Stereotaxis Reports 2024 Third Quarter Financial Results
STXS 11.11.2024
“The past quarter was marked by solid commercial execution, continued broad-based technological progress, successful operational integration of APT, and maintained financial discipline,” said
“Revenue growth in the third quarter was driven by continued demand for Genesis with partial revenue recognition of three robotic systems. We received orders for two Genesis systems during the third quarter and expect to receive the first GenesisX order in the near future. A robust system pipeline along with existing system backlog of over
“We are driving broad-based progress across the late stages of a comprehensive innovation strategy. European CE Mark approval of the MAGiC ablation catheter is expected in the near future. Engagement with the FDA on the MAGiC PMA submission has continued to advance well. We attained CE Mark for the GenesisX robotic system in the third quarter and the FDA provided its first round of questions on the US submission. Following our recent acquisition of APT, we completed manufacturing of hundreds of catheters needed for formal regulatory testing of the first ever robotic high-density mapping catheter and vascular guidance catheter, both of which are expected to be submitted for regulatory approvals next quarter. A recent audit by the Chinese NMPA regulatory body was completed successfully, portending well for near term approvals in
“The acquisition of APT in the third quarter is already demonstrating commercial and strategic value. I want to thank and highlight both teams for the significant efforts and accomplishments in integrating operations successfully. The unique expertise of APT is highly complementary and additive to Stereotaxis’ strategy as we increasingly focus on a broad family of robotically-steered endovascular devices.”
“We remain cognizant of the importance of maintaining financial strength and discipline. Increased system revenue late in the third quarter led to significant associated cash receipts, providing us a solid balance sheet with over
2024 Third Quarter Financial ResultsRevenue for the third quarter of 2024 totaled
Gross margin for the third quarter of 2024 was 45% of revenue. Gross margin was impacted by the higher proportion of system revenue and by acquisition-related accounting that temporarily reduces disposable margin. Operating expenses in the third quarter of
Operating loss and net loss in the third quarter were
Cash Balance and LiquidityAt
Forward Looking Expectations
Conference Call and Webcast
About
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, statements relating to our recent acquisition of APT, including any benefits expected from the acquisition, and other risks discussed in the Company's periodic and other filings with the
Company Contacts:
314-678-6100Investors@Stereotaxis.com
| STATEMENTS OF OPERATIONS | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (in thousands, except share and per share amounts) | Three Months Ended | Nine Months Ended | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Systems | $ | 4,391 | $ | 3,539 | $ | 7,243 | $ | 8,673 | |||||||
| Disposables, service and accessories | 4,805 | 4,260 | 13,335 | 13,533 | |||||||||||
| Total revenue | 9,196 | 7,799 | 20,578 | 22,206 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Systems | 3,673 | 2,909 | 5,760 | 7,309 | |||||||||||
| Disposables, service and accessories | 1,424 | 831 | 3,440 | 2,775 | |||||||||||
| Total cost of revenue | 5,097 | 3,740 | 9,200 | 10,084 | |||||||||||
| Gross margin | 4,099 | 4,059 | 11,378 | 12,122 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 2,454 | 2,668 | 6,970 | 8,061 | |||||||||||
| Sales and marketing | 3,152 | 3,097 | 9,456 | 9,585 | |||||||||||
| General and administrative | 4,838 | 3,933 | 12,064 | 11,011 | |||||||||||
| Total operating expenses | 10,444 | 9,698 | 28,490 | 28,657 | |||||||||||
| Operating loss | (6,345 | ) | (5,639 | ) | (17,112 | ) | (16,535 | ) | |||||||
| Other income | 5 | - | 2 | 27 | |||||||||||
| Interest income, net | 150 | 270 | 580 | 835 | |||||||||||
| Net loss | $ | (6,190 | ) | $ | (5,369 | ) | $ | (16,530 | ) | $ | (15,673 | ) | |||
| Cumulative dividend on convertible preferred stock | (328 | ) | (338 | ) | (984 | ) | (1,004 | ) | |||||||
| Net loss attributable to common stockholders | $ | (6,518 | ) | $ | (5,707 | ) | $ | (17,514 | ) | $ | (16,677 | ) | |||
| Net loss per share attributed to common stockholders: | |||||||||||||||
| Basic | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.21 | ) | $ | (0.21 | ) | |||
| Diluted | $ | (0.08 | ) | $ | (0.07 | ) | $ | (0.21 | ) | $ | (0.21 | ) | |||
| Weighted average number of common shares and equivalents: | |||||||||||||||
| Basic | 85,824,789 | 82,468,971 | 84,629,531 | 80,028,243 | |||||||||||
| Diluted | 85,824,789 | 82,468,971 | 84,629,531 | 80,028,243 | |||||||||||
| (in thousands, except share amounts) | |||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 10,663 | $ | 19,818 | |||
| Restricted cash - current | 350 | 525 | |||||
| Accounts receivable, net of allowance of | 7,921 | 3,822 | |||||
| Inventories, net | 9,009 | 8,426 | |||||
| Prepaid expenses and other current assets | 869 | 676 | |||||
| Total current assets | 28,812 | 33,267 | |||||
| Property and equipment, net | 3,733 | 3,304 | |||||
| 4,494 | - | ||||||
| Intangible assets | 8,162 | - | |||||
| Restricted cash | - | 219 | |||||
| Operating lease right-of-use assets | 5,618 | 4,982 | |||||
| Prepaid and other non-current assets | 116 | 137 | |||||
| Total assets | $ | 50,935 | $ | 41,909 | |||
| Liabilities and stockholders' equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,403 | $ | 3,190 | |||
| Accrued liabilities | 3,376 | 2,972 | |||||
| Deferred revenue | 5,092 | 6,657 | |||||
| Current contingent consideration | 5,298 | - | |||||
| Current portion of operating lease liabilities | 552 | 428 | |||||
| Total current liabilities | 20,721 | 13,247 | |||||
| Long-term deferred revenue | 2,102 | 1,637 | |||||
| Long-term contingent consideration | 6,251 | - | |||||
| Operating lease liabilities | 5,583 | 5,062 | |||||
| Other liabilities | 55 | 43 | |||||
| Total liabilities | 34,712 | 19,989 | |||||
| Series A - Convertible preferred stock: | |||||||
| Convertible preferred stock, Series A, par value | 5,408 | 5,577 | |||||
| Stockholders' equity: | |||||||
| Common stock, par value | 85 | 81 | |||||
| Additional paid-in capital | 565,146 | 554,148 | |||||
| (206 | ) | (206 | ) | ||||
| Accumulated deficit | (554,210 | ) | (537,680 | ) | |||
| Total stockholders' equity | 10,815 | 16,343 | |||||
| Total liabilities and stockholders' equity | $ | 50,935 | $ | 41,909 | |||
Source: Stereotaxis, Inc.