Stereotaxis Reports 2023 First Quarter Financial Results
09 Mai 2023 - 3:00PM
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,
2023.
“Stereotaxis continues to make significant
progress on its robust innovation strategy. We have responded to
all outstanding regulatory questions for CE Mark review of the
MAGiC catheter and completed the preclinical studies required for
an IDE submission to the FDA,” said David Fischel, Chairman and
CEO. “We remain on track for multiple key regulatory and commercial
milestones this year as we advance a new foundational product
ecosystem that makes our robotic technology broadly accessible and
impactful across endovascular surgery.”
“Commercial results in the first quarter were
essentially identical to the previous year, excluding previously
received royalty payments. Since our last earnings call, we have
received orders for two Genesis systems. A healthy system pipeline
and positive feedback from Genesis users continues to support our
expectation of annual double-digit revenue growth and an increase
in system orders.”
“We look forward to the upcoming Heart Rhythm
Society annual meeting on May 19-21 and sharing meaningful updates
on our innovation strategy at the conference.”
2023 First Quarter Financial
ResultsRevenue for the first quarter of 2023 totaled $6.5
million compared to $7.0 million in the prior year first quarter.
Revenue in these quarters were equivalent excluding catheter
royalties received in the prior year. System revenue for the first
quarter was $1.8 million and recurring revenue was $4.7 million,
compared to $1.6 million and $5.4 million in the prior year first
quarter, respectively.
Gross margin for the first quarter of 2023 was
59% of revenue. Recurring revenue gross margin was 79% and system
gross margin was 7%. System gross margin continues to reflect
significant allocation of overhead expenses over low manufacturing
volumes. Operating expenses in the first quarter of $9.5 million
include $2.6 million in non-cash stock compensation expense.
Excluding non-cash stock compensation expense, adjusted operating
expenses in the current quarter were $6.9 million compared to $6.5
million for adjusted operating expenses in the prior year first
quarter reflecting increased spending in research and
development.
Operating loss and net loss for the first
quarter of 2023 were ($5.6) million and ($5.3) million,
respectively, compared to ($4.1) million for both in the previous
year. Adjusted operating loss and adjusted net loss for the
quarter, excluding non-cash stock compensation expense, were ($3.0)
million and ($2.7) million, respectively, compared to ($1.6)
million for both in the previous year. Negative free cash flow for
the first quarter was ($3.2) million.
Cash Balance and LiquidityAt
March 31, 2023, Stereotaxis had cash and cash equivalents,
including restricted cash, and investments of $26.8 million and no
debt.
Forward Looking
ExpectationsStereotaxis reiterates its expectation of
double-digit revenue growth in 2023 driven by revenue recognition
of system backlog and new system orders. System orders are expected
to increase compared to 2022, supporting sustained growth
expectations. Accelerating revenue growth in subsequent years is
expected to be supported by new technology launches.
Stereotaxis expects to end the year with $22-24
million in cash and no debt. This 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 9, 2023, 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
8054202. 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
https://ir.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.
