Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical
robotics for minimally invasive endovascular intervention, today
reported financial results for the first quarter ended March 31,
2024.
“Stereotaxis is driving continued commercial,
technological, and strategic progress,” said David Fischel,
Chairman and CEO. “We are pleased to report revenue growth in the
first quarter and an increase in system backlog with two Genesis
systems orders since our last call. Our innovation strategy remains
key to driving substantial commercial success, and we are making
robust progress on multiple fronts in line with previous timelines.
The acquisition of APT, as detailed in a separate press release,
provides us valuable commercial synergies and strengthens us
strategically.”
“Regulatory submissions for the MAGiC catheter
were made in both Europe and the United States during the first
quarter. We appreciate the responsiveness and collaborative nature
of both regulatory bodies, having had substantive interaction with
both since the submissions. Formal testing of our smaller
highly-accessible robot is advancing well, with the majority of
tests successfully completed. Regulatory submissions for the robot
are expected during the second quarter, and European regulatory
clearance is anticipated mid-year followed by FDA clearance in the
second half of the year. We also expect commercial launches later
this year of a guidewire that expands our technology into new
indications, a comprehensive product ecosystem in China, and a
digital surgery solution enabling broad operating room
connectivity.”
“We are continuing to advance our technology and
strategy in a financially prudent fashion. We retain a strong
balance sheet which allows us to bring our transformative product
ecosystem to market, fund its commercialization, and reach
profitability. We have multiple shots on goal for breakout growth
in 2025 and beyond.”
2024 First Quarter Financial
ResultsRevenue for the first quarter of 2024 totaled $6.9
million, growth of 5% from $6.5 million in the prior year first
quarter. System revenue for the first quarter was $2.6 million and
recurring revenue was $4.3 million, compared to $1.8 million and
$4.7 million in the prior year first quarter, respectively.
Gross margin for the first quarter of 2024 was
58% of revenue. Recurring revenue gross margin was 76% and system
gross margin was 27%. Operating expenses in the first quarter of
$8.7 million include $2.6 million in non-cash stock compensation
expense. Excluding non-cash stock compensation expense, adjusted
operating expenses in the quarter were $6.1 million, compared to
$6.9 million for adjusted operating expenses in the prior year
first quarter.
Operating loss and net loss for the first
quarter of 2024 were ($4.7) million and ($4.5) million,
respectively, compared to ($5.6) million and ($5.3) million in the
previous year. Adjusted operating loss and adjusted net loss for
the quarter, excluding non-cash stock compensation expense, were
($2.2) million and ($1.9) million, respectively, compared with
($3.0) million and ($2.7) million in the previous year. Negative
free cash flow for the first quarter was ($2.3) million.
Cash Balance and LiquidityAt
March 31, 2024, Stereotaxis had cash and cash equivalents,
including restricted cash, of $18.2 million and no debt.
Forward Looking
ExpectationsStereotaxis maintains its expectation of
double-digit revenue growth for the full year 2024 driven by
revenue recognition of system backlog and new system orders, and
not incorporating contribution of revenue from APT.
First quarter cash utilization is typically
higher than subsequent quarters. Stereotaxis anticipates a lower
rate of cash utilization, even incorporating the expenses
associated with acquiring, integrating and operating APT.
Stereotaxis’ balance sheet allows it to advance its transformative
product ecosystem to market, fund its commercialization, and reach
profitability without the need for additional financing.
Conference Call and
WebcastStereotaxis will host a conference call and webcast
today, May 13, 2024, at 4:30 p.m. Eastern Time. To access the
conference call, dial 1-800-715-9871 (US and Canada) or
1-646-307-1963 (International) and give the participant pass code
7212885. 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, risks related to the completion, integration and ongoing
operations relating to the proposed acquisition of APT set forth in
our concurrent press release announcing the APT transaction, 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.
