UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(D) of the Securities Exchange Act Of 1934
Date
of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act: ☐
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Item 2.02 | Results of Operations and Financial Condition |
On March 9, 2026, Stereotaxis, Inc. (the “Company”) issued a press release (the “Earnings Press Release”) setting forth its financial results for the 2025 fourth quarter and full year. A copy of the Earnings Press Release is being filed as Exhibit 99.1 hereto, and the statements contained therein are incorporated by reference herein.
Forward-Looking Statements and Additional Information
Statements are made herein or incorporated herein that are “forward-looking statements” as defined by the Securities and Exchange Commission (the “SEC”). All statements, other than statements of historical fact, included or incorporated herein that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are not guarantees of future events or the Company’s future performance and are subject to risks, uncertainties and other important factors that could cause events or the Company’s actual performance or achievements to be materially different than those projected by the Company. For a full discussion of these risks, uncertainties and factors, the Company encourages you to read its documents on file with the SEC. Except as required by law, the Company does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
In accordance with General Instruction B.2. of Form 8-K, the information contained in Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits. |
| 99.1 | Stereotaxis, Inc. Earnings Press Release dated March 9, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STEREOTAXIS, INC. | ||
| Date: March 9, 2026 | By: | /s/ Kimberly R. Peery |
| Name: | Kimberly R. Peery | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
Stereotaxis Reports 2025 Full Year Financial Results
St. Louis, MO, March 9, 2026 (Globe Newswire) – Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention, today reported financial results for the fourth quarter and full year ended December 31, 2025.
“The past year saw tremendous progress with significant regulatory approvals globally, advancement of a broad pipeline of innovations, and revenue growth of over 20%. I’m proud of what our team has accomplished and excited for the year ahead,” said David Fischel, Chairman and CEO.
“The highlight of the past year was achieving regulatory approvals in the United States and Europe for the GenesisX robot, MAGiC ablation catheter, and MAGiC Sweep high density mapping catheter. This core product portfolio serves as a foundation for significant commercial growth as the only robotic technology in the attractive electrophysiology market.”
“The commercial contribution from these new products was modest in 2025 as we worked through challenges in ramping manufacturing of MAGiC and GenesisX. Our primary goals this year are to demonstrate the commercial success of these products, ramp manufacturing substantially, and progress a robust pipeline of additional innovations. These are being advanced in a methodical and financially prudent fashion.”
Stereotaxis is focused on four key milestones this year:
| 1. | GenesisX Robot – Establish at least five active GenesisX programs with global Electrophysiology key opinion leaders and demonstrate the accessibility of GenesisX with rapid installations in existing labs. | |
| 2. | MAGiC & MAGiC Sweep Catheters – Ramp manufacturing of MAGiC to five hundred catheters a month by year end, transition Stereotaxis’ electrophysiology customers to MAGiC and MAGiC Sweep, and launch MAGiC with Pulsed Field Ablation in Europe. | |
| 3. | Endovascular Robotics – Demonstrate a comprehensive strategy for technological leadership in robotics across interventional cardiology and neurointerventions. | |
| 4. | Synchrony Digital Surgery Suite – Receive FDA approval for our digital solution for the endovascular surgical suite, deliver over $3 million in revenue, and complete development of the first AI features. |
“This will be a busy and important year during which we establish manufacturing and commercial capabilities that support substantial revenue growth over a sustained multi-year period. In parallel, we continue to advance a robust pipeline of innovations in electrophysiology, endovascular robotics, and digital solutions that will increasingly reach development, regulatory and commercial milestones.”
2025 Fourth Quarter and Full Year Financial Results
Revenue for the fourth quarter of 2025 totaled $8.6 million, a 36% increase compared to $6.3 million in the prior year fourth quarter. System revenue for the quarter was $3.3 million and recurring revenue was $5.3 million, compared to $1.4 million and $4.9 million, respectively, in the prior year fourth quarter. System revenue in the fourth quarter of 2025 primarily reflects partial revenue recognition on two Genesis robots. Recurring revenue reflects contributions from MAGiC Sweep in the US and MAGiC in Europe. Revenue for the full year 2025 totaled $32.4 million, a 20% increase compared to $26.9 million in 2024. For the full year 2025, system revenue grew 18% to $10.2 million and recurring revenue grew 21% to $22.2 million. System backlog at the start of 2026 is $9.1 million.
