Stereotaxis Reports 2017 First Quarter Financial Results
- Procedures stable with gain in ventricular and decline in atrial procedures
- System sales at nadir; expect increase in latter half of 2017 from current initiatives
- Clinical focus on helping physicians build successful robotic practices
- Development focus on innovation of all aspects of robotic ablation therapy
- Conference call today at
10:00 a.m. Eastern Time
“Our focus for 2017 is to help electrophysiologists build successful robotic practices and identify the strategic path for a future in which robotic ablation will be the standard of care. It is a rare privilege and responsibility to be entrusted with advancing a technology of such power.”
First Quarter 2017 Financial Results
Revenue for the first quarter of 2017 totaled
Gross margin in the quarter was
Operating expenses in the first quarter were
Cash utilization for the first quarter was
Cash Balance and Liquidity
At
Full Year 2017 Expectations
- Full year 2017 expected revenue to exceed
$30 million - Approximately cash flow neutral for the remainder of 2017
- Development and initiation of long term product innovation plan
Conference Call and Webcast
About
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 March 31, |
|||||||
2017 | 2016 | ||||||
Revenue | |||||||
Systems | $ | 218,895 | $ | 2,075,019 | |||
Disposables, service and accessories | 6,758,777 | 6,572,987 | |||||
Total revenue | 6,977,672 | 8,648,006 | |||||
Cost of revenue | |||||||
Systems | 220,443 | 1,083,099 | |||||
Disposables, service and accessories | 1,036,182 | 1,097,715 | |||||
Total cost of revenue | 1,256,625 | 2,180,814 | |||||
Gross margin | 5,721,047 | 6,467,192 | |||||
Operating expenses: | |||||||
Research and development | 1,158,434 | 1,473,086 | |||||
Sales and marketing | 3,625,601 | 3,894,113 | |||||
General and administrative | 2,839,870 | 2,586,791 | |||||
Total operating expenses | 7,623,905 | 7,953,990 | |||||
Operating loss | (1,902,858 | ) | (1,486,798 | ) | |||
Other income | 3,129,308 | 31,294 | |||||
Interest income | 7 | 222 | |||||
Interest expense | (49,490 | ) | (819,019 | ) | |||
Net income (loss) | $ | 1,176,967 | $ | (2,274,301 | ) | ||
Cumulative dividend on convertible preferred stock | (363,188 | ) | - | ||||
Net income attributable to convertible preferred stock | (509,323 | ) | - | ||||
Earnings (net loss) attributable to common stockholders | $ | 304,456 | $ | (2,274,301 | ) | ||
Earnings (net loss) per common share: | |||||||
Basic | $ | 0.01 | $ | (0.11 | ) | ||
Diluted | $ | 0.01 | $ | (0.11 | ) | ||
Weighted average shares used to compute diluted earnings (net loss) per share: | |||||||
Basic | 22,318,000 | 21,611,612 | |||||
Diluted | 22,331,683 | 21,611,612 | |||||
STEREOTAXIS, INC. | |||||||
BALANCE SHEETS | |||||||
March 31, 2017 |
December 31, 2016 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 5,739,124 | $ | 8,501,392 | |||
Accounts receivable, net of allowance of $600,567 and $379,817 in 2017 and 2016, respectively | 5,316,935 | 4,665,959 | |||||
Inventories | 5,658,369 | 5,381,103 | |||||
Prepaid expenses and other current assets | 911,829 | 855,295 | |||||
Total current assets | 17,626,257 | 19,403,749 | |||||
Property and equipment, net | 935,095 | 1,086,244 | |||||
Intangible assets, net | 386,738 | 436,569 | |||||
Other assets | 41,394 | 39,241 | |||||
Total assets | $ | 18,989,484 | $ | 20,965,803 | |||
Liabilities and stockholders' deficit | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,215,111 | $ | 2,623,010 | |||
Accrued liabilities | 4,085,696 | 4,491,164 | |||||
Deferred revenue | 9,374,879 | 8,751,336 | |||||
Warrants | 16,657,699 | 19,787,007 | |||||
Total current liabilities | 32,333,385 | 35,652,517 | |||||
Long-term deferred revenue | 435,542 | 522,329 | |||||
Other liabilities | 320,545 | 320,409 | |||||
Total liabilities | 33,089,472 | 36,495,255 | |||||
Preferred stock: | |||||||
Preferred stock, par value $0.001; 10,000,000 shares authorized, 23,900 shares outstanding at 2017 and 2016 | 5,960,475 | 5,960,475 | |||||
Stockholders' deficit: | |||||||
Common stock, par value $0.001; 300,000,000 shares authorized, 22,545,128 and 22,063,582 shares issued at 2017 and 2016, respectively | 22,545 | 22,064 | |||||
Additional paid-in capital | 450,191,422 | 449,939,406 | |||||
Treasury stock, 4,015 shares at 2017 and 2016 | (205,999 | ) | (205,999 | ) | |||
Accumulated deficit | (470,068,431 | ) | (471,245,398 | ) | |||
Total stockholders' deficit | (20,060,463 | ) | (21,489,927 | ) | |||
Total liabilities and stockholders' deficit | $ | 18,989,484 | $ | 20,965,803 | |||
Company Contacts:David L. Fischel Chairman and Acting Chief Executive OfficerMartin C. Stammer Chief Financial Officer investors@stereotaxis.com