Stereotaxis Reports 2021 First Quarter Financial Results
“The highlight of the first quarter is Stereotaxis’ return to robust double digit revenue growth with 50% topline growth,” said
“During the quarter two robotic systems were shipped to hospitals establishing new robotic electrophysiology practices, triggering partial revenue recognition of those systems. Since the quarterly results two months ago, we received an additional purchase order for a robotic system in the United States.”
“We continue to advance a robust innovation pipeline. Our proprietary robotically-navigated magnetic ablation catheter is advancing methodically through required manufacturing and testing processes. We anticipate submitting for regulatory approval in
“Our commercial and technological progress is being accomplished while remaining prudent with shareholder capital. We continue to invest in the team, infrastructure and projects that are critical for both near and long-term success, and are proud that we are able to do so while maintaining financial discipline.”
2021 First Quarter Financial Results
Revenue for the first quarter of 2021 totaled
Gross margin for the first quarter of 2021 was 70% of revenue, with system gross margin of 45% and recurring revenue gross margin of 84%. Operating expenses in the quarter were
Operating loss and net loss for the first quarter of 2021 were
Cash Balance and Liquidity
At
Forward Looking 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 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
Chief Financial Officer
314-678-6100
investors@stereotaxis.com
STATEMENTS OF OPERATIONS | |||||||
(Unaudited) | |||||||
Three Months Ended |
|||||||
2021 | 2020 | ||||||
Revenue: | |||||||
Systems | $ | 2,602,512 | $ | - | |||
Disposables, service and accessories | 5,773,516 | 5,509,711 | |||||
Sublease | 246,530 | 246,530 | |||||
Total revenue | 8,622,558 | 5,756,241 | |||||
Cost of revenue: | |||||||
Systems | 1,435,535 | 65,022 | |||||
Disposables, service and accessories | 924,618 | 639,863 | |||||
Sublease | 246,530 | 246,530 | |||||
Total cost of revenue | 2,606,683 | 951,415 | |||||
Gross margin | 6,015,875 | 4,804,826 | |||||
Operating expenses: | |||||||
Research and development | 2,367,041 | 2,109,170 | |||||
Sales and marketing | 2,947,216 | 2,915,424 | |||||
General and administrative | 2,229,739 | 1,832,726 | |||||
Total operating expenses | 7,543,996 | 6,857,320 | |||||
Operating loss | (1,528,121 | ) | (2,052,494 | ) | |||
Interest income (expense), net | (4,276 | ) | 80,963 | ||||
Net loss | $ | (1,532,397 | ) | $ | (1,971,531 | ) | |
Cumulative dividend on convertible preferred stock | (332,551 | ) | (343,723 | ) | |||
Net loss attributable to common stockholders | $ | (1,864,948 | ) | $ | (2,315,254 | ) | |
Net loss per share attributed to common stockholder: | |||||||
Basic | $ | (0.02 | ) | $ | (0.03 | ) | |
Diluted | $ | (0.02 | ) | $ | (0.03 | ) | |
Weighted average number of common shares and equivalents: | |||||||
Basic | 75,175,412 | 69,870,040 | |||||
Diluted | 75,175,412 | 69,870,040 | |||||
BALANCE SHEETS | |||||||
2021 |
2020 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 42,452,713 | $ | 43,939,512 | |||
Restricted cash - current | 1,336,000 | - | |||||
Compensating cash arrangement | 250,919 | 250,620 | |||||
Accounts receivable, net of allowance of |
7,290,762 | 3,515,136 | |||||
Inventories, net | 3,536,300 | 3,295,457 | |||||
Prepaid expenses and other current assets | 1,674,554 | 1,716,014 | |||||
Total current assets | 56,541,248 | 52,716,739 | |||||
Property and equipment, net | 202,504 | 195,129 | |||||
Restricted cash | 93,331 | - | |||||
Operating lease right-of-use assets | 1,695,664 | 2,235,442 | |||||
Other assets | 284,946 | 308,515 | |||||
Total assets | $ | 58,817,693 | $ | 55,455,825 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 1,914,692 | $ | 1,185,058 | |||
Accounts payable | 2,270,432 | 1,608,636 | |||||
Accrued liabilities | 2,578,298 | 3,209,235 | |||||
Deferred revenue | 8,188,296 | 5,282,770 | |||||
Current portion of operating lease liabilities | 1,734,699 | 2,287,487 | |||||
Total current liabilities | 16,686,417 | 13,573,186 | |||||
Long-term debt | 243,617 | 973,252 | |||||
Long-term deferred revenue | 1,328,272 | 548,915 | |||||
Other liabilities | 210,096 | 131,231 | |||||
Total liabilities | 18,468,402 | 15,226,584 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
5,578,437 | 5,605,323 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value |
5,610 | 5,610 | |||||
Common stock, par value |
74,090 | 73,694 | |||||
Additional paid-in capital | 524,388,783 | 522,709,846 | |||||
(205,999 | ) | (205,999 | ) | ||||
Accumulated deficit | (489,491,630 | ) | (487,959,233 | ) | |||
Total stockholders' equity | 34,770,854 | 34,623,918 | |||||
Total liabilities and stockholders' equity | $ | 58,817,693 | $ | 55,455,825 | |||
Source: Stereotaxis, Inc.