Stereotaxis Reports 2021 Full Year Financial Results
“In 2021 we delivered significant revenue growth, drove a resurgence in adoption of robotics, advanced a broad wave of transformational innovations, and maintained financial discipline,” said
“Renewed global adoption of robotic systems drove revenue growth of 32% for the year. We sold seven systems during 2021, the majority to hospitals establishing new robotic programs. We begin 2022 with purchase orders for four robotic systems and an expectation of multiple additional near-term orders that should drive revenue growth for this year. However, replacement activity remains below normalized levels with multiple opportunities delayed predominantly due to hospital construction supply chain and labor issues.”
“Stereotaxis is methodically advancing a robust innovation pipeline including a novel accessible robot, proprietary ablation catheters, vascular navigation devices, and an operating room connectivity solution. We expect regulatory submissions and initial commercial launches for all these within the next year and a half. Collectively, they serve as the foundational product ecosystem for a preeminent medical robotics company which can broadly transform endovascular interventions.”
“Concurrent with our commercial and technological progress, we are enhancing our infrastructure and team. We established a new headquarters and manufacturing facility that will support many years of growth. This progress is made while remaining prudent with shareholder capital.
2021 Fourth Quarter and Full Year Financial Results
Revenue for the fourth quarter of 2021 totaled
Gross margin for the fourth quarter and full year 2021 were approximately 72% and 66% of revenue, respectively. Operating expenses in the fourth quarter were
Operating loss and net loss for the fourth quarter of 2021 were both approximately
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. Factors that would cause or contribute to such differences include, but are not limited to, the Company's ability to manage expenses at sustainable levels, 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 technology, competitive factors, changes resulting from healthcare policy, dependence upon third-party vendors, timing of regulatory approvals, the impact of pandemics or other disasters, and other risks discussed in the Company's periodic and other filings with the
Company Contacts:
Chairman and Chief Executive Officer
Chief Financial Officer
314-678-6100
Investors@Stereotaxis.com
STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue: | |||||||||||||||
Systems | $ | 2,337,624 | $ | 660,510 | $ | 11,167,676 | $ | 3,626,284 | |||||||
Disposables, service and accessories | 5,656,276 | 5,917,716 | 22,867,066 | 22,017,631 | |||||||||||
Sublease | 246,530 | 246,530 | 986,120 | 986,120 | |||||||||||
Total revenue | 8,240,430 | 6,824,756 | 35,020,862 | 26,630,035 | |||||||||||
Cost of revenue: | |||||||||||||||
Systems | 1,326,595 | 461,440 | 7,526,575 | 3,715,416 | |||||||||||
Disposables, service and accessories | 718,077 | 894,625 | 3,276,491 | 2,962,710 | |||||||||||
Sublease | 246,530 | 246,530 | 986,120 | 986,120 | |||||||||||
Total cost of revenue | 2,291,202 | 1,602,595 | 11,789,186 | 7,664,246 | |||||||||||
Gross margin | 5,949,228 | 5,222,161 | 23,231,676 | 18,965,789 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 2,614,645 | 2,098,161 | 10,198,553 | 8,136,914 | |||||||||||
Sales and marketing | 3,045,968 | 2,898,472 | 11,948,068 | 11,178,325 | |||||||||||
General and administrative | 3,638,398 | 1,402,138 | 13,973,498 | 6,364,365 | |||||||||||
Total operating expenses | 9,299,011 | 6,398,771 | 36,120,119 | 25,679,604 | |||||||||||
Operating loss | (3,349,783 | ) | (1,176,610 | ) | (12,888,443 | ) | (6,713,815 | ) | |||||||
Interest (expense) income, net | (4,486 | ) | (4,240 | ) | (10,071 | ) | 67,356 | ||||||||
Gain on extinguishment of debt | - | - | 2,182,891 | - | |||||||||||
Net loss | $ | (3,354,269 | ) | $ | (1,180,850 | ) | $ | (10,715,623 | ) | $ | (6,646,459 | ) | |||
Cumulative dividend on convertible preferred stock | (338,565 | ) | (340,471 | ) | (1,345,031 | ) | (1,369,421 | ) | |||||||
Net loss attributable to common stockholders | $ | (3,692,834 | ) | $ | (1,521,321 | ) | $ | (12,060,654 | ) | $ | (8,015,880 | ) | |||
Net loss per share attributed to common stockholders: | |||||||||||||||
Basic | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.16 | ) | $ | (0.11 | ) | |||
Diluted | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.16 | ) | $ | (0.11 | ) | |||
Weighted average number of common shares and equivalents: | |||||||||||||||
Basic | 75,801,866 | 74,954,091 | 75,558,233 | 72,746,268 | |||||||||||
Diluted | 75,801,866 | 74,954,091 | 75,558,233 | 72,746,268 |
BALANCE SHEETS | |||||||
2021 |
2020 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 38,738,591 | $ | 43,939,512 | |||
Restricted cash - current | 454,268 | - | |||||
Compensating cash arrangement | - | 250,620 | |||||
Accounts receivable, net of allowance of |
5,405,860 | 3,515,136 | |||||
Inventories, net | 4,433,394 | 3,295,457 | |||||
Prepaid expenses and other current assets | 2,356,190 | 1,716,014 | |||||
Total current assets | 51,388,303 | 52,716,739 | |||||
Property and equipment, net | 2,631,891 | 195,129 | |||||
Restricted cash | 951,563 | - | |||||
Operating lease right-of-use assets | 5,734,775 | 2,235,442 | |||||
Other assets | 278,154 | 308,515 | |||||
Total assets | $ | 60,984,686 | $ | 55,455,825 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Short-term debt | $ | - | $ | 1,185,058 | |||
Accounts payable | 4,188,471 | 1,608,636 | |||||
Accrued liabilities | 2,528,189 | 3,209,235 | |||||
Deferred revenue | 6,276,781 | 5,282,770 | |||||
Current portion of operating lease liabilities | 268,121 | 2,287,487 | |||||
Total current liabilities | 13,261,562 | 13,573,186 | |||||
Long-term debt | - | 973,252 | |||||
Long-term deferred revenue | 2,238,150 | 548,915 | |||||
Operating lease liabilities | 5,842,456 | - | |||||
Other liabilities | 218,582 | 131,231 | |||||
Total liabilities | 21,560,750 | 15,226,584 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
5,583,768 | 5,605,323 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value |
5,610 | 5,610 | |||||
Common stock, par value |
74,618 | 73,694 | |||||
Additional paid-in capital | 532,640,795 | 522,709,846 | |||||
(205,999 | ) | (205,999 | ) | ||||
Accumulated deficit | (498,674,856 | ) | (487,959,233 | ) | |||
Total stockholders' equity | 33,840,168 | 34,623,918 | |||||
Total liabilities and stockholders' equity | $ | 60,984,686 | $ | 55,455,825 |
Source: Stereotaxis, Inc.