Stereotaxis(STXS)

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Stereotaxis(STXS) - 2024 Q1 - Earnings Call Transcript
2024-05-13 23:52
Financial Data and Key Metrics Changes - Revenue for Q1 2024 totaled $6.9 million, a growth of 5% from $6.5 million in Q1 2023 [17] - Operating loss for Q1 2024 was $4.7 million, compared to $5.6 million in the previous year [18] - Adjusted operating loss for the quarter was $2.2 million, down from $3 million in the prior year [18] - Gross margin for Q1 2024 was 58% of revenue, with recurring revenue gross margin at 76% and system gross margin at 27% [37] Business Line Data and Key Metrics Changes - System revenue for Q1 2024 was $2.6 million, while recurring revenue was $4.3 million, compared to $1.8 million and $4.7 million in the prior year [17][61] - The company experienced a backlog increase to $16 million due to two additional orders for Genesis robots from existing customers in Europe [23] Market Data and Key Metrics Changes - Recurring revenue remains impacted by Johnson & Johnson catheter shortages, affecting procedure volumes [24] - In Europe, the company received a completeness check shortly after submitting its CE application, indicating progress in regulatory processes [25] Company Strategy and Development Direction - The company aims to maintain sales momentum and financial strength while preparing for a breakout through a comprehensive innovation strategy [4] - The acquisition of APT is seen as strategic, enhancing in-house capabilities for catheter development and manufacturing [14][16] - The company plans to demonstrate the new robot's real-world use and enhance compatibility with various X-ray systems in 2024, with a full launch expected in 2025 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing regulatory processes and the potential for significant growth in 2025 and beyond [13][39] - The company anticipates modest double-digit revenue growth for the full year, driven by system backlog and new orders [39] Other Important Information - The company has a healthy active pipeline of customers across key geographies, despite challenges from the existing product ecosystem [5] - The digital surgery platform, Sync, is in limited release, with additional features being incorporated [12] Q&A Session Summary Question: Synergies from APT acquisition - Management indicated that the acquisition is not expected to impact current catheter developments but will focus on future innovations [42] Question: PMA conversion impact - The conversion from PMA supplement to traditional PMA is not expected to significantly alter timelines, with ongoing collaborative discussions with the FDA [43] Question: Capital equipment environment - Management noted ongoing challenges in the macro environment but highlighted interest in their technology and innovation strategy [44] Question: APT's catheter integration - APT's catheters are compatible with existing mapping systems, and there are plans to develop robotically steered versions [90] Question: Pipeline development - The company is pleased with the progress of its robot development and anticipates regulatory submissions in the near future [91]
Stereotaxis(STXS) - 2024 Q1 - Quarterly Results
2024-05-13 20:10
Exhibit 99.1 "Stereotaxis is driving continued commercial, technological, and strategic progress," said David Fischel, Chairman and CEO. "We are pleased to report revenue growth in the first quarter and an increase in system backlog with two Genesis systems orders since our last call. Our innovation strategy remains key to driving substantial commercial success, and we are making robust progress on multiple fronts in line with previous timelines. The acquisition of APT, as detailed in a separate press relea ...
Stereotaxis(STXS) - 2023 Q4 - Annual Report
2024-03-08 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 001-36159 STEREOTAXIS, INC. (Exact name of the Registrant as Specified in its Charter) DELAWARE 94-3120386 (State or Other Jurisdiction o ...
