Stereotaxis Reports 2019 Second Quarter Financial Results
“The second quarter was an exciting period for
As mentioned previously, in the second quarter
- Stereotaxis Genesis™ RMN System – initial launch of a next generation robotic system that is designed to provide the established benefits and reliability of robotic magnetic navigation in an architecture that is faster, smaller, lighter and more flexible.
- Stereotaxis Imaging Model S – launch of an advanced x-ray imaging solution offered in combination with Stereotaxis Genesis RMN to increase the accessibility and affordability of robotics in electrophysiology.
- Proprietary Magnetic Ablation Catheter – development program proceeding on an advanced next-generation robotically-navigated magnetic ablation catheter.
- Acutus Mapping Integration & OpenMappingAPI – integration with Acutus’ novel mapping system was successfully accomplished using a software architecture that facilitates a more open, collaborative environment.
Second Quarter 2019 Financial Results
Revenue for the second quarter of 2019 totaled
Gross margin in the quarter was 83% of revenue, consistent with the 82% reported in the second quarter of 2018. Operating expenses in the second quarter of
Operating loss and net loss in the second quarter were
Cash Balance and Liquidity
At
Full Year 2019 Expectations
Stereotaxis’ innovation accomplishments support an expectation of robust and consistent overall revenue growth beginning in the coming quarters and accelerating throughout 2020.
Without considering the financing announced today,
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
Company Contacts:
Chairman and Chief Executive Officer
Martin C. Stammer
Chief Financial Officer
314-678-6100
investors@stereotaxis.com
STEREOTAXIS, INC. | ||||||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
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2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenue: | ||||||||||||||||
Systems | $ | - | $ | 310,751 | $ | 58,051 | $ | 328,026 | ||||||||
Disposables, service and accessories | 6,546,115 | 7,240,650 | 13,256,873 | 14,195,008 | ||||||||||||
Sublease | 251,996 | - | 493,061 | - | ||||||||||||
Total revenue | 6,798,111 | 7,551,401 | 13,807,985 | 14,523,034 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Systems | 6,201 | 457,509 | 57,365 | 661,111 | ||||||||||||
Disposables, service and accessories | 894,760 | 931,541 | 2,009,119 | 1,993,286 | ||||||||||||
Sublease | 246,531 | - | 493,061 | - | ||||||||||||
Total cost of revenue | 1,147,492 | 1,389,050 | 2,559,545 | 2,654,397 | ||||||||||||
Gross margin | 5,650,619 | 6,162,351 | 11,248,440 | 11,868,637 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 2,695,162 | 2,032,394 | 5,654,381 | 3,995,020 | ||||||||||||
Sales and marketing | 3,236,516 | 3,457,416 | 6,546,342 | 7,092,413 | ||||||||||||
General and administrative | 1,178,469 | 1,298,604 | 2,646,629 | 2,537,783 | ||||||||||||
Total operating expenses | 7,110,147 | 6,788,414 | 14,847,352 | 13,625,216 | ||||||||||||
Operating loss | (1,459,528 | ) | (626,063 | ) | (3,598,912 | ) | (1,756,579 | ) | ||||||||
Other income | - | - | - | 2,590,361 | ||||||||||||
Interest income (expense) | 31,810 | (6,142 | ) | 48,374 | (30,757 | ) | ||||||||||
Net income (loss) | $ | (1,427,718 | ) | $ | (632,205 | ) | $ | (3,550,538 | ) | $ | 803,025 | |||||
Cumulative dividend on convertible preferred stock | (357,194 | ) | (357,518 | ) | (710,704 | ) | (711,107 | ) | ||||||||
Net income attributable to convertible preferred stock | - | - | (42,936 | ) | ||||||||||||
Net income (loss) attributable to common stockholders | $ | (1,784,912 | ) | $ | (989,723 | ) | $ | (4,261,242 | ) | $ | 48,982 | |||||
Net income (loss) per share attributed to common stockholder: | ||||||||||||||||
Basic | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | 0.00 | |||||
Diluted | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.07 | ) | $ | 0.00 | |||||
Weighted average number of common shares and equivalents: | ||||||||||||||||
Basic | 60,052,673 | 58,926,545 | 59,936,606 | 45,019,358 | ||||||||||||
Diluted | 60,052,673 | 58,926,545 | 59,936,606 | 45,728,732 | ||||||||||||
STEREOTAXIS, INC. | |||||||
BALANCE SHEETS | |||||||
June 30, 2019 |
December 31, 2018 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 8,471,914 | $ | 10,796,072 | |||
Accounts receivable, net of allowance of $502,251 and $398,847 in 2019 and 2018, respectively | 4,997,148 | 5,021,111 | |||||
Inventories, net | 1,560,116 | 1,191,666 | |||||
Prepaid expenses and other current assets | 514,408 | 963,700 | |||||
Total current assets | 15,543,586 | 17,972,549 | |||||
Property and equipment, net | 297,494 | 343,693 | |||||
Operating lease right-of-use assets | 5,245,842 | - | |||||
Other assets | 168,153 | 198,365 | |||||
Total assets | $ | 21,255,075 | $ | 18,514,607 | |||
Liabilities and stockholders' equity (deficit) | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,642,049 | $ | 1,726,360 | |||
Accrued liabilities | 2,376,058 | 2,642,481 | |||||
Deferred revenue | 6,537,988 | 5,825,536 | |||||
Current portion of operating lease liabilities | 2,223,023 | - | |||||
Total current liabilities | 12,779,118 | 10,194,377 | |||||
Long-term deferred revenue | 508,772 | 407,151 | |||||
Operating lease liabilities | 3,048,650 | - | |||||
Other liabilities | 260,947 | 641,461 | |||||
Total liabilities | 16,597,487 | 11,242,989 | |||||
Convertible preferred stock: | |||||||
Convertible preferred stock, par value $0.001; 10,000,000 shares authorized, 23,855 and 23,900 shares outstanding at 2019 and 2018 | 5,948,953 | 5,960,475 | |||||
Stockholders' equity (deficit): | |||||||
Common stock, par value $0.001; 300,000,000 shares authorized, 59,383,038 and 59,058,297 shares issued at 2019 and 2018, respectively | 59,383 | 59,058 | |||||
Additional paid-in capital | 479,127,279 | 478,179,574 | |||||
Treasury stock, 4,015 shares at 2019 and 2018 | (205,999 | ) | (205,999 | ) | |||
Accumulated deficit | (480,272,028 | ) | (476,721,490 | ) | |||
Total stockholders' equity (deficit) | (1,291,365 | ) | 1,311,143 | ||||
Total liabilities and stockholders' equity (deficit) | $ | 21,255,075 | $ | 18,514,607 | |||
Source: Stereotaxis, Inc.