Stereotaxis Reports 2024 Full Year Financial Results

ST. LOUIS, March 03, 2025 (GLOBE NEWSWIRE) -- Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention, today reported financial results for the fourth quarter and full year ended December 31, 2024.

"We have started a milestone rich year in which we will demonstrate the tangible reality of our overall strategic transformation into a company with an easily adopted robot that can navigate a proprietary set of catheters in EP and broadly across endovascular procedures," said David Fischel, Chairman and CEO.

"Our progress leads to an expanded clinical impact, scalable capital model, strategic self-sufficiency, and an attractive high-margin recurring catheter business. In recent months we achieved multiple milestones in this transformation with European regulatory approval of the MAGiC catheter, the first sale of the GenesisX robot, regulatory approvals for Genesis and Magbot in China, and regulatory submissions for MAGiC Sweep and EMAGIN 5F. We are making significant progress on multiple development, regulatory, and commercial efforts. The foundations of our strategic vision are becoming tangible realities."

"These innovations will increasingly contribute to commercial growth as we progress through this year. Revenue grew 39% year-over-year in the fourth quarter, benefiting from increased robotic system revenue along with the successful commercial integration of APT. We expect continued year-over-year growth in the coming quarters given increasing catheter adoption and our robotic backlog. The impact from new innovations will be modest initially but increasingly provide the opportunity for breakout growth."

"Stereotaxis generated positive cash flow in the fourth quarter, ending the year as guided with over $12 million in cash and no debt. Our balance sheet allows us to bring our transformative product ecosystem to market and fund its commercialization."

2024 Fourth Quarter and Full Year Financial Results

Revenue for the fourth quarter of 2024 totaled $6.3 million, a 39% increase compared to $4.6 million in the prior year fourth quarter. System revenue for the quarter was $1.4 million and recurring revenue was $4.9 million, compared to $0.1 million and $4.5 million, respectively, in the prior year fourth quarter. System revenue reflects revenue recognition on the partial delivery of Genesis systems. Recurring revenue reflects a full quarter's contribution from our recent acquisition of Access Point Technologies. Revenue for the full year 2024 totaled $26.9 million compared to $26.8 million in 2023. System backlog at the start of 2025 is $15.2 million.

Gross margin for the fourth quarter and full year 2024 were approximately 51% and 54% of revenue, respectively. Full year 2024 gross margins were 70% for recurring revenue and 20% for system revenue. Recurring gross margins were impacted by acquisition-related accounting that temporarily reduces disposable margin. System gross margins remain impacted by fixed overhead allocated over low production levels. Operating expenses in the fourth quarter of $10.8 million include $2.5 million of non-cash stock compensation expense and $1.1 million non-cash mark-to-market adjustment for acquisition related contingent earnout consideration. Excluding these non-cash charges, adjusted operating expenses in the quarter were $7.2 million. Adjusted operating expenses for the full year 2024 were $27.4 million, compared to $26.2 million in the prior year.

Operating loss and net loss in the fourth quarter of 2024 were ($7.6) million and ($7.5) million, respectively, compared to ($5.3) million and ($5.0) million in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash stock compensation expense and the mark-to-market adjustment, were ($4.0) million and ($3.8) million, respectively, compared to ($2.7) million and ($2.4) million in the previous year. For the full year 2024, adjusted operating loss of ($12.8) million and adjusted net loss of ($12.1) million compared to an adjusted operating loss of ($11.3) million and an adjusted net loss of ($10.2) million in the prior year. Positive free cash flow of $1.3 million for the fourth quarter reflects cash receipts on previous system revenue. Negative free cash flow for the full year 2024 was ($8.5) million compared to ($9.5) million for the full year 2023.

Cash Balance and Liquidity

At December 31, 2024, Stereotaxis had cash and cash equivalents, including restricted cash, of $12.4 million and no debt.

Forward Looking Expectations

Stereotaxis anticipates double digit revenue growth for the full year 2025. Recurring revenue is expected to scale throughout the year, from $5 million in the first quarter to $7 million in the fourth quarter, as an expanded portfolio of catheters increasingly contributes to revenue. System revenue of $2-3 million per quarter is expected to remain approximately flat with 2024, with modest contributions from GenesisX in Europe and Genesis in China. Anticipated regulatory milestones and initial commercial launches in 2025 support substantial growth in 2026.

Growing recurring revenue and stable operating expenses support an expectation for reduced cash use in 2025 compared to the $8.5 million of negative free cash flow in 2024. Stereotaxis expects its balance sheet to allow it to advance its transformative product ecosystem to market, fund its commercialization, and profitably grow.

