Stereotaxis Reports 2019 Full Year Financial Results
“The past year was transformative for
Key accomplishments in 2019 include:
- Successful integration with Acutus Medical’s advanced mapping technology and implementation of an OpenMappingAPI software architecture.
- Launched the Genesis RMN System, a highly innovative next-generation robotic system, along with Stereotaxis Imaging Model S, a tightly-integrated x-ray solution developed in collaboration with Omega Medical.
- Entered into a strategic collaboration with
Osypka AGto develop a proprietary robotically-navigated magnetic ablation catheter and to support a long-term broad collaboration in electrophysiology.
- Celebrated the inaugural graduating class of the Robotic Electrophysiology Fellows Program and enrolled over forty fellows for the 2020 and 2021 graduating classes.
$25 millionin a private placement from select healthcare and growth oriented institutional investors.
- Listed Stereotaxis’ common stock on the NYSE American Exchange.
- Implemented broad integration with advanced preoperative mapping technologies from ADAS 3D, inHeart, and Catheter Precision.
- Thirty-four peer-reviewed scientific papers were published on
“Our commercial focus remains helping electrophysiologists build successful robotic ablation practices. We have developed a multifaceted infrastructure to support this goal. As we enter a phase of renewed robotic system sales,
“The highlight of the past year was the significant progress made in our innovation and collaboration strategy. We are proud of our robust investment in innovation and the positive impact that innovation will have on patients, physicians, providers, and on Stereotaxis’ financial and strategic foundation. We are also cognizant that the technologies we have announced represent just the initial forays into what we can and will do in electrophysiology and beyond.”
2019 Fourth Quarter and Full Year Financial Results
Revenue for the fourth quarter of 2019 totaled
Gross margin for the fourth quarter and full year 2019 were approximately 75% and 79%, respectively. Operating expenses in the fourth quarter were
Cash Balance and Liquidity
Forward Looking Expectations
Conference Call and Webcast
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 continue to manage expenses and cash burn rate at sustainable levels, 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 policy in
Chairman and Chief Executive Officer
Kimberly R. Peery
Chief Financial Officer
|STATEMENTS OF OPERATIONS|
|Three Months Ended
||Twelve Months Ended
|Disposables, service and accessories||6,335,049||6,729,561||25,850,174||27,764,564|
|Cost of revenue:|
|Disposables, service and accessories||810,196||898,646||3,738,914||3,928,521|
|Total cost of revenue||1,745,321||1,429,325||6,136,459||5,717,179|
|Research and development||1,615,941||2,223,587||9,021,403||8,219,387|
|Sales and marketing||3,066,414||3,054,404||12,733,389||12,965,920|
|General and administrative||1,651,881||1,147,467||5,838,158||4,901,170|
|Total operating expenses||6,334,236||6,425,458||27,592,950||26,086,477|
|Interest income (expense)||102,245||16,705||235,575||(16,566||)|
|Net income (loss)||$||(1,084,495||)||$||(569,974||)||$||(4,591,284||)||$||116,756|
|Cumulative dividend on convertible preferred stock||(358,049||)||(361,447||)||(1,429,400||)||(1,434,000||)|
|Net loss attributable to common stockholders||$||(1,442,544||)||$||(931,421||)||$||(6,020,684||)||$||(1,317,244||)|
|Net loss per share attributed to common stockholder:|
|Weighted average number of common shares and equivalents:|
|Cash and cash equivalents||$||30,182,115||$||10,796,072|
|Accounts receivable, net of allowance of
|Prepaid expenses and other current assets||1,470,922||963,700|
|Total current assets||38,830,144||17,972,549|
|Property and equipment, net||250,443||343,693|
|Operating lease right-of-use assets||4,286,064||-|
|Liabilities and stockholders' equity|
|Current portion of operating lease liabilities||2,248,189||-|
|Total current liabilities||12,160,845||10,194,377|
|Long-term deferred revenue||554,258||407,151|
|Operating lease liabilities||2,089,537||-|
|Series A - Convertible preferred stock:|
|Convertible preferred stock, Series A, par value
|Convertible preferred stock, Series B, par value
|Common stock, par value
|Additional paid-in capital||504,211,040||478,179,574|
|Total stockholders' equity||22,766,407||1,311,143|
|Total liabilities and stockholders' equity||$||43,584,754||$||18,514,607|
Source: Stereotaxis, Inc.