false 0001289340 0001289340 2023-11-09 2023-11-09 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(D) of the Securities Exchange Act Of 1934

 

Date of report (Date of earliest event reported): November 9, 2023

 

STEREOTAXIS, INC.
(Exact Name of Registrant as Specified in Its Charter)

 

Delaware
(State or Other Jurisdiction of Incorporation)

 

001-36159   94-3120386
(Commission File Number)   (IRS Employer Identification No.)

 

710 North Tucker Boulevard, Suite 110, St. Louis, Missouri   63101
(Address of Principal Executive Offices)   (Zip Code)

 

(314) 678-6100
(Registrant’s Telephone Number, Including Area Code)

 

 
(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Securities registered pursuant to Section 12(b) of the Act: ☐

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.001 per share   STXS   NYSE American LLC

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On November 9, 2023, Stereotaxis, Inc. (the “Company”) issued a press release (the “Earnings Press Release”) setting forth its financial results for the 2023 third quarter. A copy of the Earnings Press Release is being filed as Exhibit 99.1 hereto, and the statements contained therein are incorporated by reference herein.

 

Forward-Looking Statements and Additional Information

 

Statements are made herein or incorporated herein that are “forward-looking statements” as defined by the Securities and Exchange Commission (the “SEC”). All statements, other than statements of historical fact, included or incorporated herein that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are not guarantees of future events or the Company’s future performance and are subject to risks, uncertainties and other important factors that could cause events or the Company’s actual performance or achievements to be materially different than those projected by the Company. For a full discussion of these risks, uncertainties and factors, the Company encourages you to read its documents on file with the SEC. Except as required by law, the Company does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

 

In accordance with General Instruction B.2. of Form 8-K, the information contained in Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits.

 

  99.1 Stereotaxis, Inc. Earnings Press Release dated November 9, 2023.
     
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  STEREOTAXIS, INC.
     
Date: November 9, 2023 By: /s/ Kimberly R. Peery
  Name: Kimberly R. Peery
  Title: Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

 

 

Stereotaxis Reports 2023 Third Quarter Financial Results

 

ST. LOUIS, Nov. 9, 2023 (GLOBE NEWSWIRE) – 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 Results

 

Revenue 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 Liquidity

 

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

 

Forward Looking Expectations

 

Stereotaxis 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 Webcast

 

Stereotaxis 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 Stereotaxis

 

Stereotaxis (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. Fischel

Chairman and Chief Executive Officer

 

Kimberly R. 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 Ended
September 30,
   Nine Months Ended
September 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

 

  September 30,     December 31,   
(in thousands, except share amounts)  2023   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 

 

 

  

v3.23.3
Cover
Nov. 09, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 09, 2023
Entity File Number 001-36159
Entity Registrant Name STEREOTAXIS, INC.
Entity Central Index Key 0001289340
Entity Tax Identification Number 94-3120386
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 710 North Tucker Boulevard
Entity Address, Address Line Two Suite 110
Entity Address, City or Town St. Louis
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63101
City Area Code 314
Local Phone Number 678-6100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol STXS
Security Exchange Name NYSEAMER
Entity Emerging Growth Company false

Stereotaxis (AMEX:STXS)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024 Plus de graphiques de la Bourse Stereotaxis
Stereotaxis (AMEX:STXS)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024 Plus de graphiques de la Bourse Stereotaxis