Stereotaxis Reports 2018 Full Year Financial Results
- Record high annual recurring revenue of
$27.8 million ; 3% annual growth - Positive annual net income for the first time in Company history despite significantly increased R&D investments
- Innovation initiatives to be showcased in May at
Heart Rhythm Society meeting - Strong financial position to reach profitability without the need for additional financings
- Conference call today at
10:00 a.m. Eastern Time
“2018 was an extremely active year at
“We have made meaningful progress on our strategic innovation initiatives and look forward to showcasing our progress in the second quarter at the
“We achieved record recurring revenue for the year while establishing the foundational commercial infrastructure crucial for ensuring the success of robotic electrophysiology practices. With this commercial infrastructure now in place we have begun more actively engaging with customers to help them showcase their clinical and technological leadership. We expect this to create the right environment for increased demand for robotics, and combined with specific innovation, to support a return to more robust system revenue.”
“We are proud that this fundamental progress was accomplished while maintaining financial discipline. Despite a significantly increased investment in R&D, the Company achieved a milestone of positive annual net income in 2018.”
2018 Fourth Quarter and Full Year Financial Results
Revenue for the fourth quarter of 2018 totaled
Gross margin for the fourth quarter and full year 2018 was approximately 80%. Operating expenses in the fourth quarter were
Cash Balance and Liquidity
At
Full Year 2019 Expectations
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
Martin C. Stammer
Chief Financial Officer
314-678-6100
investors@stereotaxis.com
STEREOTAXIS, INC. | |||||||||||||||
STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue: | |||||||||||||||
Systems | $ | 538,543 | $ | 630,927 | $ | 1,582,053 | $ | 4,275,798 | |||||||
Disposables, service and accessories | 6,729,561 | 6,924,740 | 27,764,564 | 26,868,302 | |||||||||||
Total revenue | 7,268,104 | 7,555,667 | 29,346,617 | 31,144,100 | |||||||||||
Cost of revenue: | |||||||||||||||
Systems | 530,679 | 4,169,883 | 1,788,658 | 6,199,643 | |||||||||||
Disposables, service and accessories | 898,646 | 1,204,116 | 3,928,521 | 4,554,596 | |||||||||||
Total cost of revenue | 1,429,325 | 5,373,999 | 5,717,179 | 10,754,239 | |||||||||||
Gross margin | 5,838,779 | 2,181,668 | 23,629,438 | 20,389,861 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 2,223,587 | 1,727,307 | 8,219,387 | 6,704,200 | |||||||||||
Sales and marketing | 3,054,404 | 3,148,096 | 12,965,920 | 13,627,724 | |||||||||||
General and administrative | 1,147,467 | 1,056,020 | 4,901,170 | 5,977,534 | |||||||||||
Total operating expenses | 6,425,458 | 5,931,423 | 26,086,477 | 26,309,458 | |||||||||||
Operating loss | (586,679 | ) | (3,749,755 | ) | (2,457,039 | ) | (5,919,597 | ) | |||||||
Other income | - | 1,241,510 | 2,590,361 | 212,031 | |||||||||||
Interest income (expense) | 16,705 | (44,509 | ) | (16,566 | ) | (179,844 | ) | ||||||||
Net income (loss) | $ | (569,974 | ) | $ | (2,552,754 | ) | $ | 116,756 | $ | (5,887,410 | ) | ||||
Cumulative dividend on convertible preferred stock | (361,447 | ) | (361,447 | ) | (1,434,000 | ) | (1,432,259 | ) | |||||||
Net loss attributable to common stockholders | $ | (931,421 | ) | $ | (2,914,201 | ) | $ | (1,317,244 | ) | $ | (7,319,669 | ) | |||
Net loss per share attributed to common stockholder: | |||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.13 | ) | $ | (0.03 | ) | $ | (0.32 | ) | |||
Diluted | $ | (0.02 | ) | $ | (0.13 | ) | $ | (0.03 | ) | $ | (0.32 | ) | |||
Weighted average number of common shares and equivalents: | |||||||||||||||
Basic | 59,053,073 | 22,800,459 | 52,082,618 | 22,614,248 | |||||||||||
Diluted | 59,053,073 | 22,800,459 | 52,082,618 | 22,614,248 | |||||||||||
Certain prior year amounts have been reclassified to conform to the 2018 presentation. |
STEREOTAXIS, INC. | |||||||
BALANCE SHEETS | |||||||
December 31, 2018 |
December 31, 2017 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 10,796,072 | $ | 3,686,302 | |||
Accounts receivable, net of allowance of $398,847 and $361,350 in 2018 and 2017, respectively | 5,021,111 | 4,287,255 | |||||
Inventories, net | 1,191,666 | 1,146,971 | |||||
Prepaid expenses and other current assets | 963,700 | 750,085 | |||||
Total current assets | 17,972,549 | 9,870,613 | |||||
Property and equipment, net | 343,693 | 592,688 | |||||
Intangible assets, net | - | 159,470 | |||||
Other assets | 198,365 | 44,432 | |||||
Total assets | $ | 18,514,607 | $ | 10,667,203 | |||
Liabilities and stockholders' equity (deficit) | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,726,360 | $ | 1,654,101 | |||
Accrued liabilities | 2,642,481 | 3,195,247 | |||||
Deferred revenue | 5,825,536 | 5,702,769 | |||||
Warrants | - | 19,574,977 | |||||
Total current liabilities | 10,194,377 | 30,127,094 | |||||
Long-term deferred revenue | 407,151 | 611,863 | |||||
Other liabilities | 641,461 | 535,369 | |||||
Total liabilities | 11,242,989 | 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' equity (deficit): | |||||||
Common stock, par value $0.001; 300,000,000 shares authorized, 59,058,297 and 22,805,731 shares issued at 2018 and 2017, respectively | 59,058 | 22,806 | |||||
Additional paid-in capital | 478,179,574 | 450,748,403 | |||||
Treasury stock, 4,015 shares at 2018 and 2017 | (205,999 | ) | (205,999 | ) | |||
Accumulated deficit | (476,721,490 | ) | (477,132,808 | ) | |||
Total stockholders' equity (deficit) | 1,311,143 | (26,567,598 | ) | ||||
Total liabilities and stockholders' equity (deficit) | $ | 18,514,607 | $ | 10,667,203 | |||