Stereotaxis Reports 2022 Second Quarter Financial Results
August 09 2022 - 9:00AM
Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical
robotics for minimally invasive endovascular intervention, today
reported financial results for the second quarter ended June 30,
2022.
“Despite macro pressures and the poor optics of
our financial results, Stereotaxis is making significant progress
commercially and technologically,” said David Fischel, Chairman and
CEO. “I am pleased with our progress and confident in where we
stand and the path ahead of us. We see continued demand for our
technology, are advancing a transformative innovation pipeline, and
are assembling an all-star commercial team, all while maintaining
financial stability and strength.”
“We received three orders for Genesis systems
during the second quarter, two since our last call and one of which
will become a second active robot at a prestigious US hospital. The
recent CE Mark submission for the MAGiC ablation catheter is
reflective of the methodical progress being made across multiple
fronts on our strategic innovation plan. We continue to anticipate
multiple highly impactful technologies to be launched throughout
2023 and beyond. As these launches approach we are placing
increased focus on ensuring the right commercial team,
infrastructure and processes are in place to drive substantial
revenue growth. The addition of highly experienced commercial
leaders to our team is a testament to the opportunity in front of
us.”
2022 Second Quarter Financial
ResultsRevenue for the second quarter of 2022 totaled $6.2
million, compared to $9.1 million in the prior year second quarter
with the decrease primarily driven by lower revenue recognition of
system sales in the current quarter. System revenue for the second
quarter was $0.6 million and recurring revenue was $5.6
million.
Gross margin for the second quarter of 2022 was
76% of revenue, with system gross margin of 16% and recurring
revenue gross margin of 83%. Operating expenses in the quarter of
$9.8 million include $2.7 million in non-cash stock compensation
expense. Excluding stock compensation expense, adjusted operating
expenses were $7.2 million, consistent with the prior year second
quarter.
Operating loss and net loss for the second
quarter of 2022 were both approximately ($5.2) million, compared to
a ($3.4) million operating loss and a ($1.2) million net loss in
the previous year. Net loss in the prior year quarter reflects a
favorable $2.2 million adjustment for the forgiveness of the
Paycheck Protection Loan. Adjusted operating loss and adjusted net
loss for the quarter, excluding non-cash stock compensation
expense, were both ($2.5) million. Negative free cash flow for the
second quarter was ($1.8) million.
Cash Balance and LiquidityAt
June 30, 2022, Stereotaxis had cash and cash equivalents, including
restricted cash, of $35.1 million and no debt.
Forward Looking
ExpectationsRevenue for the first half of this year
represents a nadir in performance with results in the second half
expected to be substantially higher. Stereotaxis’ current system
backlog of over $12 million supports its prior guidance of overall
revenue growth in 2022. While this guidance remains achievable,
significant variability in hospital construction timelines suggests
that a sufficient portion of backlog may be recognized as revenue
in the following year, introducing caution to this guidance.
Substantial and consistent revenue growth in the coming years is
expected to be supported by new technology launches and an enhanced
commercial organization. Stereotaxis expects to end the year with
approximately $32 million in cash and cash equivalents, maintaining
a robust balance sheet that allows it to reach profitability
without the need for additional financings.
Conference Call and
WebcastStereotaxis will host a conference call and webcast
today, August 9, 2022, at 10:00 a.m. Eastern Time. To access the
conference call, dial 1-888-394-8218 (US and Canada) or
1-856-344-9221 (International) and give the participant pass code
9211068. 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
(NYSE: STXS) is a pioneer and global leader in innovative surgical
robotics for minimally invasive endovascular intervention. 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,
expand access to minimally invasive therapy, and enhance the
productivity, connectivity, and intelligence in the operating room.
