Computer Motion Announces Highlights From Special Shareholders Meeting and 2003 Outlook; 2003 Revenue Guidance is $40 Million to $50 Million.Business Editors & Health/Medical Writers SANTA BARBARA, Calif.--(BUSINESS WIRE)--Jan. 29, 2003 Computer Motion, Inc. (Nasdaq:RBOT RBOT Rotating Bomb Oxidation Test ), the world's leading developer of surgical robotic systems serving over 900 customers and 3,000 surgeons in 32 countries, today announced that stockholders have approved all three of the proposals stated in the December 27, 2002 proxy statement. The Special Stockholders Meeting regarding these proposals was held on January 27, 2003, at the company's corporate headquarters in Goleta, California. At the meeting, in response to questions that were asked by stockholders of the company, Joseph DeVivo, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , projected an annual revenue target of $40 million to $50 million, and a profitable fourth quarter for the 2003 fiscal year. Bob Duggan, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , also reported that gross margins for the fourth quarter are estimated to be a record 65% and that net loss from operations is estimated to be approximately $2.5 million, including $600,000 in estimated intellectual property litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. expenses. In addition, Mr. Duggan stated that the company expects to receive regulatory clearance in China for the ZEUS(R) Surgical System in the next few weeks. Computer Motion's products include: the ZEUS(R) Surgical System and accessories for minimally invasive surgery minimally invasive surgery Laparoscopic surgery, see there. See Laparoscopic cholecystectomy. , the HERMES(R) Control Center, a centralized system that enables the surgeon to voice control a network of "smart" medical devices, and the AESOP Aesop (ē`səp, ē`sŏp), legendary Greek fabulist. According to Herodotus, he was a slave who lived in Samos in the 6th cent. B.C. and eventually was freed by his master. (R) Robotic Endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. Positioner, which was also the first surgical robot to be made commercially available in the U.S. The company's newest product, the SOCRATES Socrates (sŏk`rətēz), 469–399 B.C., Greek philosopher of Athens. Famous for his view of philosophy as a pursuit proper and necessary to all intelligent men, he is one of the great examples of a man who lived by his principles even (TM) Telecollaboration System, is the first device in the newly created FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. category of Robotic Telemedicine Devices, and is designed to facilitate surgeon collaboration using video and audio conferencing, shared control of the endoscopic camera, and video annotation on the surgical image in the operating room. The company's products are CE-Marked for commercial sale in the European Community. The company's Web site is www.ComputerMotion.com. This press release contains forward-looking statements concerning the company's business and products. Actual results may differ materially depending on a number of risk factors, including the risks of competition and competing technologies, duration or suspension of clinical studies, regulatory clearances and approvals, and physician, hospital and payor acceptance of the company's products. These factors and other risks inherent in the company's business are described from time to time in the company's Securities and Exchange Commission filings, including its Annual Report on Form 10-K. The company undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. RBOT-Santa Barbara |
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