Stereotaxis Reports 2022 Full Year Financial Results
“This year is poised to be an important and exciting year for
“Technology developments continue to advance well, and we expect regulatory approvals and commercial launches this year for our proprietary robotically-navigated ablation catheter, smaller self-shielding robot, and cloud-based connectivity app. We also expect regulatory submissions for a guidewire that expands our robotic technology into several new indications, a comprehensive product ecosystem in
“The effort to grow revenues while in the midst of this transition was challenged in 2022. We experienced growth in system orders, but delays in system placements led to a decline in overall revenue. We continue to see a healthy pipeline for systems and expect growth in orders this year. We expect double-digit revenue growth in 2023 driven by revenue recognition of our backlog and new system orders.”
“We retain a strong balance sheet which allows us to bring our transformative product ecosystem to market, fund its commercialization, and reach profitability.”
2022 Fourth Quarter and Full Year Financial Results
Revenue for the fourth quarter of 2022 totaled
Gross margin for the fourth quarter and full year 2022 were approximately 59% and 66% of revenue, respectively. Full year gross margins were 82% for recurring revenue and 15% for system revenue. System gross margins reflect significant allocations of fixed overhead expenses. Operating expenses in the fourth quarter were
Operating loss and net loss for the fourth quarter of 2022 were
Cash Balance and Liquidity
At
Forward Looking Expectations
Stereotaxis’ strong balance sheet allows it to advance its transformative product ecosystem to market, fund its commercialization, and reach profitability without the need for additional financings.
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
Investor Contacts:
Chairman and Chief Executive Officer
Chief Financial Officer
314-678-6100
Investors@Stereotaxis.com
STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
(in thousands, except share and per share amounts) | Three Months Ended |
Year Ended |
|||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenue: | |||||||||||||||
Systems | $ | 2,196 | $ | 2,338 | $ | 6,845 | $ | 11,168 | |||||||
Disposables, service and accessories | 5,105 | 5,656 | 21,302 | 22,867 | |||||||||||
Sublease | - | 246 | - | 986 | |||||||||||
Total revenue | 7,301 | 8,240 | 28,147 | 35,021 | |||||||||||
Cost of revenue: | |||||||||||||||
Systems | 1,985 | 1,327 | 5,802 | 7,527 | |||||||||||
Disposables, service and accessories | 1,007 | 718 | 3,875 | 3,276 | |||||||||||
Sublease | - | 246 | - | 986 | |||||||||||
Total cost of revenue | 2,992 | 2,291 | 9,677 | 11,789 | |||||||||||
Gross margin | 4,309 | 5,949 | 18,470 | 23,232 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 2,400 | 2,615 | 10,558 | 10,199 | |||||||||||
Sales and marketing | 2,988 | 3,046 | 12,325 | 11,948 | |||||||||||
General and administrative | 3,377 | 3,638 | 14,363 | 13,973 | |||||||||||
Total operating expenses | 8,765 | 9,299 | 37,246 | 36,120 | |||||||||||
Operating loss | (4,456 | ) | (3,350 | ) | (18,776 | ) | (12,888 | ) | |||||||
Interest income (expense), net | 302 | (4 | ) | 484 | (11 | ) | |||||||||
Gain on extinguishment of debt | - | - | - | 2,183 | |||||||||||
Net loss | $ | (4,154 | ) | $ | (3,354 | ) | $ | (18,292 | ) | $ | (10,716 | ) | |||
Cumulative dividend on convertible preferred stock | (338 | ) | (339 | ) | (1,343 | ) | (1,345 | ) | |||||||
Net loss attributable to common stockholders | $ | (4,492 | ) | $ | (3,693 | ) | $ | (19,635 | ) | $ | (12,061 | ) | |||
Net loss per share attributed to common stockholders: | |||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.26 | ) | $ | (0.16 | ) | |||
- | |||||||||||||||
Diluted | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.26 | ) | $ | (0.16 | ) | |||
Weighted average number of common shares and equivalents: | |||||||||||||||
Basic | 76,308,259 | 75,801,866 | 76,061,183 | 75,558,233 | |||||||||||
Diluted | 76,308,259 | 75,801,866 | 76,061,183 | 75,558,233 |
BALANCE SHEETS | |||||||
(in thousands, except share amounts) | 2022 |
2021 |
|||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 8,586 | $ | 38,739 | |||
Restricted cash - current | 525 | 453 | |||||
Short-term investments | 19,844 | - | |||||
Accounts receivable, net of allowance of |
5,090 | 5,406 | |||||
Inventories, net | 7,876 | 4,433 | |||||
Prepaid expenses and other current assets | 1,325 | 2,356 | |||||
Total current assets | 43,246 | 51,387 | |||||
Property and equipment, net | 3,831 | 2,632 | |||||
Restricted cash | 744 | 952 | |||||
Operating lease right-of-use assets | 5,384 | 5,736 | |||||
Prepaid and other non-current assets | 208 | 278 | |||||
Total assets | $ | 53,413 | $ | 60,985 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,270 | $ | 4,189 | |||
Accrued liabilities | 3,306 | 2,528 | |||||
Deferred revenue | 7,342 | 6,277 | |||||
Current portion of operating lease liabilities | 373 | 268 | |||||
Total current liabilities | 14,291 | 13,262 | |||||
Long-term deferred revenue | 1,654 | 2,238 | |||||
Operating lease liabilities | 5,488 | 5,842 | |||||
Other liabilities | 51 | 218 | |||||
Total liabilities | 21,484 | 21,560 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
5,583 | 5,584 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value |
6 | 6 | |||||
Common stock, par value |
75 | 75 | |||||
Additional paid-in capital | 543,438 | 532,641 | |||||
(206 | ) | (206 | ) | ||||
Accumulated deficit | (516,967 | ) | (498,675 | ) | |||
Total stockholders' equity | 26,346 | 33,841 | |||||
Total liabilities and stockholders' equity | $ | 53,413 | $ | 60,985 |

Source: Stereotaxis, Inc.