Conference Call and Webcast

Stereotaxis will host a conference call and webcast today, March 3, 2025, at 8:30 a.m. Eastern Time. To access the conference call, dial 800-715-9871 (US and Canada) or 1-646-307-1963 (International) and give the participant pass code 1983976. To access the live and replay webcast, please visit the investor relations section of the Stereotaxis website at www.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 150,000 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, 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 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         Three Months Ended                      Year Ended 
per share amounts)          December 31,                         December 31, 
                     --------------------------  ------------------------------------------- 
                         2024          2023                 2024                  2023 
 
Revenue: 
  Systems            $     1,389   $        66   $                    8,632   $     8,739 
  Disposables, 
   service and 
   accessories             4,951         4,499                       18,286        18,032 
                      ----------    ----------    -------------------------    ---------- 
Total revenue              6,340         4,565                       26,918        26,771 
 
Cost of revenue: 
  Systems                  1,120           749                        6,880         8,058 
  Disposables, 
   service and 
   accessories             2,004         1,078                        5,444         3,853 
                      ----------    ----------    -------------------------    ---------- 
Total cost of 
 revenue                   3,124         1,827                       12,324        11,911 
 
Gross margin               3,216         2,738                       14,594        14,860 
 
Operating expenses: 
    Research and 
     development           2,790         2,212                        9,760        10,273 
    Sales and 
     marketing             2,916         2,791                       12,372        12,376 
    General and 

     administrative        5,137         3,039                       17,201        14,050 
Total operating 
 expenses                 10,843         8,042                       39,333        36,699 
                      ----------    ----------    -------------------------    ---------- 
Operating loss            (7,627)       (5,304)                     (24,739)      (21,839) 
 
Other income 
 (expense)                    (2)            3                            -            30 
Interest income, 
 net                         114           261                          694         1,096 
                      ----------    ----------    -------------------------    ---------- 
Net loss             $    (7,515)  $    (5,040)  $                  (24,045)  $   (20,713) 
Cumulative dividend 
 on convertible 
 preferred stock            (324)         (339)                      (1,308)       (1,343) 
                      ---------- 
Net loss 
 attributable to 
 common 
 stockholders        $    (7,839)  $    (5,379)  $                  (25,353)  $   (22,056) 
                      ==========    ==========    =========================    ========== 
 
Net loss per share 
attributed to 
common 
stockholders: 
      Basic          $     (0.09)  $     (0.07)  $                    (0.30)  $     (0.27) 
 
      Diluted        $     (0.09)  $     (0.07)  $                    (0.30)  $     (0.27) 
 
Weighted average 
number of common 
shares and 
equivalents: 
      Basic           86,832,590    82,702,722                   85,183,306    80,702,358 
 
      Diluted         86,832,590    82,702,722                   85,183,306    80,702,358 
 
 
                            STEREOTAXIS, INC. 
                              BALANCE SHEETS 
 
 
                                           December 31,     December 31, 
(in thousands, except share amounts)           2024             2023 
                                          --------------  ---------------- 
 
                                           (Unaudited) 
Assets 
Current assets: 
   Cash and cash equivalents               $     12,217    $     19,818 
   Restricted cash - current                        219             525 
   Accounts receivable, net of allowance 
    of $582 and $672 at 2024 and 2023, 
    respectively                                  3,824           3,822 
   Inventories, net                               8,331           8,426 
   Prepaid expenses and other current 
    assets                                        1,848             676 
                                              ---------       --------- 
Total current assets                             26,439          33,267 
Property and equipment, net                       3,573           3,304 
Goodwill                                          3,764               - 
Intangible assets                                 7,358               - 
Restricted cash                                       -             219 
Operating lease right-of-use assets               5,483           4,982 
Prepaid and other non-current assets                107             137 
                                              ---------       --------- 
Total assets                               $     46,724    $     41,909 
                                              =========       ========= 
 
Liabilities and stockholders' equity 
Current liabilities: 
   Accounts payable                        $      5,668    $      3,190 
   Accrued liabilities                            2,922           2,972 
   Deferred revenue                               6,804           6,657 
   Current contingent consideration               5,638               - 
   Current portion of operating lease 
    liabilities                                     570             428 
                                              ---------       --------- 
Total current liabilities                        21,602          13,247 
Long-term deferred revenue                        2,064           1,637 
Long-term contingent consideration                6,126               - 
Operating lease liabilities                       5,436           5,062 
Other liabilities                                    64              43 
                                              ---------       --------- 
Total liabilities                                35,292          19,989 
 
Series A - Convertible preferred stock: 
   Convertible preferred stock, Series 
    A, par value $0.001; 10,000,000 
    shares authorized, 21,458 and 22,358 
    shares outstanding at 2024 and 2023, 
    respectively                                  5,352           5,577 
Stockholders' equity: 
   Common stock, par value $0.001; 
    300,000,000 shares authorized, 
    85,326,557 and 80,949,697 shares 
    issued at 2024 and 2023, 
    respectively                                     85              81 
   Additional paid-in capital                   567,926         554,148 
   Treasury stock, 4,015 shares at 2024 
    and 2023                                       (206)           (206) 
   Accumulated deficit                         (561,725)       (537,680) 
                                              ---------       --------- 
Total stockholders' equity                        6,080          16,343 
                                              ---------       --------- 
Total liabilities and stockholders' 
 equity                                    $     46,724    $     41,909 
                                              =========       ========= 
 

(END) Dow Jones Newswires

March 03, 2025 07:30 ET (12:30 GMT)