Stereotaxis technology has been used to treat over 100,000 patients
across the United States, Europe, Asia, and elsewhere. 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. Factors that would cause or contribute to such
differences include, but are not limited to, the Company's ability
to manage expenses at sustainable levels, 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 technology, competitive factors, changes resulting
from healthcare policy, dependence upon third-party vendors, timing
of regulatory approvals, the impact of pandemics or other
disasters, 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 because some of these purchase orders and other
commitments are subject to contingencies that are outside of the
Company's control and may be revised, modified, delayed, or
canceled.
| Investor Contacts: |
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Media Contact: |
| David L. Fischel |
|
|
Bethanne Schluter |
| Chairman and Chief Executive Officer |
|
|
Director, Marketing & Communications |
| |
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|
| Kimberly Peery |
|
|
|
| Chief Financial Officer |
|
|
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| |
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| 314-678-6100 |
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|
|
| Investors@Stereotaxis.com |
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|
STEREOTAXIS, INC. |
|
STATEMENTS OF OPERATIONS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
| (in thousands, except share
and per share amounts) |
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
| Revenue: |
|
|
|
|
|
|
|
|
Systems |
$ |
602 |
|
|
$ |
2,686 |
|
|
$ |
2,236 |
|
|
$ |
5,289 |
|
| Disposables, service and
accessories |
|
5,550 |
|
|
|
6,118 |
|
|
|
10,953 |
|
|
|
11,892 |
|
| Sublease |
|
- |
|
|
|
247 |
|
|
|
- |
|
|
|
493 |
|
| Total revenue |
|
6,152 |
|
|
|
9,051 |
|
|
|
13,189 |
|
|
|
17,674 |
|
| |
|
|
|
|
|
|
|
| Cost of revenue: |
|
|
|
|
|
|
|
| Systems |
|
509 |
|
|
|
1,390 |
|
|
|
1,801 |
|
|
|
2,825 |
|
| Disposables, service and
accessories |
|
973 |
|
|
|
882 |
|
|
|
1,794 |
|
|
|
1,808 |
|
| Sublease |
|
- |
|
|
|
247 |
|
|
|
- |
|
|
|
493 |
|
| Total cost of revenue |
|
1,482 |
|
|
|
2,519 |
|
|
|
3,595 |
|
|
|
5,126 |
|
| |
|
|
|
|
|
|
|
| Gross margin |
|
4,670 |
|
|
|
6,532 |
|
|
|
9,594 |
|
|
|
12,548 |
|
| |
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
2,893 |
|
|
|
2,717 |
|
|
|
5,340 |
|
|
|
5,084 |
|
|
Sales and marketing |
|
3,279 |
|
|
|
3,045 |
|
|
|
6,225 |
|
|
|
5,992 |
|
|
General and administrative |
|
3,677 |
|
|
|
4,161 |
|
|
|
7,297 |
|
|
|
6,391 |
|
| Total operating expenses |
|
9,849 |
|
|
|
9,923 |
|
|
|
18,862 |
|
|
|
17,467 |
|
| Operating loss |
|
(5,179 |
) |
|
|
(3,391 |
) |
|
|
(9,268 |
) |
|
|
(4,919 |
) |
| |
|
|
|
|
|
|
|
| Interest (expense) income,
net |
|
45 |
|
|
|
(3 |
) |
|
|
48 |
|
|
|
(7 |
) |
| Gain on extinguishment of
debt |
|
- |
|
|
|
2,183 |
|
|
|
- |
|
|
|
2,183 |
|
| Net loss |
$ |
(5,134 |
) |
|
$ |
(1,211 |
) |
|
$ |
(9,220 |
) |
|
$ |
(2,743 |
