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, 2023.

“Stereotaxis continues to deliver commercial results and advance a robust innovation strategy, while maintaining financial discipline,” said David Fischel, Chairman and CEO. “Revenue growth in the quarter was driven by continued demand for Genesis with revenue recognition of two robotic systems. System revenue growth counteracted the loss of royalties and residual pressure on procedures. A robust system pipeline along with existing system backlog of $13 million supports continued growth in the coming quarters.”

“We are making broad, methodical progress across the late stages of a comprehensive innovation strategy. Approval to enroll patients in a European clinical study of the MAGiC ablation catheter is expected within weeks. In the US, we determined it reasonable to submit a PMA Supplement for MAGiC and plan to make the regulatory submission prior to year-end. This approach holds the potential to significantly accelerate availability of MAGiC to physicians and patients who would benefit from it. Our collaborations with Abbott and MicroPort, and internal development of a next-generation highly-accessible robot, vascular interventional devices, and a digital surgery solution, continue to make meaningful progress. We remain confident these collectively drive a strategic transformation that makes robotics broadly accessible and impactful across endovascular surgery.”

“Reduced cash utilization reflects continued attention to financial discipline and benefits from the significant build up in inventory in previous quarters. We remain cognizant of the importance of maintaining financial strength and are confident in our ability to realize our innovation strategy with our current resources.”

2023 Third Quarter Financial ResultsRevenue for the third quarter of 2023 totaled $7.8 million, compared to $7.7 million in the prior year third quarter. System revenue for the quarter was $3.5 million and recurring revenue was $4.3 million, compared to $2.4 million and $5.3 million in the prior year third quarter, respectively. System revenue growth reflects revenue recognition on the delivery of two Genesis systems. Recurring revenue was impacted by the absence of catheter royalties received in the prior year.

Gross margin for the third quarter of 2023 was 52% of revenue. Recurring revenue gross margin was 80% and system gross margin was 18%. Operating expenses in the third quarter of $9.7 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 $7.1 million compared to $6.9 million in the prior year third quarter.

Operating loss and net loss for the third quarter of 2023 were ($5.6) million and ($5.4) million, respectively, compared to ($5.1) million and ($4.9) million 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 ($2.8) million, respectively, compared to ($2.4) million and ($2.2) million in the previous year. Negative free cash flow for the third quarter was ($1.0) million.

Cash Balance and LiquidityAt September 30, 2023, Stereotaxis had cash and cash equivalents, including restricted cash, of $23.0 million and no debt.

Forward Looking ExpectationsStereotaxis expects continued revenue growth in the coming quarters driven by revenue recognition of system backlog and new system orders. Accelerating revenue growth in subsequent years is expected to be supported by new technology launches.

Stereotaxis expects to end the year with $22 million in cash and no debt. This balance sheet allows us to advance a 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, November 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 3519052. 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. Peery                                                        Chief Financial Officer

314-678-6100Investors@Stereotaxis.com

STEREOTAXIS, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
               
(in thousands, except share and per share amounts) Three Months EndedSeptember 30,   Nine Months EndedSeptember 30,
    2023       2022       2023       2022  
               
Revenue:              
Systems $ 3,539     $ 2,413     $ 8,673     $ 4,649  
Disposables, service and accessories   4,260       5,244       13,533       16,197  
Total revenue   7,799       7,657       22,206       20,846  
               
Cost of revenue:              
Systems   2,909       2,016       7,309       3,817  
Disposables, service and accessories   831       1,074       2,775       2,868  
Total cost of revenue   3,740       3,090       10,084       6,685  
               
Gross margin   4,059       4,567       12,122       14,161  
               
Operating expenses:              
Research and development   2,668       2,818       8,061       8,158  
Sales and marketing   3,097       3,111       9,585       9,337  
General and administrative   3,933       3,690       11,011       10,986  
Total operating expenses   9,698       9,619       28,657       28,481  
Operating loss   (5,639 )     (5,052 )     (16,535 )     (14,320 )
               
Other income   -       -       27       -  
Interest income, net   270       135       835       182  
Net loss $ (5,369 )   $ (4,917 )   $ (15,673 )   $ (14,138 )
Cumulative dividend on convertible preferred stock   (338 )     (339 )     (1,004 )     (1,005 )
Net loss attributable to common stockholders $ (5,707 )   $ (5,256 )   $ (16,677 )   $ (15,143 )
               
Net loss per share attributed to common stockholders:              
Basic $ (0.07 )   $ (0.07 )   $ (0.21 )   $ (0.20 )
        -          
Diluted $ (0.07 )   $ (0.07 )   $ (0.21 )   $ (0.20 )
               
Weighted average number of common shares and equivalents:              
Basic   82,468,971       76,100,007       80,028,243       75,977,920  
               
Diluted   82,468,971       76,100,007       80,028,243       75,977,920  
STEREOTAXIS, INC.
BALANCE SHEETS
 
 
(in thousands, except share amounts) September 30,2023   December 31,2022
  (Unaudited)    
Assets      
Current assets:      
Cash and cash equivalents $ 22,100     $ 8,586  
Restricted cash - current   525       525  
Short-term investments   -       19,844  
Accounts receivable, net of allowance of $596 and $235 at 2023 and 2022, respectively   5,246       5,090  
Inventories, net   6,788       7,876  
Prepaid expenses and other current assets   855       1,325  
Total current assets   35,514       43,246  
Property and equipment, net   3,443       3,831  
Restricted cash   350       744  
Operating lease right-of-use assets   5,086       5,384  
Prepaid and other non-current assets   135       208  
Total assets $ 44,528     $ 53,413  
       
Liabilities and stockholders' equity      
Current liabilities:      
Accounts payable $ 3,243     $ 3,270  
Accrued liabilities   3,160       3,306  
Deferred revenue   6,216       7,342  
Current portion of operating lease liabilities   413       373  
Total current liabilities   13,032       14,291  
Long-term deferred revenue   1,982       1,654  
Operating lease liabilities   5,173       5,488  
Other liabilities   43       51  
Total liabilities   20,230       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 2022   -       6  
Common stock, par value $0.001; 300,000,000 shares authorized, 80,873,295 and 74,874,459 shares issued at 2023 and 2022, respectively   81       75  
Additional paid-in capital   551,480       543,438  
Treasury stock, 4,015 shares at 2023 and 2022   (206 )     (206 )
Accumulated deficit   (532,640 )     (516,967 )
Total stockholders' equity   18,715       26,346  
Total liabilities and stockholders' equity $ 44,528     $ 53,413  

 

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