Stereotaxis Reports 2023 Second Quarter Financial Results

ST. LOUIS, Aug. 10, 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 second quarter ended June 30, 2023.

“Stereotaxis delivered 28% revenue growth in the quarter, driven by a healthy system pipeline and continued demand for our robotic technology,” said David Fischel, Chairman and CEO. “We received orders for two Genesis systems in the second quarter. System backlog of $16 million, multiple upcoming installations, and continued interest in our robotic technology support our expectation of annual double digit revenue growth.”

“Stereotaxis continues to advance a robust innovation strategy. During the quarter we announced a significant strategic collaboration with Abbott to integrate the EnSite X mapping system with our robotic technology. Successful joint integrated procedures have begun in Europe and we expect growing adoption in the coming months. We rapidly responded to the request for first-in-human data to support CE Mark of the MAGiC catheter and have submitted documentation to initiate a study. Development of our next-generation highly-accessible robot remains on track. We are excited by the strategic transformation underway as we advance a new foundational product ecosystem that makes robotics broadly accessible and impactful across endovascular surgery.”

“We remain cognizant of the importance of maintaining financial strength and discipline. We are confident in our balance sheet and anticipate reduced cash utilization in upcoming quarters. Our clean balance sheet allows us to advance our transformative product ecosystem to market, fund its commercialization, and reach profitability without the need for additional financing.”

2023 Second Quarter Financial Results
Revenue for the second quarter of 2023 totaled $7.9 million, a 28% year-over-year increase compared to $6.2 million in the prior year second quarter. System revenue for the quarter was $3.3 million and recurring revenue was $4.6 million, compared to $0.6 million and $5.6 million in the prior year second 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 and by catheter production shortages which impacted procedure volumes but have since been resolved.

Gross margin for the second quarter of 2023 was 53% of revenue. Recurring revenue gross margin was 79% and system gross margin was 18%. Operating expenses in the second quarter of $9.5 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 $6.9 million compared to $7.2 million for adjusted operating expenses in the prior year second quarter.

Operating loss and net loss for the second quarter of 2023 were ($5.3) million and ($5.0) million, respectively, compared to approximately ($5.2) million for both in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash stock compensation expense, were ($2.7) million and ($2.4) million, respectively, compared to ($2.5) million for both in the previous year. Negative free cash flow for the second quarter was ($2.9) million.

Cash Balance and Liquidity
At June 30, 2023, Stereotaxis had cash and cash equivalents, including restricted cash, of $23.9 million and no debt.

Forward Looking Expectations
Stereotaxis reiterates its expectation of double-digit revenue growth in 2023 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 $22-24 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, August 10, 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 5648825. 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

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

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


(in thousands, except share and per share amounts)Three Months Ended
June 30,
 Six Months Ended
June 30,
  2023   2022   2023   2022 
Systems$3,313  $602  $5,134  $2,236 
Disposables, service and accessories 4,546   5,550   9,273   10,953 
Total revenue 7,859   6,152   14,407   13,189 
Cost of revenue:       
Systems 2,703   509   4,400   1,801 
Disposables, service and accessories 969   973   1,944   1,794 
Total cost of revenue 3,672   1,482   6,344   3,595 
Gross margin 4,187   4,670   8,063   9,594 
Operating expenses:       
Research and development 2,647   2,893   5,393   5,340 
Sales and marketing 3,340   3,279   6,488   6,225 
General and administrative 3,477   3,677   7,078   7,297 
Total operating expenses 9,464   9,849   18,959   18,862 
Operating loss (5,277)  (5,179)  (10,896)  (9,268)
Other income 27   -   27   - 
Interest income, net 293   45   565   48 
Net loss$(4,957) $(5,134) $(10,304) $(9,220)
Cumulative dividend on convertible preferred stock (335)  (335)  (666)  (666)
Net loss attributable to common stockholders$(5,292) $(5,469) $(10,970) $(9,886)
Net loss per share attributed to common stockholders:       
Basic$(0.07) $(0.07) $(0.14) $(0.13)
Diluted$(0.07) $(0.07) $(0.14) $(0.13)
Weighted average number of common shares and equivalents:       
Basic 81,049,211   75,953,916   78,787,652   75,915,864 
Diluted 81,049,211   75,953,916   78,787,652   75,915,864 

(in thousands, except share amounts)June 30,
 December 31,
Current assets:   
Cash and cash equivalents$22,877  $8,586 
Restricted cash - current 569   525 
Short-term investments -   19,844 
Accounts receivable, net of allowance of $169 and $235 at 2023 and 2022, respectively 6,645   5,090 
Inventories, net 7,703   7,876 
Prepaid expenses and other current assets 1,108   1,325 
Total current assets 38,902   43,246 
Property and equipment, net 3,590   3,831 
Restricted cash 481   744 
Operating lease right-of-use assets 5,188   5,384 
Prepaid and other non-current assets 154   208 
Total assets$48,315  $53,413 
Liabilities and stockholders’ equity   
Current liabilities:   
Accounts payable$2,840  $3,270 
Accrued liabilities 2,920   3,306 
Deferred revenue 8,223   7,342 
Current portion of operating lease liabilities 399   373 
Total current liabilities 14,382   14,291 
Long-term deferred revenue 1,639   1,654 
Operating lease liabilities 5,282   5,488 
Other liabilities 43   51 
Total liabilities 21,346   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, 80,682,586 and 74,874,459 shares issued at 2023 and 2022, respectively 81   75 
Additional paid-in capital 548,782   543,438 
Treasury stock, 4,015 shares at 2023 and 2022 (206)  (206)
Accumulated deficit (527,271)  (516,967)
Total stockholders’ equity 21,386   26,346 
Total liabilities and stockholders’ equity$48,315  $53,413