Gross margin for the fourth quarter and full year 2025 were approximately 50% and 53% of revenue, respectively. Full year 2025 gross margins were 67% for recurring revenue and 21% for system revenue. Recurring gross margins were impacted by acquisition-related accounting that temporarily reduced disposable margin and by lower initial margins on newly launched devices. System gross margins remain impacted by fixed overhead allocated over low production levels. Operating expenses in the fourth quarter of $10.0 million include $3.0 million of non-cash charges for stock compensation expense, mark-to-market adjustment for acquisition related contingent earnout consideration, and amortization of acquired intangible assets. Excluding these non-cash charges, adjusted operating expenses in the quarter were $7.0 million. Adjusted operating expenses for the full year 2025 were $26.3 million, compared to $27.0 million in the prior year.
Operating loss and net loss in the fourth quarter of 2025 were ($5.6) million and ($5.5) million, respectively, compared to ($7.6) million and ($7.5) million in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash charges, were ($2.6) million and ($2.5) million, respectively, compared to ($3.8) million and ($3.6) million in the previous year. For the full year 2025, adjusted operating loss of ($9.3) million and adjusted net loss of ($8.8) million compared to an adjusted operating loss of ($12.4) million and an adjusted net loss of ($11.7) million in the prior year.
Cash Balance and Liquidity
At December 31, 2025, Stereotaxis had cash and cash equivalents of $13.4 million and no debt. During the fourth quarter, Stereotaxis raised $3.1 million through its at-the-market offering at an average stock price of $3.17.
Forward Looking Expectations
Stereotaxis anticipates double digit revenue growth for the full year 2026. Both system and recurring revenue are expected to increase over the course of the year in line with manufacturing ramps for GenesisX and MAGiC. Annual revenue is expected to surpass $40 million. Accomplishment of the four milestones for the year will support accelerated growth in future years.
Growing recurring revenue and stable operating expenses support an expectation for reduced cash use in 2026 compared to 2025. Stereotaxis expects positive cash flow from working capital following an investment of $5.6 million in working capital in 2025. The Company expects its balance sheet to allow it to advance its transformative product ecosystem to market, fund its commercialization, and achieve profitability.
Conference Call and Webcast
Stereotaxis will host a conference call and webcast today, March 9, 2026, at 4:30 p.m. Eastern Time. To access the conference call, dial 800-715-9871 (US and Canada) or 646-307-1963 (International) and give the participant pass code 8365695. To access the live and replay webcast, please visit the investor relations section of the Stereotaxis website at www.Stereotaxis.com.
About Stereotaxis
Stereotaxis (NYSE: STXS) is a pioneer and global leader in innovative surgical robotics for minimally invasive endovascular intervention. Its mission is the discovery, development and delivery of robotic systems, instruments, and information solutions for the interventional laboratory. These innovations help physicians provide unsurpassed patient care with robotic precision and safety, expand access to minimally invasive therapy, and enhance the productivity, connectivity, and intelligence in the operating room. Stereotaxis technology has been used to treat over 150,000 patients across the United States, Europe, Asia, and elsewhere. For more information, please visit www.Stereotaxis.com.
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, including tariffs, 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, statements relating to our recent acquisition of APT, including any benefits expected from the acquisition, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control and may be revised, modified, delayed, or canceled.
