quarter and full year 2015 results. With me today is our CFO, Marty Stammer. Following our prepared remarks, we'll open up the call to questions. Throughout 2015 we were focused on several key objectives, including driving revenue growth through commercial success, increasing our operational efficiencies to improve our working capital possession, expanding our body of clinical evidence, particularly in the setting of ventricular tachycardia or VT, optimizing our industry partnerships and continuing to advance our technologies toward full automation. We achieved good results in each of these areas and ended the year on a high note. For the 2015 full year, our total revenue reached $37.7 million, an 8% increase over the prior year despite currency headwinds. System sales increased 36% year-over-year on revenue from seven new Niobe ES systems compared to three in 2014. This increase was due in large part to our sales teams’ and distribution partners’ targeted marketing efforts and their focus on articulating the clinical value of our technology. We also concluded 2015 with strong results, generating new capital orders of $5.1 million in the fourth quarter, a 76% increase over the same period last year. This included two new Niobe ES system orders in Japan where we see continued progress and momentum. In 2015, we shipped two Niobe systems to Japan and our first installed site contributed 84 cases to an Asia-Pacific region that achieved a 71% increase in procedures over 2014. From a cash perspective, we had our first quarter ever of free cash flow in the fourth quarter, generating $1.6 million which helped drive a 71% year-over-year reduction in cash burn for the full year. We continue to be mindful of managing every aspect of the business…

Thanks, Bill and good afternoon everyone. Revenue in the fourth quarter was $9.2 million, down 6% from $9.8 million in the year ago quarter and down slightly from $9.3 million on a sequential basis. Systems revenue of $2.4 million was a decrease of 24% year-over-year but an increase of 5% on a sequential basis. In the fourth quarter we recognized revenue of $1.4 million on one Niobe ES system and two Niobe ES upgrades, $200,000 on three Vdrive systems and $800,000 in Odyssey solution sales. During the quarter we generated new capital orders of $5.1 million. At quarter end, our backlog was $6 million. Recurring revenue in the quarter was $6.8 million compared to $6.6 million in the prior year quarter and $7 million in the third quarter. Procedures declined 5% year-over-year partially offset by a 28% increase in VT procedures. Gross margin in the fourth quarter of 2015 was $6.8 million or 73.7% of revenue compared to $7.5 million or 76.6% of revenue in the year ago fourth quarter, and $6.8 million or 73.6% of revenue in the third quarter. Operating expenses were $8.2 million compared to $7.2 million in the year ago quarter and $7.7 million in the third quarter, partially due to $600,000 of one-time non-cash charges related to intangible assets and stock-based compensation. Operating loss was $1.4 million in the 2015 fourth-quarter compared to an operating income of $300,000 in the 2014 fourth-quarter and an operating loss of $900,000 in the third quarter. Interest expense was $800,000 in all four quarters of 2015 related to HealthCare Royalty Partners debt. Net loss for the fourth quarter of 2015 was $1.7 million or $0.08 per share compared to net income of $900,000 or $0.04 per share reported for the fourth-quarter of 2014. The weighted average diluted shares outstanding…

Thanks, Marty. We have before us an opportunity that is uniquely ours to transform the delivery of VT ablation for improved outcomes and safety for all patients. We’ve entered 2016 committed to growing this segment of our business as part of our overall growth strategy. Looking beyond this initiative and more broadly, we’re truly excited to bring the advantages of high levels of automation to all complex catheter-based interventions for procedures in cardiac electrophysiology. This is our vision and we can't wait to fully deploy it for the benefit of the many patients who put their trust in us. With that, we will open up the call to your questions.

[Operator Instructions] And at this time, I will turn the call back to management for any additional or closing remarks. : :

Okay, operator, thank you and thanks to each of you joining us today for your support. We’re looking forward to speaking with you again in the next quarter and of course sharing further news of progress and developments of Stereotaxis. Thank you for joining us.