Stereotaxis Reports 2016 Third Quarter Financial Results
- Completed
$24 million private placement equity financing - Retired all outstanding debt at significant discount
- Appointed three board members with extensive medical device experience
- Shipped fifth Niobe® ES system to
Japan - Grew ventricular tachycardia procedures by 25% and total procedures by 3% year over year
- Conference call today at
4:30 p.m. Eastern Time
“During the quarter, we completed a transformative financing that significantly strengthened our financial position, enabled us to retire in full all of our outstanding debt at a considerable discount and supports the execution of our strategic growth initiatives,” said
“For many years, our vision has been to provide a completely new approach to arrhythmia ablation that would change people’s lives. Today, hundreds of physicians worldwide are utilizing our innovative technologies and have performed more than 90,000 procedures with improved safety, acute success and long-term patient outcomes. Our immediate and long-term strategic goals remain centered on putting our advancing technologies into the hands of more physicians across the globe to bring the substantial benefits of robotics to patients and clinicians.
“We are seeing continued progress and procedure growth in our newest market,
“Going forward, we are excited to work with three new members of our board of directors, who bring proven expertise in commercializing clinically meaningful technologies and building businesses that create value for patients, clinicians and shareholders,” Mr. Mills concluded.
Third Quarter 2016 Financial Results
Revenue for the third quarter of 2016 totaled
The Company generated new capital orders of
Gross margin in the quarter was
Operating loss in the third quarter was
Net loss for the third quarter was significantly impacted by several non-cash items. Net loss for the third quarter was
Cash burn for the third quarter was
Nine-Month Financial Results
Revenue for the first nine months of 2016 was
Gross margin was
Interest expense was
Net loss for the first nine months was significantly impacted by several non-cash items. Net loss for the first nine months of 2016 was
At
Conference Call and Webcast
About
The core components of Stereotaxis’ systems have received regulatory clearance in
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, or to obtain additional financing, in either case 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 healthcare reform in
STEREOTAXIS, INC. | |||||||||||||||
STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue | |||||||||||||||
Systems | $ | 1,954,859 | $ | 2,298,608 | $ | 4,965,855 | $ | 8,222,722 | |||||||
Disposables, service and accessories | 6,378,608 | 6,976,006 | 19,890,240 | 20,247,169 | |||||||||||
Total revenue | 8,333,467 | 9,274,614 | 24,856,095 | 28,469,891 | |||||||||||
Cost of revenue | |||||||||||||||
Systems | 1,245,330 | 1,286,849 | 2,724,326 | 4,536,391 | |||||||||||
Disposables, service and accessories | 1,008,662 | 1,159,547 | 2,805,550 | 3,483,906 | |||||||||||
Total cost of revenue | 2,253,992 | 2,446,396 | 5,529,876 | 8,020,297 | |||||||||||
Gross margin | 6,079,475 | 6,828,218 | 19,326,219 | 20,449,594 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 1,295,130 | 1,494,201 | 4,189,596 | 4,399,734 | |||||||||||
Sales and marketing | 3,396,989 | 3,691,805 | 11,502,808 | 11,976,955 | |||||||||||
General and administrative | 2,561,513 | 2,549,690 | 7,934,350 | 8,116,989 | |||||||||||
Total operating expenses | 7,253,632 | 7,735,696 | 23,626,754 | 24,493,678 | |||||||||||
Operating loss | (1,174,157 | ) | (907,478 | ) | (4,300,535 | ) | (4,044,084 | ) | |||||||
Other income (expense) | ( 9,852,514 | ) | 725,356 | ( 9,685,850 | ) | 832,148 | |||||||||
Interest income | - | 267 | 362 | 1,622 | |||||||||||
Interest expense | (818,738 | ) | (815,071 | ) | (2,466,803 | ) | (2,460,881 | ) | |||||||
Gain on extinguishment of debt | 5,632,171 | - | 5,632,171 | - | |||||||||||
Net loss | $ | (6,213,238 | ) | $ | (996,926 | ) | $ | (10,820,655 | ) | $ | (5,671,195 | ) | |||
Deemed dividend on preferred stock | (6,137,476 | ) | - | (6,137,476 | ) | - | |||||||||
Net loss available to common stockholders | $ | (12,350,714 | ) | $ | (996,926 | ) | $ | (16,958,131 | ) | $ | (5,671,195 | ) | |||
Net loss per common share: | |||||||||||||||
Basic | $ | (0.56 | ) | $ | (0.05 | ) | $ | (0.78 | ) | $ | (0.27 | ) | |||
Diluted | $ | (0.56 | ) | $ | (0.05 | ) | $ | (0.78 | ) | $ | (0.27 | ) | |||
Weighted average shares used in computing net loss per common share: | |||||||||||||||
Basic | 21,869,177 | 21,142,795 | 21,758,529 | 20,965,012 | |||||||||||
Diluted | 21,869,177 | 21,142,795 | 21,758,529 | 20,965,012 | |||||||||||
STEREOTAXIS, INC. | |||||||
BALANCE SHEETS | |||||||
September 30, 2016 |
December 31, 2015 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 9,244,783 | $ | 5,593,582 | |||
Accounts receivable, net of allowance of $281,371 and $93,478 in 2016 and 2015, respectively | 4,882,354 | 6,376,470 | |||||
Inventories | 5,400,015 | 4,504,282 | |||||
Prepaid expenses and other current assets | 774,427 | 668,659 | |||||
Total current assets | 20,301,579 | 17,142,993 | |||||
Property and equipment, net | 767,053 | 1,067,321 | |||||
Intangible assets, net | 486,399 | 635,889 | |||||
Other assets | 42,975 | 31,693 | |||||
Total assets | $ | 21,598,006 | $ | 18,877,896 | |||
Liabilities and stockholders' deficit | |||||||
Current liabilities: | |||||||
Short-term debt | $ | - | $ | - | |||
Accounts payable | 2,858,812 | 1,840,135 | |||||
Accrued liabilities | 5,223,591 | 6,058,390 | |||||
Deferred revenue | 6,445,352 | 7,445,935 | |||||
Warrants | 27,522,147 | 794,130 | |||||
Total current liabilities | 42,049,902 | 16,138,590 | |||||
Long-term debt | - | 18,080,159 | |||||
Long-term deferred revenue | 622,531 | 2,009,198 | |||||
Other liabilities | 388,213 | 275,603 | |||||
Total liabilities | 43,060,646 | 36,503,550 | |||||
Preferred stock: | |||||||
Preferred stock, par value $0.001; 10,000,000 shares authorized, 24,000 and zero shares outstanding at 2016 and 2015, respectively | 6,137,476 | - | |||||
Stockholders' deficit: | |||||||
Common stock, par value $0.001; 300,000,000 shares authorized, 21,895,206 and 21,551,173 shares issued at 2016 and 2015, respectively | 21,895 | 21,551 | |||||
Additional paid-in capital | 449,363,321 | 448,517,472 | |||||
Treasury stock, 4,015 shares at 2016 and 2015 | (205,999 | ) | (205,999 | ) | |||
Accumulated deficit | (476,779,333 | ) | (465,958,678 | ) | |||
Total stockholders' deficit | (27,600,116 | ) | (17,625,654 | ) | |||
Total liabilities and stockholders' deficit | $ | 21,598,006 | $ | 18,877,896 | |||
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