Stereotaxis Reports 2015 First Quarter Financial Results
- Total Revenue Increased 14% over Prior Year First Quarter -
- System Revenue Increased 112% Year over Year -
- Operating Loss Decreased 37% Year over Year -
- Silicon Valley Bank Credit Facility Extended by Three Years -
- Industry Veteran Duane DeSisto Appointed to Board of Directors -
- Company to Exhibit at
- Conference Call Today at
"The significant year-over-year gains we achieved in system and total revenue for the quarter reflect progress with our ongoing initiatives to improve commercial results," said
Mr. Mills continued, "In the U.S., we plan to work toward expanded functionality of our Vdrive® robotic navigation system, following the recent clearance of additional disposable devices. With three Vdrive system disposables cleared for use in the U.S., physicians can fully avail themselves of the dual arm capabilities of the Vdrive Duo™ system to improve procedural workflow and results.
"The outstanding clinical safety, efficacy and efficiency of our technology compared to manual modalities across the spectrum of complex ablation cases continue to be supported by expanding clinical evidence and the corroboration of respected electrophysiologists worldwide. We look forward to sharing new findings and observations from some of the world's leading investigators, along with our most recent product innovations, at the upcoming
Mr. Mills concluded, "During the quarter, the strength of our technology franchise was further affirmed by a three-year extension of our revolving credit facility with our valued banking partner
First Quarter 2015 Financial Results
Revenue for the first quarter of 2015 totaled
The Company generated new capital orders of
Gross margin in the quarter was
Operating loss in the first quarter was
Net loss for the 2015 first quarter was
At
Conference Call and Webcast
About
The core components of
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 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 the recently enacted healthcare reform in the U.S., 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
| STEREOTAXIS, INC. | ||
| STATEMENTS OF OPERATIONS | ||
| (Unaudited) | ||
|
Three Months Ended March 31, |
||
| 2015 | 2014 | |
| Revenue | ||
| Systems | $ 2,831,178 | $ 1,334,854 |
| Disposables, service and accessories | 6,699,848 | 7,019,816 |
| Total revenue | 9,531,026 | 8,354,670 |
| Cost of revenue | ||
| Systems | 1,400,267 | 559,428 |
| Disposables, service and accessories | 1,230,370 | 1,059,658 |
| Total cost of revenue | 2,630,637 | 1,619,086 |
| Gross margin | 6,900,389 | 6,735,584 |
| Operating expenses: | ||
| Research and development | 1,485,706 | 1,503,446 |
| Sales and marketing | 4,034,371 | 3,631,264 |
| General and administrative | 2,794,590 | 3,829,866 |
| Total operating expenses | 8,314,667 | 8,964,576 |
| Operating loss | (1,414,278) | (2,228,992) |
| Other expense | ( 892,377 ) | ( 1,076,139 ) |
| Interest income | 862 | 2,233 |
| Interest expense | (829,788) | (836,950) |
| Net loss | $ (3,135,581) | $ (4,139,848) |
| Net loss per common share: | ||
| Basic | $ (0.15) | $ (0.21) |
| Diluted | $ (0.15) | $ (0.21) |
| Weighted average shares used in computing net loss per common share: | ||
| Basic | 20,742,932 | 19,403,325 |
| Diluted | 20,742,932 | 19,403,325 |
| STEREOTAXIS, INC. | ||
| BALANCE SHEETS | ||
|
March 31, 2015 |
December 31, 2014 |
|
| (Unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 4,438,533 | $ 7,270,301 |
| Accounts receivable, net of allowance of $131,898 and $131,464 in 2015 and 2014, respectively | 7,736,618 | 6,480,499 |
| Inventories | 6,376,082 | 6,371,903 |
| Prepaid expenses and other current assets | 946,819 | 1,094,837 |
| Total current assets | 19,498,052 | 21,217,540 |
| Property and equipment, net | 876,882 | 894,728 |
| Intangible assets, net | 1,304,694 | 1,379,653 |
| Other assets | 352,867 | 388,850 |
| Total assets | $ 22,032,495 | $ 23,880,771 |
| Liabilities and stockholders' deficit | ||
| Current liabilities: | ||
| Accounts payable | $ 2,603,628 | $ 2,353,133 |
| Accrued liabilities | 5,241,921 | 5,505,142 |
| Deferred revenue | 6,318,529 | 6,658,170 |
| Warrants | 3,026,564 | 2,134,187 |
| Total current liabilities | 17,190,642 | 16,650,632 |
| Long-term debt, less current maturities | 18,319,895 | 18,388,764 |
| Long-term deferred revenue | 963,356 | 976,165 |
| Other liabilities | 339,246 | 414,928 |
| Stockholders' deficit: | ||
| Preferred stock, par value $0.001; 10,000,000 shares authorized, none outstanding at 2015 and 2014 | -- | -- |
| Common stock, par value $0.001; 300,000,000 shares authorized, 20,911,838 and 20,480,874 shares issued at 2015 and 2014, respectively | 20,912 | 20,481 |
| Additional paid-in capital | 447,145,927 | 446,241,703 |
| Treasury stock, 4,015 shares at 2015 and 2014 | (205,999) | (205,999) |
| Accumulated deficit | (461,741,484) | (458,605,903) |
| Total stockholders' deficit | (14,780,644) | (12,549,718) |
| Total liabilities and stockholders' deficit | $ 22,032,495 | $ 23,880,771 |
CONTACT: Company Contact:
Martin C. Stammer
Chief Financial Officer
314-678-6155
Investor Contact:
Todd Kehrli / Jim Byers MKR Group, Inc.
323-468-2300
stxs@mkr-group.com
