Stereotaxis(STXS) - 2025 Q1 - Quarterly Results

Management Commentary & Business Update Q1 2025 execution showed recurring revenue growth, MAGiC European launch, and initial GenesisX orders, positioning for 2026 growth - Key Q1 commercial advances include growth in recurring revenue, initial MAGiC catheter commercialization in Europe, successful GenesisX robot demonstrations, and the first GenesisX system order along with an additional Genesis system order[3] - Six regulatory reviews are ongoing, with timelines consistent with previous expectations[3] - Strategic transformation focuses on an easily adopted robotic system with proprietary catheters, projected to drive breakout growth in 2026[3] Q1 2025 Financial Performance Q1 2025 total revenue increased 9% to $7.5 million, driven by 29% recurring revenue growth, with net loss widening to $5.8 million due to higher expenses and lower gross margins Q1 2025 Key Financial Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $7.5M | $6.9M | +9% | | System Revenue | $2.0M | $2.6M | -23% | | Recurring Revenue | $5.5M | $4.3M | +29% | | Gross Margin | 54% | 58% | -4 p.p. | | Operating Loss | ($5.9)M | ($4.7)M | +25% | | Net Loss | ($5.8)M | ($4.5)M | +29% | | Adjusted Operating Loss* | ($2.7)M | ($2.2)M | +23% | | Negative Free Cash Flow | ($1.8)M | ($2.3)M | -22% | *Excludes non-cash charges - Gross margins were impacted by acquisition-related accounting and fixed overhead allocation over low system production levels[5] - Operating expenses increased to $10.0 million (or $6.8 million adjusted), primarily due to Access Point Technologies operations[6] Financial Position and Liquidity As of March 31, 2025, Stereotaxis maintained a debt-free balance sheet with $10.7 million in cash and equivalents Cash and Debt Position | Metric | As of March 31, 2025 ($ million) | | :--- | :--- | | Cash and Cash Equivalents | $10.7 | | Debt | $0 | 2025 Full Year Outlook Stereotaxis expects double-digit revenue growth for 2025, with $2-3 million quarterly system revenue and $7 million recurring revenue by Q4, anticipating reduced cash usage - Stereotaxis expects double-digit revenue growth for the full year 2025[9] - Guidance assumes $2-3 million system revenue per quarter and recurring revenue scaling to $7 million in Q4 2025, with modest GenesisX Europe contributions and no China system revenue[9] - The company expects reduced cash use in 2025 compared to 2024, supported by growing recurring revenue and stable operating expenses[10] Consolidated Financial Statements Unaudited consolidated financial statements detail a $5.8 million net loss for Q1 2025, with total assets of $45.7 million and total liabilities of $37.5 million as of March 31, 2025 Consolidated Statements of Operations Q1 2025 Statement of Operations (Unaudited, in thousands) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | 2025 | 2024 | | Total revenue | $7,472 | $6,880 | | Gross margin | $4,064 | $3,966 | | Total operating expenses | $9,993 | $8,712 | | Operating loss | ($5,929) | ($4,746) | | Interest income, net | $106 | $239 | | Net loss | ($5,823) | ($4,507) | | Net loss per share (Basic & Diluted) | ($0.07) | ($0.06) | Consolidated Balance Sheets Consolidated Balance Sheet Highlights (Unaudited, in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Assets | | | | Cash and cash equivalents | $10,601 | $12,217 | | Inventories, net | $9,812 | $8,331 | | Total Assets | $45,705 | $46,724 | | Current Liabilities | | | | Accounts payable | $6,544 | $5,668 | | Deferred revenue | $8,163 | $6,804 | | Total Liabilities | $37,529 | $35,292 | | Total Stockholders' Equity | $2,880 | $6,080 |