Stereotaxis Reports 2020 Second Quarter Financial Results
“Stereotaxis responded to the challenges of COVID-19 with resilience, prudence and creativity. Despite a 21% year-over-year reduction in quarterly revenue caused by procedure declines, we have made significant progress in commercializing the Genesis RMN® System, advancing strategic innovations, and protecting Stereotaxis’ financial strength,” said
“The world’s first Genesis system was installed in July and has successfully treated patients. A second Genesis system is currently being installed. We continue to see significant interest in Genesis and have hosted 198 physicians and hospital administrators from 76 hospitals since April on TeleRobotic visits. Approximately 30% of these represent greenfield opportunities.”
“Stereotaxis is pioneering unique TeleRobotic connectivity solutions in electrophysiology and was pleased to host the Inaugural Symposium of the
“We finalized the design of Stereotaxis’ advanced robotically-navigated magnetic ablation catheter, produced the first batch of catheters with a newly established manufacturing process, and are now testing, refining and validating that process. Meaningful progress has been made on a wave of additional innovations within electrophysiology and beyond.”
“We responded prudently to the financial impact of COVID-19 by reducing expenses in a fashion that does not harm organizational capabilities or slow progress. The financing announced during the quarter leaves
2020 Second Quarter Financial Results
Revenue for the second quarter of 2020 totaled
Gross margin for the second quarter was
Cash Balance and Liquidity
At
Forward Looking Expectations
Cash utilization in the second half of the year is expected to be lower than in the first half of the year, and
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 |
Six Months Ended |
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2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Revenue: | ||||||||||||||||||||||
Systems | $ | 12,769 | $ | - | $ | 12,769 | $ | 58,051 | ||||||||||||||
Disposables, service and accessories | 5,086,156 | 6,546,115 | 10,595,867 | 13,256,873 | ||||||||||||||||||
Sublease | 246,530 | 251,996 | 493,060 | 493,061 | ||||||||||||||||||
Total revenue | 5,345,455 | 6,798,111 | 11,101,696 | 13,807,985 | ||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||
Systems | 157,514 | 6,201 | 222,536 | 57,365 | ||||||||||||||||||
Disposables, service and accessories | 680,937 | 894,760 | 1,320,800 | 2,009,119 | ||||||||||||||||||
Sublease | 246,530 | 246,531 | 493,060 | 493,061 | ||||||||||||||||||
Total cost of revenue | 1,084,981 | 1,147,492 | 2,036,396 | 2,559,545 | ||||||||||||||||||
Gross margin | 4,260,474 | 5,650,619 | 9,065,300 | 11,248,440 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Research and development | 1,976,942 | 2,695,162 | 4,086,112 | 5,654,381 | ||||||||||||||||||
Sales and marketing | 2,541,749 | 3,236,516 | 5,457,173 | 6,546,342 | ||||||||||||||||||
General and administrative | 1,663,456 | 1,178,469 | 3,496,181 | 2,646,629 | ||||||||||||||||||
Total operating expenses | 6,182,147 | 7,110,147 | 13,039,466 | 14,847,352 | ||||||||||||||||||
Operating loss | (1,921,673) | (1,459,528) | (3,974,166) | (3,598,912) | ||||||||||||||||||
Interest income | 567 | 31,810 | 81,529 | 48,374 | ||||||||||||||||||
Net loss | $ | (1,921,106) | $ | (1,427,718) | $ | (3,892,637) | $ | (3,550,538) | ||||||||||||||
Cumulative dividend on convertible preferred stock | (342,126) | (357,194) | (685,849) | (710,704) | ||||||||||||||||||
Loss attributable to common stockholders | $ | (2,263,232) | $ | (1,784,912) | $ | (4,578,486) | $ | (4,261,242) | ||||||||||||||
Net loss per share attributable to common stockholders: | ||||||||||||||||||||||
Basic | $ | (0.03) | $ | (0.03) | $ | (0.06) | $ | (0.07) | ||||||||||||||
Diluted | $ | (0.03) | $ | (0.03) | $ | (0.06) | $ | (0.07) | ||||||||||||||
Weighted average number of common shares and equivalents: | ||||||||||||||||||||||
Basic | 71,628,762 | 60,052,673 | 70,749,401 | 59,936,606 | ||||||||||||||||||
Diluted | 71,628,762 | 60,052,673 | 70,749,401 | 59,936,606 | ||||||||||||||||||
BALANCE SHEETS
December 31, 2019 | |||||||
Assets | (Unaudited) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 44,006,162 | $ | 30,182,115 | |||
Accounts receivable, net of allowance of |
3,041,100 | 5,329,577 | |||||
and |
|||||||
Inventories, net | 4,576,078 | 1,847,530 | |||||
Prepaid expenses and other current assets | 1,611,504 | 1,470,922 | |||||
Total current assets | 53,234,844 | 38,830,144 | |||||
Property and equipment, net | 263,039 | 250,443 | |||||
Operating lease right-of-use assets | 3,282,783 | 4,286,064 | |||||
Other assets | 269,542 | 218,103 | |||||
Total assets | $ | 57,050,208 | $ | 43,584,754 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 2,158,310 | $ | - | |||
Accounts payable | 1,571,679 | 2,099,097 | |||||
Accrued liabilities | 2,401,625 | 2,721,104 | |||||
Deferred revenue | 5,456,595 | 5,092,455 | |||||
Current portion of operating lease liabilities | 2,265,546 | 2,248,189 | |||||
Total current liabilities | 13,853,755 | 12,160,845 | |||||
Long-term deferred revenue | 508,772 | 554,258 | |||||
Operating lease liabilities | 1,069,090 | 2,089,537 | |||||
Other liabilities | 255,517 | 255,517 | |||||
Total liabilities | 15,687,134 | 15,060,157 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
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23,110 shares outstanding at 2020 and 2019, respectively | 5,682,141 | 5,758,190 | |||||
Stockholders’ equity: | |||||||
Convertible preferred stock, Series B, par value |
5,610 | 5,610 | |||||
shares authorized, 5,610,121 shares outstanding at 2020 and 2019 | |||||||
Common stock, par value |
|||||||
73,030,824 and 68,529,623 shares issued at 2020 and 2019, respectively | 73,031 | 68,530 | |||||
Additional paid in capital | 521,013,702 | 504,211,040 | |||||
(205,999) | (205,999) | ||||||
Accumulated deficit | (485,205,411) | (481,312,774) | |||||
Total stockholders’ equity | 35,680,933 | 22,766,407 | |||||
Total liabilities and stockholders’ equity | $ | 57,050,208 | $ | 43,584,754 | |||
Source: Stereotaxis, Inc.