Fourth Quarter and Full Year Financial Results
for the fourth quarter of 2018 totaled $7.3 million. Recurring revenue for the quarter was $6.7 million and system revenue was
$0.5 million. Revenue for the full year 2018 totaled $29.3 million. Recurring revenue for the full year 2018 of $27.8 million
represents a 3% increase above the recurring revenue for the full year 2017. System revenue for the full year 2018 of $1.6 million
declined from $4.3 million in 2017, primarily reflecting the impact from the shipment of two Niobe® Systems to
an international distributor in 2017.
margin for the fourth quarter and full year 2018 was approximately 80%. Operating expenses in the fourth quarter were $6.4 million,
up from $5.9 million in the prior year quarter, predominantly driven by increased investment in R&D. Operating expenses for
the full year 2018 totaled $26.1 million, down slightly from $26.3 million in 2017, with increased R&D investment offset by
decreased general and administrative expenses. Operating loss and net loss in the fourth quarter were ($0.6) million. Operating
loss and net income for the full year 2018 were ($2.5) million and $0.1 million, respectively. Negative free cash flow for the
full year 2018 was ($2.8) million, compared to ($4.8) million for the full year 2017. The net income for 2018 represents the first
full year of positive net income for the Company in its history.
Balance and Liquidity
December 31, 2018, Stereotaxis had cash and cash equivalents of $10.8 million, no debt, and $3.3 million in unused borrowing capacity
on its revolving credit facility, for total net liquidity of $14.1 million.
Year 2019 Expectations
enters 2019 with a solid plan for progress and a healthy financial foundation to execute on the plan. Stereotaxis expects its
innovation initiatives to contribute to growth in systems revenue in 2019. Operating expenses are expected to moderately increase
in 2019, primarily driven by increased R&D investment. 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.
Call and Webcast
will host a conference call and webcast today, March 12, 2019, at 10:00 a.m. Eastern Time. To access the conference call, dial
1-866-288-0540 (US and Canada) or 1-323-994-2131 (International) and give the participant pass code 5798362. 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 www.stereotaxis.com.
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 www.stereotaxis.com.