Stereotaxis Reports 2023 First Quarter Financial Results
“Stereotaxis continues to make significant progress on its robust innovation strategy. We have responded to all outstanding regulatory questions for CE Mark review of the MAGiC catheter and completed the preclinical studies required for an IDE submission to the FDA,” said
“Commercial results in the first quarter were essentially identical to the previous year, excluding previously received royalty payments. Since our last earnings call, we have received orders for two Genesis systems. A healthy system pipeline and positive feedback from Genesis users continues to support our expectation of annual double-digit revenue growth and an increase in system orders.”
“We look forward to the upcoming
2023 First Quarter Financial Results
Revenue for the first quarter of 2023 totaled
Gross margin for the first quarter of 2023 was 59% of revenue. Recurring revenue gross margin was 79% and system gross margin was 7%. System gross margin continues to reflect significant allocation of overhead expenses over low manufacturing volumes. Operating expenses in the first quarter of
Operating loss and net loss for the first quarter of 2023 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
Chief Financial Officer
314-678-6100
Investors@Stereotaxis.com
STATEMENTS OF OPERATIONS | |||||||
(Unaudited) | |||||||
(in thousands, except share and per share amounts) | Three Months Ended |
||||||
2023 | 2022 | ||||||
Revenue: | |||||||
Systems | $ | 1,821 | $ | 1,634 | |||
Disposables, service and accessories | 4,727 | 5,403 | |||||
Total revenue | 6,548 | 7,037 | |||||
Cost of revenue: | |||||||
Systems | 1,697 | 1,292 | |||||
Disposables, service and accessories | 975 | 821 | |||||
Total cost of revenue | 2,672 | 2,113 | |||||
Gross margin | 3,876 | 4,924 | |||||
Operating expenses: | |||||||
Research and development | 2,746 | 2,447 | |||||
Sales and marketing | 3,148 | 2,946 | |||||
General and administrative | 3,601 | 3,620 | |||||
Total operating expenses | 9,495 | 9,013 | |||||
Operating loss | (5,619 | ) | (4,089 | ) | |||
Interest income, net | 272 | 3 | |||||
Net loss | $ | (5,347 | ) | $ | (4,086 | ) | |
Cumulative dividend on convertible preferred stock | (331 | ) | (331 | ) | |||
Net loss attributable to common stockholders | $ | (5,678 | ) | $ | (4,417 | ) | |
Net loss per share attributed to common stockholders: | |||||||
Basic | $ | (0.07 | ) | $ | (0.06 | ) | |
- | |||||||
Diluted | $ | (0.07 | ) | $ | (0.06 | ) | |
Weighted average number of common shares and equivalents: | |||||||
Basic | 76,500,965 | 75,877,391 | |||||
Diluted | 76,500,965 | 75,877,391 |
BALANCE SHEETS | |||||||
(in thousands, except share amounts) | 2023 |
2022 |
|||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 5,623 | $ | 8,586 | |||
Restricted cash - current | 525 | 525 | |||||
Short-term investments | 20,041 | 19,844 | |||||
Accounts receivable, net of allowance of |
4,874 | 5,090 | |||||
Inventories, net | 8,510 | 7,876 | |||||
Prepaid expenses and other current assets | 1,332 | 1,325 | |||||
Total current assets | 40,905 | 43,246 | |||||
Property and equipment, net | 3,722 | 3,831 | |||||
Restricted cash | 612 | 744 | |||||
Operating lease right-of-use assets | 5,288 | 5,384 | |||||
Prepaid and other non-current assets | 184 | 208 | |||||
Total assets | $ | 50,711 | $ | 53,413 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,535 | $ | 3,270 | |||
Accrued liabilities | 2,804 | 3,306 | |||||
Deferred revenue | 7,545 | 7,342 | |||||
Current portion of operating lease liabilities | 385 | 373 | |||||
Total current liabilities | 14,269 | 14,291 | |||||
Long-term deferred revenue | 1,711 | 1,654 | |||||
Operating lease liabilities | 5,387 | 5,488 | |||||
Other liabilities | 51 | 51 | |||||
Total liabilities | 21,418 | 21,484 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
5,583 | 5,583 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value |
6 | 6 | |||||
Common stock, par value |
75 | 75 | |||||
Additional paid-in capital | 546,149 | 543,438 | |||||
(206 | ) | (206 | ) | ||||
Accumulated deficit | (522,314 | ) | (516,967 | ) | |||
Total stockholders' equity | 23,710 | 26,346 | |||||
Total liabilities and stockholders' equity | $ | 50,711 | $ | 53,413 |

Source: Stereotaxis, Inc.