Company Contacts:
David L. Fischel
Chairman and Chief Executive Officer
Kimberly R. Peery
Chief Financial Officer
314-678-6100
Investors@Stereotaxis.com
Stereotaxis, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| (in thousands, except share and per share amounts) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue: | ||||||||||||||||
| Systems | $ | 3,360 | $ | 1,389 | $ | 10,223 | $ | 8,632 | ||||||||
| Disposables, service and accessories | 5,282 | 4,951 | 22,154 | 18,286 | ||||||||||||
| Total revenue | 8,642 | 6,340 | 32,377 | 26,918 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Systems | 2,485 | 1,120 | 8,028 | 6,880 | ||||||||||||
| Disposables, service and accessories | 1,830 | 2,004 | 7,278 | 5,444 | ||||||||||||
| Total cost of revenue | 4,315 | 3,124 | 15,306 | 12,324 | ||||||||||||
| Gross margin | 4,327 | 3,216 | 17,071 | 14,594 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,710 | 2,790 | 9,383 | 9,760 | ||||||||||||
| Sales and marketing | 3,092 | 2,916 | 12,443 | 12,372 | ||||||||||||
| General and administrative | 4,174 | 5,137 | 17,849 | 17,201 | ||||||||||||
| Other | - | - | (492 | ) | - | |||||||||||
| Total operating expenses | 9,976 | 10,843 | 39,183 | 39,333 | ||||||||||||
| Operating loss | (5,649 | ) | (7,627 | ) | (22,112 | ) | (24,739 | ) | ||||||||
| Other income | - | (2 | ) | 2 | - | |||||||||||
| Interest income, net | 118 | 114 | 467 | 694 | ||||||||||||
| Net loss | $ | (5,531 | ) | $ | (7,515 | ) | $ | (21,643 | ) | $ | (24,045 | ) | ||||
| Cumulative dividend on convertible preferred stock | (318 | ) | (324 | ) | (1,271 | ) | (1,308 | ) | ||||||||
| Net loss attributable to common stockholders | $ | (5,849 | ) | $ | (7,839 | ) | $ | (22,914 | ) | $ | (25,353 | ) | ||||
| Net loss per share attributed to common stockholders: | ||||||||||||||||
| Basic | $ | (0.06 | ) | $ | (0.09 | ) | $ | (0.25 | ) | $ | (0.30 | ) | ||||
| Diluted | $ | (0.06 | ) | $ | (0.09 | ) | $ | (0.25 | ) | $ | (0.30 | ) | ||||
| Weighted average number of common shares and equivalents: | ||||||||||||||||
| Basic | 95,969,321 | 86,832,590 | 90,957,313 | 85,183,306 | ||||||||||||
| Diluted | 95,969,321 | 86,832,590 | 90,957,313 | 85,183,306 | ||||||||||||
STEREOTAXIS, INC.
CONSOLIDATED BALANCE SHEETS
| (in thousands, except share amounts) | December 31, 2025 | December 31, 2024 | ||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 13,421 | $ | 12,217 | ||||
| Restricted cash - current | - | 219 | ||||||
| Accounts receivable, net of allowance of $541 and $582 at 2025 and 2024, respectively | 5,847 | 3,824 | ||||||
| Insurance receivable | 4,316 | - | ||||||
| Inventories, net | 9,567 | 8,331 | ||||||
| Prepaid expenses and other current assets | 698 | 1,848 | ||||||
| Total current assets | 33,849 | 26,439 | ||||||
| Property and equipment, net | 3,019 | 3,573 | ||||||
| Goodwill | 3,764 | 3,764 | ||||||
| Intangible assets, net | 6,429 | 7,358 | ||||||
| Operating lease right-of-use assets | 4,912 | 5,483 | ||||||
| Prepaid and other non-current assets | 278 | 107 | ||||||
| Total assets | $ | 52,251 | $ | 46,724 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,768 | $ | 5,668 | ||||
| Accrued liabilities | 2,065 | 2,922 | ||||||
| Accrued legal liabilities | 4,316 | - | ||||||
| Deferred revenue | 5,675 | 6,804 | ||||||
| Current contingent consideration | 4,894 | 5,638 | ||||||
| Current portion of operating lease liabilities | 642 | 570 | ||||||
| Total current liabilities | 22,360 | 21,602 | ||||||
| Long-term deferred revenue | 555 | 2,064 | ||||||
| Long-term contingent consideration | 4,724 | 6,126 | ||||||
| Operating lease liabilities | 4,794 | 5,436 | ||||||
| Other liabilities | 1,097 | 64 | ||||||
| Total liabilities | 33,530 | 35,292 | ||||||
| Series A - Convertible preferred stock: | ||||||||
| Convertible preferred stock, Series A, par value $0.001; 10,000,000 shares authorized, 21,008 and 21,458 shares outstanding at 2025 and 2024, respectively | 5,240 | 5,352 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock, par value $0.001; 300,000,000 shares authorized, 95,339,628 and 85,326,557 shares issued at 2025 and 2024, respectively | 95 | 85 | ||||||
| Additional paid-in capital | 596,960 | 567,926 | ||||||
| Treasury stock, 4,015 shares at 2025 and 2024 | (206 | ) | (206 | ) | ||||
| Accumulated deficit | (583,368 | ) | (561,725 | ) | ||||
| Total stockholders’ equity | 13,481 | 6,080 | ||||||
| Total liabilities and stockholders’ equity | $ | 52,251 | $ | 46,724 | ||||