Stereotaxis Reports 2021 Second Quarter Financial Results
“Renewed global adoption of robotic systems continues to drive robust double digit revenue growth for Stereotaxis,” said
“In the second quarter we received two orders for robotic systems, one as previously discussed to a US hospital and the other to a leading hospital in
“Testing and regulatory activity for our proprietary robotically-navigated magnetic ablation catheter has progressed in the face of supply chain challenges impacting production at our partner Osypka. We now expect completion of required testing and submissions for European approval and a US pivotal trial early next year. In parallel, we are making robust progress on an additional set of innovations that will be showcased at the end of this year and should lead to several regulatory filings and product launches in 2022. We are confident in the positive impact these innovations will have on patients, physicians, providers, and on Stereotaxis’ financial and strategic foundation.”
“We are growing commercially and advancing our technology while enhancing our infrastructure and team. We are particularly excited by the recent addition of Dr.
2021 Second Quarter Financial Results
Revenue for the second quarter of 2021 totaled
Gross margin for the second quarter of 2021 was 72% of revenue, with system gross margin of 48% and recurring revenue gross margin of 86%. Operating expenses in the quarter of
Operating loss and net loss for the second 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. 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
Kimberly R. Peery
Chief Financial Officer
314-678-6100
investors@stereotaxis.com
STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue: | |||||||||||||||
Systems | $ | 2,686,180 | $ | 12,769 | $ | 5,288,692 | $ | 12,769 | |||||||
Disposables, service and accessories | 6,118,712 | 5,086,156 | 11,892,228 | 10,595,867 | |||||||||||
Sublease | 246,530 | 246,530 | 493,060 | 493,060 | |||||||||||
Total revenue | 9,051,422 | 5,345,455 | 17,673,980 | 11,101,696 | |||||||||||
Cost of revenue: | |||||||||||||||
Systems | 1,389,588 | 157,514 | 2,825,123 | 222,536 | |||||||||||
Disposables, service and accessories | 883,289 | 680,937 | 1,807,907 | 1,320,800 | |||||||||||
Sublease | 246,530 | 246,530 | 493,060 | 493,060 | |||||||||||
Total cost of revenue | 2,519,407 | 1,084,981 | 5,126,090 | 2,036,396 | |||||||||||
Gross margin | 6,532,015 | 4,260,474 | 12,547,890 | 9,065,300 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 2,717,078 | 1,976,942 | 5,084,119 | 4,086,112 | |||||||||||
Sales and marketing | 3,044,750 | 2,541,749 | 5,991,966 | 5,457,173 | |||||||||||
General and administrative | 4,160,909 | 1,663,456 | 6,390,648 | 3,496,181 | |||||||||||
Total operating expenses | 9,922,737 | 6,182,147 | 17,466,733 | 13,039,466 | |||||||||||
Operating loss | (3,390,722 | ) | (1,921,673 | ) | (4,918,843 | ) | (3,974,166 | ) | |||||||
Interest (expense) income, net | (2,567 | ) | 567 | (6,843 | ) | 81,529 | |||||||||
Gain on extinguishment of debt | 2,182,891 | - | 2,182,891 | - | |||||||||||
Net loss | $ | (1,210,398 | ) | $ | (1,921,106 | ) | $ | (2,742,795 | ) | $ | (3,892,637 | ) | |||
Cumulative dividend on convertible preferred stock | (335,197 | ) | (342,126 | ) | (667,748 | ) | (685,849 | ) | |||||||
Net loss attributable to common stockholders | $ | (1,545,595 | ) | $ | (2,263,232 | ) | $ | (3,410,543 | ) | $ | (4,578,486 | ) | |||
Net loss per share attributed to common stockholders: | |||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.06 | ) | |||
Diluted | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.06 | ) | |||
Weighted average number of common shares and equivalents: | |||||||||||||||
Basic | 75,547,574 | 71,628,762 | 75,362,521 | 70,749,401 | |||||||||||
Diluted | 75,547,574 | 71,628,762 | 75,362,521 | 70,749,401 |
BALANCE SHEETS | |||||||
2021 |
2020 |
||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 42,054,296 | $ | 43,939,512 | |||
Restricted cash - current | 1,484,018 | - | |||||
Compensating cash arrangement | 251,232 | 250,620 | |||||
Accounts receivable, net of allowance of |
4,651,804 | 3,515,136 | |||||
Inventories, net | 4,146,691 | 3,295,457 | |||||
Prepaid expenses and other current assets | 2,646,806 | 1,716,014 | |||||
Total current assets | 55,234,847 | 52,716,739 | |||||
Property and equipment, net | 291,578 | 195,129 | |||||
Restricted cash | 382,813 | - | |||||
Operating lease right-of-use assets | 1,143,355 | 2,235,442 | |||||
Other assets | 283,093 | 308,515 | |||||
Total assets | $ | 57,335,686 | $ | 55,455,825 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Short-term debt | $ | - | $ | 1,185,058 | |||
Accounts payable | 1,124,178 | 1,608,636 | |||||
Accrued liabilities | 2,857,479 | 3,209,235 | |||||
Deferred revenue | 8,284,600 | 5,282,770 | |||||
Current portion of operating lease liabilities | 1,169,378 | 2,287,487 | |||||
Total current liabilities | 13,435,635 | 13,573,186 | |||||
Long-term debt | - | 973,252 | |||||
Long-term deferred revenue | 1,648,792 | 548,915 | |||||
Other liabilities | 206,596 | 131,231 | |||||
Total liabilities | 15,291,023 | 15,226,584 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
5,578,181 | 5,605,323 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value |
5,610 | 5,610 | |||||
Common stock, par value |
74,429 | 73,694 | |||||
Additional paid-in capital | 527,294,470 | 522,709,846 | |||||
(205,999 | ) | (205,999 | ) | ||||
Accumulated deficit | (490,702,028 | ) | (487,959,233 | ) | |||
Total stockholders' equity | 36,466,482 | 34,623,918 | |||||
Total liabilities and stockholders' equity | $ | 57,335,686 | $ | 55,455,825 |
Source: Stereotaxis, Inc.