Stereotaxis(STXS) - 2024 Q1 - Quarterly Results

Management Commentary & Strategic Update Stereotaxis reported Q1 2024 progress with revenue growth, increased system orders, and innovation advancements, expecting profitability - Received two Genesis system orders, increasing the system backlog[3] - Acquired APT to gain valuable commercial synergies and strategic strength[3] - Regulatory submissions for the MAGiC catheter were completed in Europe and the United States during Q1[3] - A new, smaller robot is progressing with regulatory submissions expected in Q2 2024, anticipating European clearance mid-year and FDA clearance in H2[3] - The company expects to launch a new guidewire, a product ecosystem in China, and a digital surgery solution later in 2024[3] Q1 2024 Financial Performance Stereotaxis reported Q1 2024 total revenue of $6.9 million (+5%), a 58% gross margin, and narrowed operating and net losses Revenue Analysis Q1 2024 revenue increased by 5% year-over-year, primarily driven by a 44.4% rise in system revenue Q1 2024 Revenue vs. Q1 2023 (in millions) | Revenue Category | Q1 2024 | Q1 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | System Revenue | $2.6 | $1.8 | +$0.8 | +44.4% | | Recurring Revenue | $4.3 | $4.7 | -$0.4 | -8.5% | | Total Revenue | $6.9 | $6.5 | +$0.4 | +5.0% | Profitability Analysis Stereotaxis achieved a 58% total gross margin in Q1 2024, with significant reductions in operating and net losses Q1 2024 Gross Margin | Margin Category | Q1 2024 | | :--- | :--- | | Total Gross Margin | 58% | | Recurring Revenue Gross Margin | 76% | | System Gross Margin | 27% | Q1 2024 Loss Summary vs. Q1 2023 (in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Operating Loss | ($4.7) | ($5.6) | | Net Loss | ($4.5) | ($5.3) | | Adjusted Operating Loss* | ($2.2) | ($3.0) | | Adjusted Net Loss* | ($1.9) | ($2.7) | - Adjusted operating expenses, excluding non-cash stock compensation, decreased to $6.1 million from $6.9 million year-over-year[5] Financial Position and Outlook Stereotaxis maintains a strong financial position with $18.2 million cash and no debt, expecting profitability without additional financing Balance Sheet and Liquidity As of March 31, 2024, Stereotaxis held $18.2 million cash and no debt, with ($2.3) million negative free cash flow - As of March 31, 2024, the company held $18.2 million in cash and cash equivalents with no debt[7] - Negative free cash flow for Q1 was ($2.3) million[6] Full-Year 2024 Outlook Stereotaxis reaffirms double-digit revenue growth for FY2024 and anticipates reaching profitability without additional financing - The company maintains its expectation of double-digit revenue growth for the full year 2024, excluding APT acquisition contributions[8] - Stereotaxis anticipates a lower rate of cash utilization and believes its balance sheet is sufficient to reach profitability without additional financing[9] Consolidated Financial Statements This section presents Stereotaxis, Inc.'s unaudited consolidated Q1 2024 financial statements, including Statements of Operations and Balance Sheets Statements of Operations (Unaudited) The unaudited Statements of Operations detail Stereotaxis's revenue, gross margin, operating expenses, and net loss for Q1 2024 and 2023 Three Months Ended March 31, (in thousands) | Description | 2024 | 2023 | | :--- | :--- | :--- | | Total revenue | $6,880 | $6,548 | | Gross margin | $3,966 | $3,876 | | Total operating expenses | $8,712 | $9,495 | | Operating loss | ($4,746) | ($5,619) | | Net loss | ($4,507) | ($5,347) | | Net loss attributable to common stockholders | ($4,838) | ($5,678) | | Net loss per share (Basic & Diluted) | ($0.06) | ($0.07) | Balance Sheets (Unaudited) The unaudited Balance Sheets present Stereotaxis's financial position, including cash, assets, liabilities, and equity as of March 31, 2024 Balance Sheet Highlights (in thousands) | Description | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $17,633 | $19,818 | | Total current assets | $31,208 | $33,267 | | Total assets | $39,452 | $41,909 | | Total current liabilities | $12,852 | $13,247 | | Total liabilities | $19,421 | $19,989 | | Total stockholders' equity | $14,567 | $16,343 |