Stereotaxis
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8-K
STEREOTAXIS, INC. filed this Form 8-K on 03/12/2019
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2018 Fourth Quarter and Full Year Financial Results

 

Revenue 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.

 

Gross 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.

 

Cash Balance and Liquidity

 

At 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.

 

Full Year 2019 Expectations

 

Stereotaxis 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.

 

Conference Call and Webcast

 

Stereotaxis 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.

 

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 www.stereotaxis.com.

 

 
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