Stereotaxis (NYSE: STXS), the global leader in innovative robotic
technologies for the treatment of cardiac arrhythmias, today
reported financial results for the third quarter ended September
30, 2019.
“The third quarter was highlighted by successful
reengagement with the capital markets, meaningful progress in our
commercial growth strategy, and continued innovation and industry
collaboration,” said David Fischel, Chairman and CEO. “We are
pleased with the methodical progress across all aspects of
Stereotaxis.”
“In the quarter, we listed on the NYSE American
exchange and closed a $25 million equity financing. These reflect
increasing awareness and confidence in Stereotaxis’ significant
clinical value and growth opportunity. Stereotaxis is in the
strongest financial position in its history, and will use this
strength to accelerate the development and commercial introduction
of innovations in electrophysiology and beyond.”
“Our revenue growth and net income in the
quarter is reflective of the positive impact a resurgence of
robotic system sales can have on our financial performance.
Stereotaxis continues to make tangible progress in the regulatory
process, supply-chain optimization, and commercial discussions
necessary for a broad launch of the Genesis RMN® System. As we plan
towards 2020 and the broad commercialization of Genesis, we expect
an exciting year of significant growth.”
“Development of Stereotaxis’ proprietary
catheter continues to advance well in accordance with previously
disclosed timelines. The multiple, recently announced
collaborations to integrate advanced preoperative mapping
information enhance the robotic ecosystem and will increasingly
drive personalized patient-specific therapy in
electrophysiology.”
Third Quarter 2019 Financial
ResultsRevenue for the third quarter of 2019 totaled $8.2
million, up 9% from $7.6 million in the prior year third quarter.
Recurring revenue for the quarter was $6.3 million and system
revenue for the quarter was $1.7 million. System revenue primarily
reflects the establishment of a new robotic electrophysiology
program.
Gross margin in the quarter was $6.4 million or
78% of revenue, consistent with the 78% reported in the third
quarter of 2018. Gross margin on recurring revenue and system
revenue were 85% and 61%, respectively. Operating expenses in the
third quarter of $6.4 million increased from $6.0 million in the
prior year quarter.
Operating and net income for the quarter were
both near breakeven, with an operating loss of ($41,000) and net
income of $44,000, compared to an operating loss and net loss of
($0.1) million in the third quarter of 2018. Negative free cash
flow for the quarter was ($0.4) million.
Cash Balance and LiquidityAt
September 30, 2019, Stereotaxis had cash and cash equivalents of
$31.7 million and no debt.
Forward Looking
ExpectationsStereotaxis’ innovation accomplishments
support an expectation of robust revenue growth in 2020,
accelerating throughout the year.
Conference Call and
WebcastStereotaxis will host a conference call and webcast
today, November 14, 2019, at 9:00 a.m. Eastern Time. To access the
conference call, dial 1-800-367-2403 (US and Canada) or
1-334-777-6978 (International) and give the participant pass code
4492256. Participants are asked to call 5-10 minutes prior to the
start time. To access the live and replay webcast, please visit the
investor relations section of the Stereotaxis website at
www.stereotaxis.com.
About StereotaxisStereotaxis is
the global leader in innovative robotic technologies designed to
enhance the treatment of arrhythmias and perform endovascular
procedures. Its mission is the discovery, development and delivery
of robotic systems, instruments, and information solutions for the
interventional laboratory. These innovations help physicians
provide unsurpassed patient care with robotic precision and safety,
improved lab efficiency and productivity, and enhanced integration
of procedural information. Stereotaxis’ robotic technology has
received various regulatory clearances in the United States,
European Union, Japan, Canada, China, and elsewhere. The
Stereotaxis Genesis RMN System is CE marked and will become
available in other global geographies subject to regulatory
approvals. Stereotaxis Imaging Model S is CE marked and FDA
cleared. For more information, please visit
www.stereotaxis.com.
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, the Company's ability to raise additional capital on a
timely basis and on terms that are acceptable, its ability to
continue to manage expenses and cash burn rate at sustainable
levels, its ability to continue to work with lenders to extend,
repay or refinance indebtedness, or to obtain additional financing,
in either case on acceptable terms, continued acceptance of the
Company's products in the marketplace, the effect of global
economic conditions on the ability and willingness of customers to
purchase its systems and the timing of such purchases, competitive
factors, changes resulting from healthcare reform in the United
States, including changes in government reimbursement procedures,
dependence upon third-party vendors, timing of regulatory
approvals, 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,
delayed or canceled, either by their express terms, as a result of
negotiations, or by overall project changes or delays.
Company
Contacts:
David L. FischelChairman and Chief Executive Officer
Kimberly R.