Company Contacts:David L. FischelChairman and
Chief Executive Officer
Kimberly R. PeeryChief Financial Officer
314-678-6100Investors@Stereotaxis.com
STEREOTAXIS, INC. |
STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
|
|
(in thousands, except share
and per share amounts) |
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Revenue: |
|
|
|
Systems |
$ |
1,821 |
|
|
$ |
1,634 |
|
Disposables, service and accessories |
|
4,727 |
|
|
|
5,403 |
|
Total revenue |
|
6,548 |
|
|
|
7,037 |
|
|
|
|
|
Cost of revenue: |
|
|
|
Systems |
|
1,697 |
|
|
|
1,292 |
|
Disposables, service and accessories |
|
975 |
|
|
|
821 |
|
Total cost of revenue |
|
2,672 |
|
|
|
2,113 |
|
|
|
|
|
Gross margin |
|
3,876 |
|
|
|
4,924 |
|
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
|
2,746 |
|
|
|
2,447 |
|
Sales and marketing |
|
3,148 |
|
|
|
2,946 |
|
General and administrative |
|
3,601 |
|
|
|
3,620 |
|
Total operating expenses |
|
9,495 |
|
|
|
9,013 |
|
Operating loss |
|
(5,619 |
) |
|
|
(4,089 |
) |
|
|
|
|
Interest income, net |
|
272 |
|
|
|
3 |
|
Net loss |
$ |
(5,347 |
) |
|
$ |
(4,086 |
) |
Cumulative dividend on
convertible preferred stock |
|
(331 |
) |
|
|
(331 |
) |
Net loss attributable to
common stockholders |
$ |
(5,678 |
) |
|
$ |
(4,417 |
) |
|
|
|
|
Net loss per share attributed
to common stockholders: |
|
|
|
Basic |
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
- |
|
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
Weighted average number of
common shares and equivalents: |
|
|
|
Basic |
|
76,500,965 |
|
|
|
75,877,391 |
|
|
|
|
|
Diluted |
|
76,500,965 |
|
|
|
75,877,391 |
|
STEREOTAXIS, INC. |
BALANCE SHEETS |
|
|
(in thousands, except share
amounts) |
March 31,2023 |
|
December 31,2022 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
5,623 |
|
|
$ |
8,586 |
|
Restricted cash - current |
|
525 |
|
|
|
525 |
|
Short-term investments |
|
20,041 |
|
|
|
19,844 |
|
Accounts receivable, net of allowance of $341 and $235 at 2023 and
2022, respectively |
|
4,874 |
|
|
|
5,090 |
|
Inventories, net |
|
8,510 |
|
|
|
7,876 |
|
Prepaid expenses and other current assets |
|
1,332 |
|
|
|
1,325 |
|
Total current assets |
|
40,905 |
|
|
|
43,246 |
|
Property and equipment,
net |
|
3,722 |
|
|
|
3,831 |
|
Restricted cash |
|
612 |
|
|
|
744 |
|
Operating lease right-of-use
assets |
|
5,288 |
|
|
|
5,384 |
|
Prepaid and other non-current
assets |
|
184 |
|
|
|
208 |
|
Total assets |
$ |
50,711 |
|
|
$ |
53,413 |
|
|
|
|
|
Liabilities and stockholders'
equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,535 |
|
|
$ |
3,270 |
|
Accrued liabilities |
|
2,804 |
|
|
|
3,306 |
|
Deferred revenue |
|
7,545 |
|
|
|
7,342 |
|
Current portion of operating lease liabilities |
|
385 |
|
|
|
373 |
|
Total current liabilities |
|
14,269 |
|
|
|
14,291 |
|
Long-term deferred
revenue |
|
1,711 |
|
|
|
1,654 |
|
Operating lease
liabilities |
|
5,387 |
|
|
|
5,488 |
|
Other liabilities |
|
51 |
|
|
|
51 |
|
Total liabilities |
|
21,418 |
|
|
|
21,484 |
|
|
|
|
|
Series A - Convertible
preferred stock: |
|
|
|
Convertible preferred stock, Series A, par value $0.001; 22,383
shares outstanding at 2023 and 2022 |
|
5,583 |
|
|
|
5,583 |
|
Stockholders' equity: |
|
|
|
Convertible preferred stock, Series B, par value $0.001; 10,000,000
shares authorized, 5,610,121 shares outstanding at 2023 and
2022 |
|
6 |
|
|
|
6 |
|
Common stock, par value $0.001; 300,000,000 shares authorized,
75,059,499 and 74,874,459 shares issued at 2023 and 2022,
respectively |
|
75 |
|
|
|
75 |
|
Additional paid-in capital |
|
546,149 |
|
|
|
543,438 |
|
Treasury stock, 4,015 shares at 2023 and 2022 |
|
(206 |
) |
|
|
(206 |
) |
Accumulated deficit |
|
(522,314 |
) |
|
|
(516,967 |
) |
Total stockholders'
equity |
|
23,710 |
|
|
|
26,346 |
|
Total liabilities and
stockholders' equity |
$ |
50,711 |
|
|
$ |
53,413 |
|
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