EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

 

Stereotaxis Reports 2025 First Quarter Financial Results

 

St. Louis, MO, May 12, 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 first quarter ended March 31, 2025.

 

“We’ve started the year with solid execution on key commercial and innovation efforts,” said David Fischel, Chairman and CEO. “This is a milestone rich year in which we are beginning to demonstrate the tangible reality and commercial impact of our comprehensive innovation strategy.”

 

“Key commercial advances include recurring revenue growth, initial commercialization of MAGiC in Europe, successful demonstrations of GenesisX as a rapidly-installed and fully-capable robot at major global conferences, and our first GenesisX order. Successful demonstrations of GenesisX at the recent EHRA and HRS conferences give us confidence in significant adoption pending regulatory availability in the United States and following successful installation of the first clinical system this summer. While initiating commercialization of GenesisX, we continue to advance a robust pipeline for Genesis and were pleased to receive an additional Genesis order in the first quarter.”

 

“We are advancing multiple development and regulatory efforts in parallel, with six active regulatory reviews ongoing and preparations for additional near-term regulatory submissions. Regulatory reviews continue with approval timelines remaining consistent with previous expectations. This year 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. These milestones will increasingly contribute to commercial results as we progress through the year and set us up for breakout growth as we look towards 2026.”

 

2025 First Quarter Financial Results

 

Revenue for the first quarter of 2025 totaled $7.5 million, a 9% increase compared to $6.9 million in the prior year first quarter. System revenue for the first quarter was $2.0 million, compared to $2.6 million in the prior year first quarter, reflecting revenue recognition on the installation of a Genesis system. Recurring revenue was $5.5 million, growing 29% compared to $4.3 million in the prior year first quarter, predominantly reflecting contributions of Map-iT catheter revenue.

 

Gross margin for the first quarter was 54% of revenue. Recurring revenue gross margin was 68% and system gross margin was 15%. Gross margins remain impacted by acquisition-related accounting that temporarily reduces disposable margin and by fixed overhead allocated over low system production levels.

 

Operating expenses in the first quarter of $10.0 million include $3.2 million of non-cash charges for stock compensation expense, acquisition related contingent earnout consideration and amortization of acquired intangible assets. Excluding these non-cash charges, adjusted operating expenses in the quarter were $6.8 million, compared to $6.1 million for adjusted operating expenses in the prior year first quarter. Increased operating expenses are primarily related to additional expenses from the operations of Access Point Technologies.

 

Operating loss and net loss in the first quarter of 2025 were ($5.9) million and ($5.8) million, respectively, compared to ($4.7) million and ($4.5) million in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash charges, were ($2.7) million and ($2.6) million, respectively, compared to ($2.2) million and ($1.9) million in the previous year. Negative free cash flow for the first quarter was ($1.8) million, compared to ($2.3) million in the previous year.

 

 

 

 

Cash Balance and Liquidity

 

At March 31, 2025, Stereotaxis had cash and cash equivalents of $10.7 million and no debt.

 

Forward Looking Expectations

 

Stereotaxis reiterates its expectation of double-digit revenue growth for the full year 2025, with system revenue of $2-3 million per quarter and recurring revenue scaling throughout the year to $7 million in the fourth quarter. These revenue expectations assume only modest contributions from GenesisX in Europe and no system revenue from China. Anticipated regulatory milestones and initial commercial launches in 2025 support substantial growth in 2026.

 

Growing recurring revenue and stable operating expenses support Stereotaxis’ expectation for reduced cash use in 2025 compared to 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, May 12, 2025, at 4:30 p.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 4794777. 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, including tariffs, 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

[email protected]

 

 

 

 

STEREOTAXIS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

(in thousands, except share and per share amounts)  Three Months Ended
March 31,
 
   2025   2024 
         
Revenue:          
Systems  $1,964   $2,612 
Disposables, service and accessories   5,508    4,268 
Total revenue   7,472    6,880 
           
Cost of revenue:          
Systems   1,667    1,900 
Disposables, service and accessories   1,741    1,014 
Total cost of revenue   3,408    2,914 
           
Gross margin   4,064    3,966 
           
Operating expenses:          
Research and development   2,350    2,243 
Sales and marketing   3,148    3,003 
General and administrative   4,495    3,466 
Total operating expenses   9,993    8,712 
Operating loss   (5,929)   (4,746)
           
Interest income, net   106    239 
Net loss  $(5,823)  $(4,507)
Cumulative dividend on convertible preferred stock   (314)   (331)
Net loss attributable to common stockholders  $(6,137)  $(4,838)
           
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   87,769,366    83,476,498 
           
Diluted   87,769,366    83,476,498 

 

 

 

 

STEREOTAXIS, INC.

CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share amounts)  March 31,
2025
   December 31,
2024
 
   (Unaudited)     
Assets          
Current assets:          
Cash and cash equivalents  $10,601   $12,217 
Restricted cash - current   88    219 
Accounts receivable, net of allowance of $556 and $582 at 2025 and 2024, respectively   4,324    3,824 
Inventories, net   9,812    8,331 
Prepaid expenses and other current assets   1,088    1,848 
Total current assets   25,913    26,439 
Property and equipment, net   3,441    3,573 
Goodwill   3,764    3,764 
Intangible assets   7,144    7,358 
Operating lease right-of-use assets   5,345    5,483 
Prepaid and other non-current assets   98    107 
Total assets  $45,705   $46,724 
           
Liabilities and stockholders’ equity          
Current liabilities:          
Accounts payable  $6,544   $5,668 
Accrued liabilities   2,926    2,922 
Deferred revenue   8,163    6,804 
Current contingent consideration   6,008    5,638 
Current portion of operating lease liabilities   588    570 
Total current liabilities   24,229    21,602 
Long-term deferred revenue   1,698    2,064 
Long-term contingent consideration   6,258    6,126 
Operating lease liabilities   5,280    5,436 
Other liabilities   64    64 
Total liabilities   37,529    35,292 
           
Series A - Convertible preferred stock:          
Convertible preferred stock, Series A, par value $0.001; 10,000,000 shares authorized, 21,233 and 21,458 shares outstanding at 2025 and 2024, respectively   5,296    5,352 
Stockholders’ equity:          
Common stock, par value $0.001; 300,000,000 shares authorized, 85,983,677 and 85,326,557 shares issued at 2025 and 2024, respectively   86    85 
Additional paid-in capital   570,548    567,926 
Treasury stock, 4,015 shares at 2025 and 2024   (206)   (206)
Accumulated deficit   (567,548)   (561,725)
Total stockholders’ equity   2,880    6,080 
Total liabilities and stockholders’ equity  $45,705   $46,724