Financial Data and Key Metrics Changes - Revenue for Q3 2025 totaled $7.5 million, with system revenue of $1.9 million and recurring revenue of $5.6 million, compared to $4.4 million and $4.8 million in the prior year [15] - Gross margin for Q3 2025 was 55% of revenue, with recurring revenue gross margin at 67% and system gross margin at 19% [15] - Operating loss for Q3 2025 was $6.6 million, compared to $6.3 million in the previous year, while adjusted operating loss was $2.5 million, down from $3.1 million [16] Business Line Data and Key Metrics Changes - Recurring revenue growth was driven by a full quarter's contribution from MAPIT catheters and initial sales of the Magic ablation catheter and Magic Sweep high-density mapping catheter [15] - The company has seen over $300,000 in revenue from the Magic Sweep catheter in its first two months of launch [8] Market Data and Key Metrics Changes - The company received hospital orders for two Genesis robots from European hospitals, indicating a healthy pipeline and continued interest, particularly in Europe [4] - The launch of Genesis X is expected to enhance system opportunities and is anticipated to outpace Genesis orders following its full launch [5][24] Company Strategy and Development Direction - The company aims to scale robotic system sales and build a high-margin recurring revenue business with its catheter portfolio, supporting a razor-razor blade business model [3] - The company is focusing on expanding its catheter portfolio, which is crucial for driving revenue and enhancing the value of its robotic systems [48] Management's Comments on Operating Environment and Future Outlook - Management expects revenue for the current quarter to exceed $9 million, with over 20% annual revenue growth for the full year 2025 [18] - The company anticipates sustained growth in both system and recurring revenue through 2026, with quarterly revenue expected to surpass an average of $10 million [18] Other Important Information - The company has a robust pipeline of innovation efforts, including multiple products in late stages of regulatory review and development projects [9] - The company had cash and cash equivalents of $10.5 million as of September 30, with no debt [17] Q&A Session Summary Question: Update on Genesis X sales pipeline and order mix - Management views Genesis X as additive to Genesis, with continued demand for Genesis systems expected alongside Genesis X orders [21][22] Question: Pricing strategy for Genesis X and revenue expectations - Genesis X will be sold at a premium price compared to Genesis, with expectations for initial non-EP applications in the coming year [26][27] Question: Timeline for full launch of Genesis X and Magic catheter approval - Full launch of Genesis X is expected in early 2026, contingent on manufacturing ramp-up and FDA approval for the Magic catheter [33] Question: Revenue mix expectations for 2026 - The company expects system revenue to be between 30%-50% of overall revenue, with recurring revenues scaling as catheter approvals progress [35] Question: FDA interactions regarding Magic catheter - Management reported a comprehensive review by the FDA with no significant issues, and they feel positive about their responses to FDA inquiries [39] Question: Changes in Q4 revenue guidance - The company adjusted Q4 guidance due to timing of approvals and market conditions, but remains optimistic about the ramp-up of new devices [41]