Stereotaxis Reports 2022 Second Quarter Financial Results
“Despite macro pressures and the poor optics of our financial results,
“We received three orders for Genesis systems during the second quarter, two since our last call and one of which will become a second active robot at a prestigious US hospital. The recent CE Mark submission for the MAGiC ablation catheter is reflective of the methodical progress being made across multiple fronts on our strategic innovation plan. We continue to anticipate multiple highly impactful technologies to be launched throughout 2023 and beyond. As these launches approach we are placing increased focus on ensuring the right commercial team, infrastructure and processes are in place to drive substantial revenue growth. The addition of highly experienced commercial leaders to our team is a testament to the opportunity in front of us.”
2022 Second Quarter Financial Results
Revenue for the second quarter of 2022 totaled
Gross margin for the second quarter of 2022 was 76% of revenue, with system gross margin of 16% and recurring revenue gross margin of 83%. Operating expenses in the quarter of
Operating loss and net loss for the second quarter of 2022 were both approximately
Cash Balance and Liquidity
At
Forward Looking Expectations
Revenue for the first half of this year represents a nadir in performance with results in the second half expected to be substantially higher. Stereotaxis’ current system backlog of over
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: | Media Contact: | ||
David L. Fischel | |||
Chairman and Chief Executive Officer | Director, |
||
Chief Financial Officer | |||
314-678-6100 | |||
Investors@Stereotaxis.com |
STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
(in thousands, except share and per share amounts) | Three Months Ended |
Six Months Ended |
|||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenue: | |||||||||||||||
Systems | $ | 602 | $ | 2,686 | $ | 2,236 | $ | 5,289 | |||||||
Disposables, service and accessories | 5,550 | 6,118 | 10,953 | 11,892 | |||||||||||
Sublease | - | 247 | - | 493 | |||||||||||
Total revenue | 6,152 | 9,051 | 13,189 | 17,674 | |||||||||||
Cost of revenue: | |||||||||||||||
Systems | 509 | 1,390 | 1,801 | 2,825 | |||||||||||
Disposables, service and accessories | 973 | 882 | 1,794 | 1,808 | |||||||||||
Sublease | - | 247 | - | 493 | |||||||||||
Total cost of revenue | 1,482 | 2,519 | 3,595 | 5,126 | |||||||||||
Gross margin | 4,670 | 6,532 | 9,594 | 12,548 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 2,893 | 2,717 | 5,340 | 5,084 | |||||||||||
Sales and marketing | 3,279 | 3,045 | 6,225 | 5,992 | |||||||||||
General and administrative | 3,677 | 4,161 | 7,297 | 6,391 | |||||||||||
Total operating expenses | 9,849 | 9,923 | 18,862 | 17,467 | |||||||||||
Operating loss | (5,179 | ) | (3,391 | ) | (9,268 | ) | (4,919 | ) | |||||||
Interest (expense) income, net | 45 | (3 | ) | 48 | (7 | ) | |||||||||
Gain on extinguishment of debt | - | 2,183 | - | 2,183 | |||||||||||
Net loss | $ | (5,134 | ) | $ | (1,211 | ) | $ | (9,220 | ) | $ | (2,743 | ) | |||
Cumulative dividend on convertible preferred stock | (335 | ) | (335 | ) | (666 | ) | (668 | ) | |||||||
Net loss attributable to common stockholders | $ | (5,469 | ) | $ | (1,546 | ) | $ | (9,886 | ) | $ | (3,411 | ) | |||
Net loss per share attributed to common stockholders: | |||||||||||||||
Basic | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.13 | ) | $ | (0.05 | ) | |||
- | |||||||||||||||
Diluted | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.13 | ) | $ | (0.05 | ) | |||
Weighted average number of common shares and equivalents: | |||||||||||||||
Basic | 75,953,916 | 75,547,574 | 75,915,864 | 75,362,521 | |||||||||||
Diluted | 75,953,916 | 75,547,574 | 75,915,864 | 75,362,521 |
BALANCE SHEETS | |||||||
(in thousands, except share amounts) | 2022 |
2021 |
|||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 33,498 | $ | 38,739 | |||
Restricted cash - current | 618 | 454 | |||||
Accounts receivable, net of allowance of |
3,748 | 5,406 | |||||
Inventories, net | 7,786 | 4,433 | |||||
Prepaid expenses and other current assets | 991 | 2,356 | |||||
Total current assets | 46,641 | 51,388 | |||||
Property and equipment, net | 3,260 | 2,632 | |||||
Restricted cash | 1,006 | 952 | |||||
Operating lease right-of-use assets | 5,553 | 5,735 | |||||
Prepaid and other non-current assets | 218 | 278 | |||||
Total assets | $ | 56,678 | $ | 60,985 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,244 | $ | 4,189 | |||
Accrued liabilities | 2,126 | 2,528 | |||||
Deferred revenue | 6,959 | 6,277 | |||||
Current portion of operating lease liabilities | 328 | 268 | |||||
Total current liabilities | 13,657 | 13,262 | |||||
Long-term deferred revenue | 1,630 | 2,238 | |||||
Operating lease liabilities | 5,663 | 5,842 | |||||
Other liabilities | 202 | 219 | |||||
Total liabilities | 21,152 | 21,561 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
5,584 | 5,584 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value |
6 | 6 | |||||
Common stock, par value |
75 | 75 | |||||
Additional paid-in capital | 537,963 | 532,641 | |||||
(206 | ) | (206 | ) | ||||
Accumulated deficit | (507,896 | ) | (498,676 | ) | |||
Total stockholders' equity | 29,942 | 33,840 | |||||
Total liabilities and stockholders' equity | $ | 56,678 | $ | 60,985 |
Source: Stereotaxis, Inc.