) |
| Cumulative dividend on
convertible preferred stock |
|
(335 |
) |
|
|
(335 |
) |
|
|
(666 |
) |
|
|
(668 |
) |
| Net loss attributable to
common stockholders |
$ |
(5,469 |
) |
|
$ |
(1,546 |
) |
|
$ |
(9,886 |
) |
|
$ |
(3,411 |
) |
| |
|
|
|
|
|
|
|
| Net loss per share attributed
to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
| |
|
|
|
- |
|
|
|
|
|
|
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
| |
|
|
|
|
|
|
|
| Weighted average number of
common shares and equivalents: |
|
|
|
|
|
|
|
|
Basic |
|
75,953,916 |
|
|
|
75,547,574 |
|
|
|
75,915,864 |
|
|
|
75,362,521 |
|
| |
|
|
|
|
|
|
|
|
Diluted |
|
75,953,916 |
|
|
|
75,547,574 |
|
|
|
75,915,864 |
|
|
|
75,362,521 |
|
|
STEREOTAXIS, INC. |
|
BALANCE SHEETS |
|
|
|
|
| (in thousands, except share
amounts) |
June 30, 2022 |
|
December 31, 2021 |
|
|
(Unaudited) |
|
|
| Assets |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
33,498 |
|
|
$ |
38,739 |
|
|
Restricted cash - current |
|
618 |
|
|
|
454 |
|
|
Accounts receivable, net of allowance of $225 and $180 at 2022 and
2021, respectively |
|
3,748 |
|
|
|
5,406 |
|
|
Inventories, net |
|
7,786 |
|
|
|
4,433 |
|
|
Prepaid expenses and other current assets |
|
991 |
|
|
|
2,356 |
|
| Total current assets |
|
46,641 |
|
|
|
51,388 |
|
| Property and equipment,
net |
|
3,260 |
|
|
|
2,632 |
|
| Restricted cash |
|
1,006 |
|
|
|
952 |
|
| Operating lease right-of-use
assets |
|
5,553 |
|
|
|
5,735 |
|
| Prepaid and other non-current
assets |
|
218 |
|
|
|
278 |
|
| Total assets |
$ |
56,678 |
|
|
$ |
60,985 |
|
| |
|
|
|
| Liabilities and stockholders'
equity |
|
|
|
| Current liabilities: |
|
|
|
| Accounts payable |
$ |
4,244 |
|
|
$ |
4,189 |
|
| Accrued liabilities |
|
2,126 |
|
|
|
2,528 |
|
| Deferred revenue |
|
6,959 |
|
|
|
6,277 |
|
| Current portion of operating
lease liabilities |
|
328 |
|
|
|
268 |
|
| Total current liabilities |
|
13,657 |
|
|
|
13,262 |
|
| Long-term deferred
revenue |
|
1,630 |
|
|
|
2,238 |
|
| Operating lease
liabilities |
|
5,663 |
|
|
|
5,842 |
|
| Other liabilities |
|
202 |
|
|
|
219 |
|
| Total liabilities |
|
21,152 |
|
|
|
21,561 |
|
| |
|
|
|
| Series A - Convertible
preferred stock: |
|
|
|
|
Convertible preferred stock, Series A, par value $0.001; 22,386 and
22,387 shares outstanding at 2022 and 2021, respectively |
|
5,584 |
|
|
|
5,584 |
|
| Stockholders' equity: |
|
|
|
|
Convertible preferred stock, Series B, par value $0.001; 10,000,000
shares authorized, 5,610,121 shares outstanding at 2022 and
2021 |
|
6 |
|
|
|
6 |
|
|
Common stock, par value $0.001; 300,000,000 shares authorized,
74,686,056 and 74,618,240 shares issued at 2022 and 2021,
respectively |
|
75 |
|
|
|
75 |
|
| Additional paid-in
capital |
|
537,963 |
|
|
|
532,641 |
|
| Treasury stock, 4,015 shares
at 2022 and 2021 |
|
(206 |
) |
|
|
(206 |
) |
| Accumulated deficit |
|
(507,896 |
) |
|
|
(498,676 |
) |
| Total stockholders'
equity |
|
29,942 |
|
|
|
33,840 |
|
| Total liabilities and
stockholders' equity |
$ |
56,678 |
|
|
$ |
60,985 |
|
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