Print Page  Close Window
STEREOTAXIS, INC. filed this Form 8-K on 08/07/2018
Entire Document
 << Previous Page | Next Page >>


Gross margin in the quarter was $6.2 million, or 82% of revenue, compared to $6.3 million and 74% of revenue in the second quarter of 2017. Operating expenses in the second quarter were $6.8 million, up from $6.7 million in the prior year quarter. Operating loss and net loss in the second quarter were $(0.6) million.


Free cash flow in the second quarter was positive $0.4 million, compared to ($0.7) million in the year ago second quarter and ($2.0) million in the first quarter of 2018. Free cash flow in the second quarter was positively impacted by the timing of receivable collections, which negatively impacted the first quarter 2018. Negative free cash flow for the first half of 2018 was ($1.6) million, compared to ($3.4) million in the first half of 2017.


Cash Balance and Liquidity


At June 30, 2018, Stereotaxis had cash and cash equivalents of $12.0 million, no debt, and $3.1 million in unused borrowing capacity on its revolving credit facility, for total net liquidity of $15.1 million.


Full Year 2018 Expectations


The Company is reaffirming its expectation of continued year-over-year recurring revenue growth throughout 2018. For the full year 2018, expected recurring revenue of approximately $28 million would represent the highest annual level of recurring revenue the company has achieved in its history.


Operating expenses are expected to moderately increase in the second half of 2018 driven by R&D spending on strategic innovation initiatives. The benefits of these initiatives are expected to meaningfully contribute to revenue in 2019 and beyond. Stereotaxis’ balance sheet will allow the Company to deliver on its commercial and innovation initiatives over the coming years and reach profitability without the need for additional financings.


Conference Call and Webcast


Stereotaxis will host a conference call and webcast today, August 7, 2018, at 10:00 a.m. Eastern Time. To access the conference call, dial 855-719-5012 (US and Canada) or 1-334-323-0522 (International) and give the participant pass code 1337116. 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 is the global leader in innovative robotic technologies designed to enhance the treatment of arrhythmias and perform endovascular procedures. 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, improved lab efficiency and productivity, and enhanced integration of procedural information. Over 100 issued patents support the Stereotaxis platform. The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Japan, Canada, China, 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 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 the United States, 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 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 in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays.


Company Contacts:

David L. Fischel

Chairman and Chief Executive Officer


Martin C. Stammer

Chief Financial Officer




 << Previous Page | Next Page >>