Stereotaxis(STXS) - 2023 Q4 - Earnings Call Transcript
2024-03-04 23:57
Financial Data and Key Metrics Changes - Revenue for the full year 2023 totaled $26.8 million, a decrease from $28.1 million in 2022 [36] - Gross margin for the fourth quarter and full year 2023 were approximately 60% and 56% of revenue, with full year gross margins of 79% on recurring revenue and 8% for system revenue [15][36] - Operating loss for the fourth quarter of 2023 was $5.3 million compared to $4.5 million in the previous year [37] - Adjusted operating loss for the full year 2023 was $11.3 million compared to $8.3 million in the prior year [133] Business Line Data and Key Metrics Changes - System revenue for the full year was $8.7 million compared to $6.8 million in the prior year, reflecting increased system deliveries and installations [132] - Recurring revenue for the full year was $18 million compared to $21.3 million, impacted by the absence of J&J royalties and periodic catheter shortages [132][130] Market Data and Key Metrics Changes - The company began 2024 with a backlog of $14.7 million from orders that were received but not yet shipped or installed [12] - The company expects recurring revenue to remain stable until the MAGiC catheter can contribute to disposable revenue growth [17] Company Strategy and Development Direction - The company is focused on addressing structural weaknesses in its product ecosystem and has developed a proprietary ablation catheter, the MAGiC catheter, to enhance its offerings [6][27] - The company plans to leverage its collaboration with MicroPort to establish a China-specific EP product ecosystem and expects regulatory approval for the Genesis robot in China midyear [127] - The company aims for a full launch of its digital surgery platform, Sync, to enhance operating room connectivity [10][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that progress has taken longer than expected but sees key regulatory submissions and technology developments aligning this year [11] - The company expects overall double-digit revenue growth for 2024 driven by system revenue growth from its backlog and new orders [17] - Management expressed confidence in the regulatory submissions for the MAGiC catheter and anticipates a collaborative review process with the FDA [64][90] Other Important Information - The company has a strong balance sheet with approximately $20 million in cash and no debt, allowing it to advance its product ecosystem to market [13][16] - The company has invested in significant inventory and has direct commercial teams globally to launch new products as they become available [105] Q&A Session All Questions and Answers Question: What is the outlook for MAGiC catheter submissions? - The EU submission is a resubmission with additional clinical data, and the company expects a more efficient review process [19][110] Question: How quickly can the company ramp up manufacturing for MAGiC? - The company has demonstrated capability to scale manufacturing and produced nearly 1,000 units during regulatory testing [73] Question: What is the plan for the sales force with the MAGiC launch? - The existing sales teams will be utilized for the MAGiC launch, with incremental hiring planned as revenue grows [82][150] Question: What is the expected revenue for the first quarter of 2024? - The company expects revenue of approximately $7 million for the first quarter of 2024 [134]
Stereotaxis(STXS) - 2023 Q4 - Annual Results
2024-03-04 21:06
Exhibit 99.1 Stereotaxis Reports 2023 Full Year Financial Results ST. LOUIS, MO, Mar. 4, 2024 (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, 2023. "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 ...
Stereotaxis(STXS) - 2023 Q3 - Quarterly Report
2023-11-13 14:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 001-36159 STEREOTAXIS, INC. (Exact name of the Registrant as Specified in its Charter) DELAWARE 94-3120386 (State or Other Juris ...
Stereotaxis(STXS) - 2023 Q3 - Earnings Call Transcript
2023-11-09 19:42
Stereotaxis, Inc. (NYSE:STXS) Q3 2023 Earnings Call Transcript November 9, 2023 10:00 AM ET Company Participants David Fischel - Chairman & Chief Executive Officer Kimberly Peery - Chief Financial Officer Conference Call Participants Neil Chatterji - B. Riley Securities Adam Maeder - Piper Sandler Josh Jennings - TD Cowen Alex Nowak - Craig-Hallum Capital Frank Takkinen - Lake Street Capital Markets Operator Good morning. Thank you for joining us for Stereotaxis' Third Quarter 2023 Earnings Conference Call. ...
Stereotaxis(STXS) - 2023 Q2 - Quarterly Report
2023-08-11 13:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 001-36159 STEREOTAXIS, INC. (Exact name of the Registrant as Specified in its Charter) DELAWARE 94-3120386 (State or Other Jurisdicti ...
Stereotaxis(STXS) - 2023 Q2 - Earnings Call Transcript
2023-08-10 20:29
Stereotaxis, Inc. (NYSE:STXS) Q2 2023 Earnings Conference Call August 10, 2023 10:00 AM ET Company Participants David Fischel - Chairman & Chief Executive Officer Kimberly Peery - Chief Financial Officer Conference Call Participants Frank Takkinen - Lake Street Capital Markets Adam Maeder - Piper Sandler Alex Nowak - Craig-Hallum Capital Josh Jennings - TD Cowen Neil Chatterji - B. Riley Securities Operator Good morning. Thank you for joining us for Stereotaxis' Second Quarter 2023 Earnings Conference Call. ...
Stereotaxis(STXS) - 2023 Q1 - Quarterly Report
2023-05-12 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 001-36159 STEREOTAXIS, INC. 710 North Tucker Boulevard, Suite 110 St. Louis, MO 63101 (Address of Principal Executive Offices includ ...