Stereotaxis Reports 2020 First Quarter Financial Results
“Despite the challenges and disruptions inflicted by COVID-19,
“Our financial performance late in the quarter was impacted by broad-based reductions in procedure volumes as hospitals globally curtailed activity to lessen infection risk, preserve equipment, and focus their resources on battling the pandemic. This impacted revenue from disposables and temporarily disrupted the completion of certain project-specific service activities.
“While the pandemic has slowed progress on multiple Genesis purchase orders we had expected to announce at this time, we continue to see significant interest in Genesis. Over the last three weeks we hosted 51 physicians from 29 hospitals on TeleRobotic visits to remotely view and test drive the Genesis system. Progress on the two Genesis orders previously announced continues without interruption, with installations and revenue recognition expected in early summer.”
“We continue to make progress on strategic innovations and look forward to finalizing the design of Stereotaxis’ advanced robotically-navigated magnetic ablation catheter in the near term. We are delighted with its performance and the feedback provided by expert physicians.”
“We are addressing the financial impact of COVID-19 by reducing expenses in a manner that ensures long-term financial stability, maintains our organizational capabilities, and does not negatively impact our progress. In April we received a
2020 First Quarter Financial Results
Revenue for the first quarter of 2020 totaled
Gross margin for the first quarter was
Cash Balance and Liquidity
At
Forward Looking Expectations
Given the impact of COVID-19,
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 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
Company Contacts:
Chairman and Chief Executive Officer
Kimberly R. Peery
Chief Financial Officer
314-678-6100
investors@stereotaxis.com
STATEMENTS OF OPERATIONS | |||||||
(Unaudited) | |||||||
Three Months Ended |
|||||||
2020 | 2019 | ||||||
Revenue: | |||||||
Systems | $ | - | $ | 58,051 | |||
Disposables, service and accessories | 5,509,711 | 6,710,759 | |||||
Sublease | 246,530 | 241,065 | |||||
Total revenue | 5,756,241 | 7,009,875 | |||||
Cost of revenue: | |||||||
Systems | 65,022 | 51,163 | |||||
Disposables, service and accessories | 639,863 | 1,114,360 | |||||
Sublease | 246,530 | 246,530 | |||||
Total cost of revenue | 951,415 | 1,412,053 | |||||
Gross margin | 4,804,826 | 5,597,822 | |||||
Operating expenses: | |||||||
Research and development | 2,109,170 | 2,959,219 | |||||
Sales and marketing | 2,915,424 | 3,309,829 | |||||
General and administrative | 1,832,726 | 1,468,160 | |||||
Total operating expenses | 6,857,320 | 7,737,208 | |||||
Operating loss | (2,052,494 | ) | (2,139,386 | ) | |||
Interest income | 80,963 | 16,566 | |||||
Net loss | $ | (1,971,531 | ) | $ | (2,122,820 | ) | |
Cumulative dividend on convertible preferred stock | (343,723 | ) | (353,510 | ) | |||
Net loss attributable to common stockholders | $ | (2,315,254 | ) | $ | (2,476,330 | ) | |
Net loss per share attributed to common stockholder: | |||||||
Basic | $ | (0.03 | ) | $ | (0.04 | ) | |
Diluted | $ | (0.03 | ) | $ | (0.04 | ) | |
Weighted average number of common shares and equivalents: | |||||||
Basic | 69,870,040 | 59,196,652 | |||||
Diluted | 69,870,040 | 59,196,652 |
BALANCE SHEETS | |||||||
2020 |
2019 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 28,024,723 | $ | 30,182,115 | |||
Accounts receivable, net of allowance of |
4,615,078 | 5,329,577 | |||||
Inventories, net | 3,170,140 | 1,847,530 | |||||
Prepaid expenses and other current assets | 1,390,503 | 1,470,922 | |||||
Total current assets | 37,200,444 | 38,830,144 | |||||
Property and equipment, net | 220,324 | 250,443 | |||||
Operating lease right-of-use assets | 3,790,044 | 4,286,064 | |||||
Long-term receivables | 95,483 | - | |||||
Other assets | 196,674 | 218,103 | |||||
Total assets | $ | 41,502,969 | $ | 43,584,754 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,002,297 | $ | 2,099,097 | |||
Accrued liabilities | 2,342,197 | 2,721,104 | |||||
Deferred revenue | 5,266,715 | 5,092,455 | |||||
Current portion of operating lease liabilities | 2,255,875 | 2,248,189 | |||||
Total current liabilities | 11,867,084 | 12,160,845 | |||||
Long-term deferred revenue | 510,689 | 554,258 | |||||
Operating lease liabilities | 1,585,928 | 2,089,537 | |||||
Other liabilities | 255,517 | 255,517 | |||||
Total liabilities | 14,219,218 | 15,060,157 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
5,709,027 | 5,758,190 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value |
5,610 | 5,610 | |||||
Common stock, par value |
69,041 | 68,530 | |||||
Additional paid-in capital | 504,990,377 | 504,211,040 | |||||
|
(205,999 | ) | (205,999 | ) | |||
Accumulated deficit | (483,284,305 | ) | (481,312,774 | ) | |||
Total stockholders' equity | 21,574,724 | 22,766,407 | |||||
Total liabilities and stockholders' equity | $ | 41,502,969 | $ | 43,584,754 |
Source: Stereotaxis, Inc.