Financial Data and Key Metrics Changes - Revenue for Q1 2025 totaled $7.5 million, a 9% increase from $6.9 million in Q1 2024 [21] - System revenue was $2 million, while recurring revenue was $5.5 million compared to $2.6 million and $4.3 million in the prior year [21] - Gross margin for Q1 was 54%, with recurring revenue gross margin at 68% and system gross margin at 15% [22] - Operating loss and net loss for Q1 2025 were $5.9 million and $5.8 million, respectively, compared to $4.7 million and $4.5 million in the previous year [23] Business Line Data and Key Metrics Changes - MAPIT sales exceeded $1 million in Q1, with a 30% sequential growth in the U.S. market [5] - The MAGIC catheter received European approval, with initial sales expected to generate a couple hundred thousand dollars this quarter, projected to reach approximately $1 million per quarter by the end of the year [9] - Genesis X had its first purchase order in Q1, with expectations for a full launch in Europe and the U.S. following initial commercial use [12] Market Data and Key Metrics Changes - The U.S. market remains challenging due to the lack of MAGIC approval, while Europe shows a more robust pipeline for both Genesis and Genesis X [36] - In China, regulatory approval for Genesis was received, but macroeconomic uncertainties may impact hospital purchases [27] Company Strategy and Development Direction - The company is focusing on growing recurring revenue through its MAPIT portfolio and expanding the adoption of the MAGIC catheter and Genesis X [4][10] - A comprehensive innovation strategy is in place, with six active regulatory reviews and additional products expected to submit for approval soon [14][19] - The goal is to transition from a small installed base of robots to a larger one, enhancing the overall growth potential [62] Management's Comments on Operating Environment and Future Outlook - Management expects double-digit revenue growth for the full year 2025, with system revenue fluctuating between $2 million to $3 million per quarter [26] - The company anticipates reduced cash use in 2025 compared to 2024, supported by growing recurring revenue and stable operating expenses [28] - Management remains optimistic about the potential for growth in the Chinese market, viewing it as an upside opportunity [27] Other Important Information - The company is working on enhancing compatibility of Genesis X with various x-ray systems and preparing for a full commercial launch [12] - There are ongoing efforts to finalize regulatory submissions for additional products, including the Synchrony Cath Lab technology and a robotically steered vascular guidewire [19] Q&A Session Summary Question: Can you provide insights on the backlog for Genesis and Genesis X systems? - Management indicated that the capital equipment environment varies by geography, with the U.S. being more challenging until MAGIC and Genesis X are approved [34][36] Question: What feedback has been received from European customers using the MAGIC catheter? - The reception has been positive, with usage across a spectrum of procedures, and management expects a gradual ramp-up in adoption [41][43] Question: What is the timeline for full conversion to MAGIC in the U.S. and Europe? - Management expects a full conversion to occur over approximately two years, with Europe likely seeing substantial adoption by 2026 [59] Question: Are alternative financing models being considered for Genesis X? - Discussions are ongoing regarding various financial models, including leasing and placement, but the focus remains on sales for now [61][62]