Stereotaxis Reports 2023 Full Year Financial Results
“We enter 2024 having made significant progress in realizing our strategic transformation. This is the year in which we expect all the key puzzle pieces to come together, setting us up for breakout growth to follow,” said
“Our innovation strategy has a strong foundation, and we are pleased with where we stand. Regulatory submissions for our proprietary robotically-navigated ablation catheter have been made in both
“Revenue growth amidst this transition has remained challenging. Revenue in 2023 was pressured by the loss of royalties and recurring shortages of catheters from our partner, highlighting the importance of overcoming key product dependencies. These headwinds counteracted growth in robotic system revenue for the year. System revenue remains lumpy, but we continue to benefit from a significant backlog and pipeline of orders. We were pleased in the fourth quarter to receive our first greenfield robotic system order from
“We retain a strong balance sheet which allows us to bring our transformative product ecosystem to market, fund its commercialization, and reach profitability. We have multiple shots on goal for breakout growth in 2025.”
2023 Fourth Quarter and Full Year Financial Results
Revenue for the fourth quarter of 2023 totaled
Gross margin for the fourth quarter and full year 2023 were approximately 60% and 56% of revenue, respectively. Full year gross margins were 79% for recurring revenue and 8% for system revenue. System gross margins reflect significant allocations of overhead and other direct expenses. Operating expenses in the fourth quarter were
Operating loss and net loss for the fourth quarter of 2023 were
Cash Balance and Liquidity
At
Forward Looking Expectations
Stereotaxis’ balance sheet allows it to advance its transformative product ecosystem to market, fund its commercialization, and reach profitability without the need for additional financing.
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 |
Year Ended |
|||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue: | |||||||||||||||
Systems | $ | 66 | $ | 2,196 | $ | 8,739 | $ | 6,845 | |||||||
Disposables, service and accessories | 4,499 | 5,105 | 18,032 | 21,302 | |||||||||||
Total revenue | 4,565 | 7,301 | 26,771 | 28,147 | |||||||||||
Cost of revenue: | |||||||||||||||
Systems | 749 | 1,985 | 8,058 | 5,802 | |||||||||||
Disposables, service and accessories | 1,078 | 1,007 | 3,853 | 3,875 | |||||||||||
Total cost of revenue | 1,827 | 2,992 | 11,911 | 9,677 | |||||||||||
Gross margin | 2,738 | 4,309 | 14,860 | 18,470 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 2,212 | 2,400 | 10,273 | 10,558 | |||||||||||
Sales and marketing | 2,791 | 2,988 | 12,376 | 12,325 | |||||||||||
General and administrative | 3,039 | 3,377 | 14,050 | 14,363 | |||||||||||
Total operating expenses | 8,042 | 8,765 | 36,699 | 37,246 | |||||||||||
Operating loss | (5,304 | ) | (4,456 | ) | (21,839 | ) | (18,776 | ) | |||||||
Other income | 3 | - | 30 | - | |||||||||||
Interest income, net | 261 | 302 | 1,096 | 484 | |||||||||||
Net loss | $ | (5,040 | ) | $ | (4,154 | ) | $ | (20,713 | ) | $ | (18,292 | ) | |||
Cumulative dividend on convertible preferred stock | (339 | ) | (338 | ) | (1,343 | ) | (1,343 | ) | |||||||
Net loss attributable to common stockholders | $ | (5,379 | ) | $ | (4,492 | ) | $ | (22,056 | ) | $ | (19,635 | ) | |||
Net loss per share attributed to common stockholders: | |||||||||||||||
Basic | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.27 | ) | $ | (0.26 | ) | |||
Diluted | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.27 | ) | $ | (0.26 | ) | |||
Weighted average number of common shares and equivalents: | |||||||||||||||
Basic | 82,702,722 | 76,308,259 | 80,702,358 | 76,061,183 | |||||||||||
Diluted | 82,702,722 | 76,308,259 | 80,702,358 | 76,061,183 | |||||||||||
BALANCE SHEETS | |||||||
(in thousands, except share amounts) | 2023 |
2022 |
|||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 19,818 | $ | 8,586 | |||
Restricted cash - current | 525 | 525 | |||||
Short-term investments | - | 19,844 | |||||
Accounts receivable, net of allowance of |
3,822 | 5,090 | |||||
Inventories, net | 8,426 | 7,876 | |||||
Prepaid expenses and other current assets | 676 | 1,325 | |||||
Total current assets | 33,267 | 43,246 | |||||
Property and equipment, net | 3,304 | 3,831 | |||||
Restricted cash | 219 | 744 | |||||
Operating lease right-of-use assets | 4,982 | 5,384 | |||||
Prepaid and other non-current assets | 137 | 208 | |||||
Total assets | $ | 41,909 | $ | 53,413 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,190 | $ | 3,270 | |||
Accrued liabilities | 2,972 | 3,306 | |||||
Deferred revenue | 6,657 | 7,342 | |||||
Current portion of operating lease liabilities | 428 | 373 | |||||
Total current liabilities | 13,247 | 14,291 | |||||
Long-term deferred revenue | 1,637 | 1,654 | |||||
Operating lease liabilities | 5,062 | 5,488 | |||||
Other liabilities | 43 | 51 | |||||
Total liabilities | 19,989 | 21,484 | |||||
Series A - Convertible preferred stock: | |||||||
Convertible preferred stock, Series A, par value |
5,577 | 5,583 | |||||
Stockholders' equity: | |||||||
Convertible preferred stock, Series B, par value |
- | 6 | |||||
Common stock, par value |
81 | 75 | |||||
Additional paid-in capital | 554,148 | 543,438 | |||||
(206 | ) | (206 | ) | ||||
Accumulated deficit | (537,680 | ) | (516,967 | ) | |||
Total stockholders' equity | 16,343 | 26,346 | |||||
Total liabilities and stockholders' equity | $ | 41,909 | $ | 53,413 | |||
Source: Stereotaxis, Inc.