Stereotaxis Reports 2019 Third Quarter Financial Results
“The third quarter was highlighted by successful reengagement with the capital markets, meaningful progress in our commercial growth strategy, and continued innovation and industry collaboration,” said
“In the quarter, we listed on the NYSE American exchange and closed a
“Our revenue growth and net income in the quarter is reflective of the positive impact a resurgence of robotic system sales can have on our financial performance.
“Development of Stereotaxis’ proprietary catheter continues to advance well in accordance with previously disclosed timelines. The multiple, recently announced collaborations to integrate advanced preoperative mapping information enhance the robotic ecosystem and will increasingly drive personalized patient-specific therapy in electrophysiology.”
Third Quarter 2019 Financial Results
Revenue for the third quarter of 2019 totaled
Gross margin in the quarter was
Operating and net income for the quarter were both near breakeven, with an operating loss of
Cash Balance and Liquidity
At
Forward Looking Expectations
Stereotaxis’ innovation accomplishments support an expectation of robust revenue growth in 2020, accelerating throughout the year.
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
Kimberly R. Peery
Chief Financial Officer
314-678-6100
investors@stereotaxis.com
STEREOTAXIS, INC. | ||||||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenue: | ||||||||||||||||
Systems | $ | 1,696,964 | $ | 715,484 | $ | 1,755,015 | $ | 1,043,510 | ||||||||
Disposables, service and accessories | 6,258,252 | 6,839,995 | 19,515,125 | 21,035,002 | ||||||||||||
Sublease | 246,532 | - | 739,593 | - | ||||||||||||
Total revenue | 8,201,748 | 7,555,479 | 22,009,733 | 22,078,512 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Systems | 665,463 | 596,869 | 722,828 | 1,257,980 | ||||||||||||
Disposables, service and accessories | 919,599 | 1,036,589 | 2,928,718 | 3,029,875 | ||||||||||||
Sublease | 246,531 | - | 739,592 | - | ||||||||||||
Total cost of revenue | 1,831,593 | 1,633,458 | 4,391,138 | 4,287,855 | ||||||||||||
Gross margin | 6,370,155 | 5,922,021 | 17,618,595 | 17,790,657 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 1,751,081 | 2,000,780 | 7,405,462 | 5,995,800 | ||||||||||||
Sales and marketing | 3,120,632 | 2,819,101 | 9,666,975 | 9,911,514 | ||||||||||||
General and administrative | 1,539,648 | 1,215,920 | 4,186,277 | 3,753,703 | ||||||||||||
Total operating expenses | 6,411,361 | 6,035,801 | 21,258,714 | 19,661,017 | ||||||||||||
Operating loss | (41,206 | ) | (113,780 | ) | (3,640,119 | ) | (1,870,360 | ) | ||||||||
Other income | - | - | - | 2,590,361 | ||||||||||||
Interest income (expense) | 84,954 | (2,515 | ) | 133,329 | (33,271 | ) | ||||||||||
Net income (loss) | $ | 43,748 | $ | (116,295 | ) | $ | (3,506,790 | ) | $ | 686,730 | ||||||
Cumulative dividend on convertible preferred stock | (360,647 | ) | (361,447 | ) | (1,071,351 | ) | (1,072,553 | ) | ||||||||
Net loss attributable to common stockholders | $ | (316,899 | ) | $ | (477,742 | ) | $ | (4,578,141 | ) | $ | (385,823 | ) | ||||
Net loss per share attributed to common stockholder: | ||||||||||||||||
Basic | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.01 | ) | ||||
Diluted | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.01 | ) | ||||
Weighted average number of common shares and equivalents: | ||||||||||||||||
Basic | 64,294,153 | 59,008,219 | 61,405,083 | 49,733,553 | ||||||||||||
Diluted | 64,294,153 | 59,008,219 | 61,405,083 | 49,733,553 | ||||||||||||
STEREOTAXIS, INC. | |||||||
BALANCE SHEETS | |||||||
September 30, 2019 |
December 31, 2018 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 31,650,559 | $ | 10,796,072 | |||
Accounts receivable, net of allowance of $368,191 and $398,847 in 2019 and 2018, respectively | 3,830,395 | 5,021,111 | |||||
Inventories, net | 1,546,716 | 1,191,666 | |||||
Prepaid expenses and other current assets | 1,022,322 | 963,700 | |||||
Total current assets | 38,049,992 | 17,972,549 | |||||
Property and equipment, net | 270,751 | 343,693 | |||||
Operating lease right-of-use assets | 4,771,187 | - | |||||
Other assets | 214,042 | 198,365 | |||||
Total assets | $ | 43,305,972 | $ | 18,514,607 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,031,975 | $ | 1,726,360 | |||
Accrued liabilities | 2,641,254 | 2,642,481 | |||||
Deferred revenue | 5,283,783 | 5,825,536 | |||||
Current portion of operating lease liabilities | 2,235,465 | - | |||||
Total current liabilities | 11,192,477 | 10,194,377 | |||||
Long-term deferred revenue | 560,508 | 407,151 | |||||
Operating lease liabilities | 2,574,469 | - | |||||
Other liabilities | 260,947 | 641,461 | |||||
Total liabilities | 14,588,401 | 11,242,989 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value $0.001; 23,780 and 23,900 shares outstanding at 2019 and 2018 |
5,929,749 | 5,960,475 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value $0.001; 10,000,000 shares authorized, 5,610,000 and no shares outstanding at 2019 and 2018 |
5,610 | - | |||||
Common stock, par value $0.001; 300,000,000 shares authorized, 66,677,111 and 59,058,297 shares issued at 2019 and 2018, respectively |
66,677 | 59,058 | |||||
Additional paid-in capital | 503,149,814 | 478,179,574 | |||||
Treasury stock, 4,015 shares at 2019 and 2018 | (205,999 | ) | (205,999 | ) | |||
Accumulated deficit | (480,228,280 | ) | (476,721,490 | ) | |||
Total stockholders' equity | 22,787,822 | 1,311,143 | |||||
Total liabilities and stockholders' equity | $ | 43,305,972 | $ | 18,514,607 | |||
Source: Stereotaxis, Inc.