Company Contacts:David L. FischelChairman and
Chief Executive Officer
Kimberly R. PeeryChief Financial Officer
314-678-6100Investors@Stereotaxis.com
STEREOTAXIS, INC. |
STATEMENTS OF OPERATIONS |
|
|
|
|
|
(in thousands, except share
and per share amounts) |
Three Months EndedMarch 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
Revenue: |
|
|
|
Systems |
$ |
2,612 |
|
|
$ |
1,821 |
|
Disposables, service and accessories |
|
4,268 |
|
|
|
4,727 |
|
Total revenue |
|
6,880 |
|
|
|
6,548 |
|
|
|
|
|
Cost of revenue: |
|
|
|
Systems |
|
1,900 |
|
|
|
1,697 |
|
Disposables, service and accessories |
|
1,014 |
|
|
|
975 |
|
Total cost of revenue |
|
2,914 |
|
|
|
2,672 |
|
|
|
|
|
Gross margin |
|
3,966 |
|
|
|
3,876 |
|
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
|
2,243 |
|
|
|
2,746 |
|
Sales and marketing |
|
3,003 |
|
|
|
3,148 |
|
General and administrative |
|
3,466 |
|
|
|
3,601 |
|
Total operating expenses |
|
8,712 |
|
|
|
9,495 |
|
Operating loss |
|
(4,746 |
) |
|
|
(5,619 |
) |
|
|
|
|
Interest income, net |
|
239 |
|
|
|
272 |
|
Net loss |
$ |
(4,507 |
) |
|
$ |
(5,347 |
) |
Cumulative dividend on
convertible preferred stock |
|
(331 |
) |
|
|
(331 |
) |
Net loss attributable to
common stockholders |
$ |
(4,838 |
) |
|
$ |
(5,678 |
) |
|
|
|
|
Net loss per share attributed
to common stockholders: |
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
(0.07 |
) |
Diluted |
$ |
(0.06 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
Weighted average number of
common shares and equivalents: |
|
|
|
Basic |
|
83,476,498 |
|
|
|
76,500,965 |
|
Diluted |
|
83,476,498 |
|
|
|
76,500,965 |
|
STEREOTAXIS, INC. |
BALANCE SHEETS |
|
|
(in thousands, except share
amounts) |
March 31,2024 |
|
December 31,2023 |
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
17,633 |
|
|
$ |
19,818 |
|
Restricted cash - current |
|
525 |
|
|
|
525 |
|
Accounts receivable, net of allowance of $609 and $672 at 2024 and
2023, respectively |
|
3,953 |
|
|
|
3,822 |
|
Inventories, net |
|
8,252 |
|
|
|
8,426 |
|
Prepaid expenses and other current assets |
|
845 |
|
|
|
676 |
|
Total current assets |
|
31,208 |
|
|
|
33,267 |
|
Property and equipment,
net |
|
3,164 |
|
|
|
3,304 |
|
Restricted cash |
|
88 |
|
|
|
219 |
|
Operating lease right-of-use
assets |
|
4,876 |
|
|
|
4,982 |
|
Prepaid and other non-current
assets |
|
116 |
|
|
|
137 |
|
Total assets |
$ |
39,452 |
|
|
$ |
41,909 |
|
|
|
|
|
Liabilities and stockholders'
equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,307 |
|
|
$ |
3,190 |
|
Accrued liabilities |
|
3,164 |
|
|
|
2,972 |
|
Deferred revenue |
|
5,938 |
|
|
|
6,657 |
|
Current portion of operating lease liabilities |
|
443 |
|
|
|
428 |
|
Total current liabilities |
|
12,852 |
|
|
|
13,247 |
|
Long-term deferred
revenue |
|
1,581 |
|
|
|
1,637 |
|
Operating lease
liabilities |
|
4,945 |
|
|
|
5,062 |
|
Other liabilities |
|
43 |
|
|
|
43 |
|
Total liabilities |
|
19,421 |
|
|
|
19,989 |
|
|
|
|
|
Series A - Convertible
preferred stock: |
|
|
|
Convertible preferred stock, Series A, par value $0.001; 21,908 and
22,358 shares outstanding at 2024 and 2023, respectively |
|
5,464 |
|
|
|
5,577 |
|
Stockholders' equity: |
|
|
|
Common stock, par value $0.001; 300,000,000 shares authorized,
82,132,777 and 80,949,697 shares issued at 2024 and 2023,
respectively |
|
82 |
|
|
|
81 |
|
Additional paid-in capital |
|
556,878 |
|
|
|
554,148 |
|
Treasury stock, 4,015 shares at 2024 and 2023 |
|
(206 |
) |
|
|
(206 |
) |
Accumulated deficit |
|
(542,187 |
) |
|
|
(537,680 |
) |
Total stockholders'
equity |
|
14,567 |
|
|
|
16,343 |
|
Total liabilities and
stockholders' equity |
$ |
39,452 |
|
|
$ |
41,909 |
|
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