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Stereotaxis Reports 2014 Third Quarter Financial Results
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-Improves System Revenue 89% Sequentially from Second Quarter 2014-
-Completes Five New Niobe® ES System Installations-
-Secures First Niobe® ES System Order in
-Achieves Record Low Operating Expenses of
-Receives FDA Clearance of Vdrive® with V-Loop™ System-
-Hosts Conference Call Today at
Mr. Mills continued, "Our U.S. and European operating regions contributed to sequential system revenue growth, completing five new system installations in the quarter. We also continued to work toward improved utilization through synergetic, one-on-one relationships with physician users and significant new product enhancements, such as the Ablation History feature. Our team is intensely focused on achieving operational excellence, realizing commercial success in our major global markets and developing economically attractive product solutions that maximize clinical outcomes and drive shareholder value."
Third Quarter 2014 Financial Results
Revenue for the third quarter of 2014 totaled
The Company generated new capital orders of
Gross margin in the quarter was
Operating loss in the third quarter was
Net income for the 2014 third quarter was less than
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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 from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the Company's ability to raise additional capital on a timely basis and on terms that are acceptable, its ability to continue to manage expenses and cash burn rate at sustainable levels, its ability to continue to work with lenders to extend, repay or refinance indebtedness on acceptable terms, continued 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 systems and the timing of such purchases, competitive factors, changes resulting from the recently enacted healthcare reform in the U.S., including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, and other risks discussed in the Company's periodic and other filings with the
STEREOTAXIS, INC. | ||||
STATEMENTS OF OPERATIONS | ||||
(Unaudited) | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2014 | 2013 | 2014 | 2013 | |
Revenue | ||||
Systems | $ 2,181,088 | $ 4,449,598 | $ 4,669,224 | $ 10,000,926 |
Disposables, service and accessories | 6,673,013 | 6,371,846 | 20,587,084 | 18,962,129 |
Total revenue | 8,854,101 | 10,821,444 | 25,256,308 | 28,963,055 |
Cost of revenue | ||||
Systems | 1,318,456 | 2,338,175 | 2,958,668 | 5,132,007 |
Disposables, service and accessories | 1,019,476 | 1,161,449 | 2,983,111 | 3,032,150 |
Total cost of revenue | 2,337,932 | 3,499,624 | 5,941,779 | 8,164,157 |
Gross margin | 6,516,169 | 7,321,820 | 19,314,529 | 20,798,898 |
Operating expenses: | ||||
Research and development | 1,214,405 | 1,300,287 | 4,030,594 | 4,313,590 |
Sales and marketing | 3,717,670 | 4,102,968 | 11,445,089 | 13,213,528 |
General and administrative | 2,763,667 | 2,987,408 | 9,537,043 | 9,688,116 |
Total operating expenses | 7,695,742 | 8,390,663 | 25,012,726 | 27,215,234 |
Operating loss | (1,179,573) | (1,068,843) | (5,698,197) | (6,416,336) |
Other income (expense) | 2,034,731 | ( 48,160,084 ) | 2,139,718 | (46,660,340) |
Interest income | 1,736 | 1,306 | 5,665 | 3,973 |
Interest expense | (834,224) | (7,640,821) | (2,505,842) | (11,722,679) |
Net income (loss) | $ 22,670 | $ (56,868,442) | $ (6,058,656) | $ (64,795,382) |
Net earnings (loss) per common share: | ||||
Basic | $ 0.00 | $ (4.49) | $ (0.31) | $ (6.72) |
Diluted | $ 0.00 | $ (4.49) | $ (0.31) | $ (6.72) |
Weighted average shares used in computing net earnings (loss) per common share: | ||||
Basic | 20,326,169 | 12,666,414 | 19,767,545 | 9,640,249 |
Diluted | 20,518,757 | 12,666,414 | 19,767,545 | 9,640,249 |
STEREOTAXIS, INC. | ||
BALANCE SHEETS | ||
September 30, 2014 |
December 31, 2013 |
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(Unaudited) | ||
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 8,724,395 | $ 13,775,130 |
Accounts receivable, net of allowance of $599,400 and $383,077 in 2014 and 2013, respectively | 7,027,781 | 7,558,152 |
Inventories | 6,586,303 | 4,879,039 |
Prepaid expenses and other current assets | 1,435,121 | 1,945,206 |
Total current assets | 23,773,600 | 28,157,527 |
Property and equipment, net | 897,321 | 1,184,589 |
Intangible assets, net | 1,454,611 | 1,679,486 |
Long-term receivables | -- | 20,431 |
Other assets | 31,580 | 34,363 |
Total assets | $ 26,157,112 | $ 31,076,396 |
Liabilities and stockholders' deficit | ||
Current liabilities: | ||
Current maturities of long-term debt | $ -- | $ 49,733 |
Accounts payable | 2,505,155 | 3,512,339 |
Accrued liabilities | 6,526,610 | 7,079,381 |
Deferred contract revenue | 8,015,860 | 7,519,754 |
Warrants | 3,504,908 | 5,644,626 |
Total current liabilities | 20,552,533 | 23,805,833 |
Long-term debt, less current maturities | 18,435,843 | 18,481,478 |
Long-term deferred contract revenue | 974,095 | 491,080 |
Other liabilities | -- | -- |
Stockholders' deficit: | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, none outstanding at 2014 and 2013 | -- | -- |
Common stock, par value $0.001; 300,000,000 shares authorized, 20,465,997 and 19,311,390 shares issued at 2014 and 2013, respectively | 20,466 | 19,311 |
Additional paid-in capital | 445,842,292 | 441,888,155 |
Treasury stock, 4,015 shares at 2014 and 2013 | (205,999) | (205,999) |
Accumulated deficit | (459,462,118) | (453,403,462) |
Total stockholders' deficit | (13,805,359) | (11,701,995) |
Total liabilities and stockholders' deficit | $ 26,157,112 | $ 31,076,396 |
CONTACT: Company Contact:Martin C. Stammer Chief Financial Officer 314-678-6155 Investor Contact:Todd Kehrli /Jim Byers MKR Group, Inc. 323-468-2300 stxs@mkr-group.com