Peery
Chief Financial Officer
314-678-6100investors@stereotaxis.com
|
|
STEREOTAXIS, INC. |
STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems |
|
$ |
1,696,964 |
|
|
$ |
715,484 |
|
|
$ |
1,755,015 |
|
|
$ |
1,043,510 |
|
Disposables, service and accessories |
|
|
6,258,252 |
|
|
|
6,839,995 |
|
|
|
19,515,125 |
|
|
|
21,035,002 |
|
Sublease |
|
|
246,532 |
|
|
|
- |
|
|
|
739,593 |
|
|
|
- |
|
Total revenue |
|
|
8,201,748 |
|
|
|
7,555,479 |
|
|
|
22,009,733 |
|
|
|
22,078,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems |
|
|
665,463 |
|
|
|
596,869 |
|
|
|
722,828 |
|
|
|
1,257,980 |
|
Disposables, service and accessories |
|
|
919,599 |
|
|
|
1,036,589 |
|
|
|
2,928,718 |
|
|
|
3,029,875 |
|
Sublease |
|
|
246,531 |
|
|
|
- |
|
|
|
739,592 |
|
|
|
- |
|
Total cost of revenue |
|
|
1,831,593 |
|
|
|
1,633,458 |
|
|
|
4,391,138 |
|
|
|
4,287,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
6,370,155 |
|
|
|
5,922,021 |
|
|
|
17,618,595 |
|
|
|
17,790,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,751,081 |
|
|
|
2,000,780 |
|
|
|
7,405,462 |
|
|
|
5,995,800 |
|
Sales and marketing |
|
|
3,120,632 |
|
|
|
2,819,101 |
|
|
|
9,666,975 |
|
|
|
9,911,514 |
|
General and administrative |
|
|
1,539,648 |
|
|
|
1,215,920 |
|
|
|
4,186,277 |
|
|
|
3,753,703 |
|
Total operating expenses |
|
|
6,411,361 |
|
|
|
6,035,801 |
|
|
|
21,258,714 |
|
|
|
19,661,017 |
|
Operating loss |
|
|
(41,206 |
) |
|
|
(113,780 |
) |
|
|
(3,640,119 |
) |
|
|
(1,870,360 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,590,361 |
|
Interest income (expense) |
|
|
84,954 |
|
|
|
(2,515 |
) |
|
|
133,329 |
|
|
|
(33,271 |
) |
Net income (loss) |
|
$ |
43,748 |
|
|
$ |
(116,295 |
) |
|
$ |
(3,506,790 |
) |
|
$ |
686,730 |
|
Cumulative dividend on convertible preferred stock |
|
|
(360,647 |
) |
|
|
(361,447 |
) |
|
|
(1,071,351 |
) |
|
|
(1,072,553 |
) |
Net loss attributable to
common stockholders |
|
$ |
(316,899 |
) |
|
$ |
(477,742 |
) |
|
$ |
(4,578,141 |
) |
|
$ |
(385,823 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributed
to common stockholder: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.00 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.01 |
) |
Diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares and equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
64,294,153 |
|
|
|
59,008,219 |
|
|
|
61,405,083 |
|
|
|
49,733,553 |
|
Diluted |
|
|
64,294,153 |
|
|
|
59,008,219 |
|
|
|
61,405,083 |
|
|
|
49,733,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STEREOTAXIS, INC. |
BALANCE SHEETS |
|
|
|
September 30, 2019 |
|
December 31, 2018 |
|
(Unaudited) |
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
31,650,559 |
|
|
$ |
10,796,072 |
|
Accounts receivable, net of allowance of $368,191 and $398,847 in
2019 and 2018, respectively |
|
3,830,395 |
|
|
|
5,021,111 |
|
Inventories, net |
|
1,546,716 |
|
|
|
1,191,666 |
|
Prepaid expenses and other current assets |
|
1,022,322 |
|
|
|
963,700 |
|
Total current assets |
|
38,049,992 |
|
|
|
17,972,549 |
|
Property and equipment, net |
|
270,751 |
|
|
|
343,693 |
|
Operating lease right-of-use assets |
|
4,771,187 |
|
|
|
- |
|
Other assets |
|
214,042 |
|
|
|
198,365 |
|
Total assets |
$ |
43,305,972 |
|
|
$ |
18,514,607 |
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
1,031,975 |
|
|
$ |
1,726,360 |
|
Accrued liabilities |
|
2,641,254 |
|
|
|
2,642,481 |
|
Deferred revenue |
|
5,283,783 |
|
|
|
5,825,536 |
|
Current portion of operating lease liabilities |
|
2,235,465 |
|
|
|
- |
|
Total current liabilities |
|
11,192,477 |
|
|
|
10,194,377 |
|
|
|
|
|
|
|
|
|
Long-term deferred revenue |
|
560,508 |
|
|
|
407,151 |
|
Operating lease liabilities |
|
2,574,469 |
|
|
|
- |
|
Other liabilities |
|
260,947 |
|
|
|
641,461 |
|
Total liabilities |
|
14,588,401 |
|
|
|
11,242,989 |
|
|
|
|
|
|
|
|
|
Series A - Convertible preferred stock: |
|
|
|
|
|
|
|
Convertible preferred stock, Series A, par value $0.001; 23,780 and
23,900 shares outstanding at 2019 and 2018 |
|
5,929,749 |
|
|
|
5,960,475 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
Convertible preferred stock, Series B, par value $0.001; 10,000,000
shares authorized, 5,610,000 and no shares outstanding at 2019 and
2018 |
|
5,610 |
|
|
|
- |
|
Common stock, par value $0.001; 300,000,000 shares authorized,
66,677,111 and 59,058,297 shares issued at 2019 and 2018,
respectively |
|
66,677 |
|
|
|
59,058 |
|
Additional paid-in capital |
|
503,149,814 |
|
|
|
478,179,574 |
|
Treasury stock, 4,015 shares at 2019 and 2018 |
|
(205,999 |
) |
|
|
(205,999 |
) |
Accumulated deficit |
|
(480,228,280 |
) |
|
|
(476,721,490 |
) |
Total stockholders' equity |
|
22,787,822 |
|
|
|
1,311,143 |
|
Total liabilities and stockholders' equity |
$ |
43,305,972 |
|
|
$ |
18,514,607 |
|
|
|
|
|
|
|
|
|
Stereotaxis (AMEX:STXS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Stereotaxis (AMEX:STXS)
Historical Stock Chart
From Sep 2023 to Sep 2024