Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention, today reported financial results for the third quarter ended September 30, 2022.

“Stereotaxis continues to demonstrate robust commercial and technological progress,” said David Fischel, Chairman and CEO. “We received two system orders in the third quarter, and have already received two additional signed purchase contracts as we start the fourth quarter, reflecting continued global demand for our robotic technology. Our growing system backlog of over $13 million, along with a healthy capital pipeline, sets us up well for the coming year.”

“Alongside this commercial execution, we are making significant progress on a robust innovation strategy. The CE Mark submission of the MAGiC ablation catheter successfully passed a completeness check by the notified body and is in the midst of its technical review. Development of the accessible next generation robotic system is progressing well and remains on track for an initial launch next summer. Our collaboration with MicroPort is advancing rapidly on multiple fronts and we expect near-term regulatory submission of the Genesis system in China.”

“This progress brings us closer to a future when the benefits of robotic magnetic navigation are broadly accessible, available with a vibrant ecosystem in electrophysiology, and impactful across multiple endovascular indications. We are cognizant of the importance of financial prudence and remain confident in the ability to advance our strategy, generate organic growth, and reach profitability with our current financial resources.”

2022 Third Quarter Financial ResultsRevenue for the third quarter of 2022 totaled $7.7 million, compared to $9.1 million in the prior year third quarter. Recurring revenue for the third quarter was $5.3 million and system revenue was $2.4 million. The decrease in revenue is primarily driven by reduced system revenue, as hospital construction delays continue to slow the conversion of order backlog into revenue.

Gross margin for the third quarter of 2022 was 60% of revenue, with recurring revenue gross margin of 80% and system gross margin of 16%. Operating expenses in the quarter of $9.6 million include $2.7 million in non-cash stock compensation expense. Excluding stock compensation expense, adjusted operating expenses were $6.9 million compared to $6.8 million in the prior year third quarter and down from $7.2 million sequentially from the current year second quarter.

Operating loss and net loss for the third quarter of 2022 were ($5.1) million and ($4.9) million, respectively, compared to ($4.6) million for both in the previous year. Adjusted operating loss and adjusted net loss, excluding non-cash stock compensation expense were ($2.4) million and ($2.2) million for the quarter. Negative free cash flow for the third quarter was ($2.7) million. Negative cash flow this year so far has been significantly impacted by over $2 million spent on one-time expenses for our new headquarters and manufacturing facility as well as an over $3 million increase in inventory.

Cash Balance and LiquidityAt September 30, 2022, Stereotaxis had cash and cash equivalents, including restricted cash, of $32.4 million and no debt.

Forward Looking ExpectationsWhile system revenue in any given quarter remains difficult to predict, growing system backlog of over $13 million, along with a healthy capital pipeline support an expectation of year-over-year revenue growth over the coming quarters. Substantial revenue growth in the coming years is expected to be supported by new technology launches and an enhanced commercial organization. Stereotaxis’ robust balance sheet allows it to reach profitability without the need for additional financings.

Conference Call and WebcastStereotaxis will host a conference call and webcast today, November 10, 2022, at 10:00 a.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 5729833. 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: Media Contact:
David L. Fischel Bethanne Schluter
Chairman and Chief Executive Officer Director, Marketing & Communications
   
Kimberly Peery  
Chief Financial Officer  
   
314-678-6100  
Investors@Stereotaxis.com  
STEREOTAXIS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
               
(in thousands, except share and per share amounts) Three Months EndedSeptember 30,   Nine Months EndedSeptember 30,
    2022       2021       2022       2021  
               
Revenue:              
Systems $ 2,413     $ 3,541     $ 4,649     $ 8,829  
Disposables, service and accessories   5,244       5,319       16,197       17,211  
Sublease   -       246       -       740  
Total revenue   7,657       9,106       20,846       26,780  
               
Cost of revenue:              
Systems   2,016       3,375       3,817       6,200  
Disposables, service and accessories   1,074       751       2,868       2,558  
Sublease   -       246       -       740  
Total cost of revenue   3,090       4,372       6,685       9,498  
               
Gross margin   4,567       4,734       14,161       17,282  
               
Operating expenses:              
Research and development   2,818       2,500       8,158       7,584  
Sales and marketing   3,111       2,910       9,337       8,902  
General and administrative   3,690       3,944       10,986       10,335  
Total operating expenses   9,619       9,354       28,481       26,821  
Operating loss   (5,052 )     (4,620 )     (14,320 )     (9,539 )
               
Interest income (expense), net   135       1       182       (5 )
Gain on extinguishment of debt   -       -       -       2,183  
Net loss $ (4,917 )   $ (4,619 )   $ (14,138 )   $ (7,361 )
Cumulative dividend on convertible preferred stock   (339 )     (338 )     (1,005 )     (1,007 )
Net loss attributable to common stockholders $ (5,256 )   $ (4,957 )   $ (15,143 )   $ (8,368 )
               
Net loss per share attributed to common stockholders:              
Basic $ (0.07 )   $ (0.07 )   $ (0.20 )   $ (0.11 )
               
Diluted $ (0.07 )   $ (0.07 )   $ (0.20 )   $ (0.11 )
               
Weighted average number of common shares and equivalents:              
Basic   76,100,007       75,700,389       75,977,920       75,476,381  
               
Diluted   76,100,007       75,700,389       75,977,920       75,476,381  
                               
STEREOTAXIS, INC.
BALANCE SHEETS
 
 
(in thousands, except share amounts) September 30, 2022   December 31, 2021
  (Unaudited)    
Assets      
Current assets:      
Cash and cash equivalents $ 30,938     $ 38,739  
Restricted cash - current   618       454  
Accounts receivable, net of allowance of $227 and $180 at 2022 and 2021, respectively   5,077       5,406  
Inventories, net   8,161       4,433  
Prepaid expenses and other current assets   1,285       2,356  
Total current assets   46,079       51,388  
Property and equipment, net   3,409       2,632  
Restricted cash   875       952  
Operating lease right-of-use assets   5,479       5,735  
Prepaid and other non-current assets   233       278  
Total assets $ 56,075     $ 60,985  
       
Liabilities and stockholders' equity      
Current liabilities:      
Accounts payable $ 3,941     $ 4,189  
Accrued liabilities   3,211       2,528  
Deferred revenue   8,043       6,277  
Current portion of operating lease liabilities   359       268  
Total current liabilities   15,554       13,262  
Long-term deferred revenue   1,416       2,238  
Operating lease liabilities   5,586       5,842  
Other liabilities   168       219  
Total liabilities   22,724       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, 74,832,278 and 74,618,240 shares issued at 2022 and 2021, respectively   75       75  
Additional paid-in capital   540,706       532,641  
Treasury stock, 4,015 shares at 2022 and 2021   (206 )     (206 )
Accumulated deficit   (512,814 )     (498,676 )
Total stockholders' equity   27,767       33,840  
Total liabilities and stockholders' equity $ 56,075     $ 60,985  
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