Stereotaxis Reports 2018 First Quarter Financial Results
- 3% year-over-year growth in recurring revenue
- Continued progress on strategic innovation initiatives; collaboration with Acutus Medical
- Increasing quantity and quality of peer-reviewed clinical validation
- Strong financial position to reach profitability without the need for additional financings
- Conference call today at
10:00 a.m. Eastern Time
“We continue to improve our commercial execution, advance our strategic innovation initiatives, add to the robust body of clinical literature supporting our technology, and do all this while being financially disciplined and attentive to shareholder value,” said
“The positive recent trend of recurring revenue growth continued in the first quarter. Our commercial focus remains supporting electrophysiologists build successful robotic ablation practices. We have a well-defined multi-pronged strategy to do so. We are confident that year-over-year growth in recurring revenue will persist in the coming quarters followed by a period where we can reinvigorate system sales.”
“We are advancing multiple strategic innovation initiatives internally and in collaboration with others. We are very excited by the recently announced collaboration with Acutus Medical and believe our joint efforts will meaningfully advance patient care and the physician experience in electrophysiology, particularly in the wide range of arrhythmias that are difficult to diagnose and treat effectively with traditional technologies. Our recent CE Mark expanded labeling for usage of the Niobe® magnetic navigation system in the pericardial space represents the first approval for our technology outside of the vascular system and provides electrophysiologists with additional capabilities when treating complex arrhythmias. We are confident in our broader innovation strategy and additional details will be provided as appropriate.”
“The increase in quantity and quality of peer-reviewed clinical literature supporting our technology continues. Eighteen publications have showcased our technology year-to-date, compared to thirty-seven in all of 2017 and twenty-two in 2016. A recent publication by Yuan et al from
“We appreciate the continued support of our shareholders. The additional capital we were able to raise in the first quarter from the non-dilutive early warrant exercise places us in a strong financial position to execute on our initiatives without the need for additional financings.”
First Quarter 2018 Financial Results
Revenue for the first quarter of 2018 totaled
Gross margin in the quarter was
Cash burn for the first quarter was
Cash Balance and Liquidity
At
Full Year 2018 Expectations
Consistent with the positive trend experienced in recent quarters,
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
Chief Financial Officer
314-678-6100
investors@stereotaxis.com
STEREOTAXIS, INC. | |||||||
STATEMENTS OF OPERATIONS | |||||||
(Unaudited) | |||||||
Three Months Ended March 31, |
|||||||
2018 | 2017 | ||||||
Revenue: | |||||||
Systems | $ | 17,275 | $ | 218,895 | |||
Disposables, service and accessories | 6,954,357 | 6,758,777 | |||||
Total revenue | 6,971,632 | 6,977,672 | |||||
Cost of revenue: | |||||||
Systems | 203,602 | 220,443 | |||||
Disposables, service and accessories | 1,061,745 | 1,036,182 | |||||
Total cost of revenue | 1,265,347 | 1,256,625 | |||||
Gross margin | 5,706,285 | 5,721,047 | |||||
Operating expenses: | |||||||
Research and development | 1,962,626 | 1,600,877 | |||||
Sales and marketing | 3,634,997 | 3,781,448 | |||||
General and administrative | 1,239,179 | 2,241,580 | |||||
Total operating expenses | 6,836,802 | 7,623,905 | |||||
Operating loss | (1,130,517 | ) | (1,902,858 | ) | |||
Other income | 2,590,361 | 3,129,308 | |||||
Interest expense (net) | (24,615 | ) | (49,483 | ) | |||
Net income | $ | 1,435,229 | $ | 1,176,967 | |||
Cumulative dividend on convertible preferred stock | (353,589 | ) | (363,188 | ) | |||
Net income attributable to convertible preferred stock | (610,280 | ) | (509,323 | ) | |||
Earnings attributable to common stockholders | $ | 471,360 | $ | 304,456 | |||
Net income per share attributed to common stockholder: | |||||||
Basic | $ | 0.02 | $ | 0.01 | |||
Diluted | $ | 0.01 | $ | 0.01 | |||
Weighted average number of common shares and equivalents: | |||||||
Basic | 30,957,648 | 22,318,000 | |||||
Diluted | 33,122,598 | 22,331,683 | |||||
Certain prior year amounts have been reclassified to conform to the 2018 presentation. | |||||||
STEREOTAXIS, INC. | |||||||
BALANCE SHEETS | |||||||
March 31, 2018 |
December 31, 2017 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 11,613,713 | $ | 3,686,302 | |||
Accounts receivable, net of allowance of $303,688 and $361,350 in 2018 and 2017, respectively | 6,637,588 | 4,287,255 | |||||
Inventories, net | 1,446,574 | 1,146,971 | |||||
Prepaid expenses and other current assets | 742,075 | 750,085 | |||||
Total current assets | 20,439,950 | 9,870,613 | |||||
Property and equipment, net | 462,213 | 592,688 | |||||
Intangible assets, net | 142,973 | 159,470 | |||||
Other assets | 282,199 | 44,432 | |||||
Total assets | $ | 21,327,335 | $ | 10,667,203 | |||
Liabilities and stockholders' deficit | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,819,423 | $ | 1,654,101 | |||
Accrued liabilities | 2,947,677 | 3,195,247 | |||||
Deferred revenue | 7,136,065 | 5,702,769 | |||||
Warrants | - | 19,574,977 | |||||
Total current liabilities | 11,903,165 | 30,127,094 | |||||
Long-term deferred revenue | 560,649 | 611,863 | |||||
Other liabilities | 580,866 | 535,369 | |||||
Total liabilities | 13,044,680 | 31,274,326 | |||||
Convertible preferred stock: | |||||||
Convertible preferred stock, par value $0.001; 10,000,000 shares authorized, 23,900 shares outstanding at 2018 and 2017 | 5,960,475 | 5,960,475 | |||||
Stockholders' deficit: | |||||||
Common stock, par value $0.001; 300,000,000 shares authorized, 58,901,126 and 22,805,731 shares issued at 2018 and 2017, respectively | 58,901 | 22,806 | |||||
Additional paid-in capital | 477,872,296 | 450,748,403 | |||||
Treasury stock, 4,015 shares at 2018 and 2017 | (205,999 | ) | (205,999 | ) | |||
Accumulated deficit | (475,403,018 | ) | (477,132,808 | ) | |||
Total stockholders' equity (deficit) | 2,322,180 | (26,567,598 | ) | ||||
Total liabilities and stockholders' equity (deficit) | $ | 21,327,335 | $ | 10,667,203 | |||