Stereotaxis (NYSE: STXS), the global leader in innovative robotic
technologies for the treatment of cardiac arrhythmias, today
reported financial results for the third quarter ended September
30, 2021.
“We are proud of the progress made on multiple
fronts in the third quarter,” said David Fischel, Chairman and CEO.
“We continue to demonstrate year-over-year and sequential revenue
growth while improving commercial execution, establishing key
strategic collaborations, advancing a wave of upcoming innovations,
and enhancing our infrastructure and team.”
“Renewed global adoption of robotic systems
drove revenue growth in the quarter. We received orders for two
Genesis systems in the United States and Europe since our last
call. Progress on multiple other capital opportunities supports our
confidence in additional near-term orders and an approximate
doubling of robotic system revenue next year.”
“China emerged as a third geographic pillar for
Stereotaxis with our announcement of a strategic collaboration with
MicroPort EP. Our collaboration provides for a robust product
ecosystem and commercial infrastructure, and we have initiated
early development, regulatory and commercial activities with the
goal of significant long-term value creation.”
“Our proprietary robotically-navigated magnetic
ablation catheter overcame initial supply chain disruptions, and we
remain on track for completion of the required testing needed for a
European regulatory submission and US pivotal trial early next
year. An additional set of innovations will be showcased next month
at Stereotaxis’ Innovation Day. We are confident in the
transformative impact these innovations will have on patients,
physicians, providers, and on Stereotaxis’ strategic and financial
future.”
“This progress takes place while we are
enhancing our infrastructure and growing our team. We are set to
move into an enhanced and enlarged new headquarters at year end. We
are pleased to welcome 14 incremental new team members
year-to-date. All this takes place with continued financial
discipline with total cash use year-to-date of less than two
million dollars.”
2021 Third Quarter Financial
Results Revenue for the third quarter of 2021 totaled $9.1
million, up 5% from $8.7 million in the prior year third quarter.
System revenue was $3.5 million and recurring revenue was $5.3
million, compared to $3.0 million and $5.5 million respectively in
the prior year third quarter.
Gross margin for the third quarter of 2021 was
52% of revenue, with system gross margin of 5% and recurring
revenue gross margin of 86%. Operating expenses in the quarter of
$9.4 million include $2.6 million in non-cash stock compensation
expense. Excluding stock compensation expense, adjusted operating
expenses in the current quarter were $6.8 million, compared to the
prior year adjusted operating expenses of $5.5 million. Operating
expenses in the current year primarily reflect increased R&D
spending and measured investment and hiring across key business
functions.
Operating loss and net loss for the third
quarter of 2021 were both ($4.6) million, compared to ($1.6)
million for both in the previous year. Adjusted operating loss and
adjusted net loss for the quarter, excluding non-cash stock
compensation expense, were ($2.0) million, compared to ($0.8)
million for both in the previous year. Negative free cash flow for
the third quarter was ($1.5) million, compared to ($0.2) million in
the prior year third quarter. Negative free cash flow for the first
nine months of 2021 totaled ($1.9) million, compared to ($3.9)
million during the same period the previous year.
Cash Balance and Liquidity At
September 30, 2021, Stereotaxis had cash and cash equivalents,
including restricted cash and compensating balances, of $42.8
compared to $44.2 million as of December 31, 2020.
Forward Looking Expectations
Stereotaxis maintains its guidance of approximately $11 million in
system revenue for 2021, with an approximate doubling of system
revenue in 2022 contributing to robust double digit overall revenue
growth for the year. Stereotaxis expects to start 2022 with greater
than $40 million in cash. This balance sheet allows it to reach
profitability without the need for additional financings.
Conference Call and Webcast
Stereotaxis will host a conference call and webcast today, November
11, 2021, at 10:00 a.m. Eastern Time. To access the conference
call, dial 1-800-367-2403 (US and Canada) or 1-334-777-6978
(International) and give the participant pass code 1935969.
Participants are asked to call 5-10 minutes prior to the start
time. To access the live and replay webcast, please visit the
investor relations section of the Stereotaxis website at
www.Stereotaxis.com.
About Stereotaxis
Stereotaxis (NYSE: STXS) is the global leader in innovative
robotic technologies designed to enhance the treatment of
arrhythmias and perform endovascular procedures. Its mission is the
discovery, development and delivery of robotic systems,
instruments, and information solutions for the interventional
laboratory. These innovations help physicians provide unsurpassed
patient care with robotic precision and safety, improved lab
efficiency and productivity, and enhanced integration of procedural
information. Stereotaxis’ Robotic Magnetic Navigation technology is
used in the United States, Europe, Asia, and
elsewhere. For more information, please
visit www.Stereotaxis.com or follow us on Facebook,
Twitter, LinkedIn, Instagram, and YouTube.
This press release includes statements that may
constitute "forward-looking" statements, usually containing the
words "believe”, "estimate”, "project”, "expect" or similar
expressions. Forward-looking statements inherently involve risks
and uncertainties that could cause actual results to differ
materially. Factors that would cause or contribute to such
differences include, but are not limited to, the Company's ability
to manage expenses at sustainable levels, acceptance of the
Company's products in the marketplace, the effect of global
economic conditions on the ability and willingness of customers to
purchase its technology, competitive factors, changes resulting
from healthcare policy, dependence upon third-party vendors, timing
of regulatory approvals, the impact of pandemics or other
disasters, and other risks discussed in the Company's periodic and
other filings with the Securities and Exchange Commission. By
making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release. There can be no assurance that the
Company will recognize revenue related to its purchase orders and
other commitments because some of these purchase orders and other
commitments are subject to contingencies that are outside of the
Company's control and may be revised, modified, delayed, or
canceled.
Company
Contacts:
David L. Fischel Chairman and Chief Executive Officer
Kimberly R.
Peery
Chief Financial Officer
314-678-6100 Investors@Stereotaxis.com
|
STEREOTAXIS, INC. |
STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Systems |
$ |
3,541,360 |
|
|
$ |
2,953,005 |
|
|
$ |
8,830,052 |
|
|
$ |
2,965,774 |
|
Disposables, service and accessories |
|
5,318,562 |
|
|
|
5,504,048 |
|
|
|
17,210,790 |
|
|
|
16,099,915 |
|
Sublease |
|
246,530 |
|
|
|
246,530 |
|
|
|
739,590 |
|
|
|
739,590 |
|
Total revenue |
|
9,106,452 |
|
|
|
8,703,583 |
|
|
|
26,780,432 |
|
|
|
19,805,279 |
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
Systems |
|
3,374,857 |
|
|
|
3,031,440 |
|
|
|
6,199,980 |
|
|
|
3,253,976 |
|
Disposables, service and accessories |
|
750,507 |
|
|
|
747,285 |
|
|
|
2,558,414 |
|
|
|
2,068,085 |
|
Sublease |
|
246,530 |
|
|
|
246,530 |
|
|
|
739,590 |
|
|
|
739,590 |
|
Total cost of revenue |
|
4,371,894 |
|
|
|
4,025,255 |
|
|
|
9,497,984 |
|
|
|
6,061,651 |
|
|
|
|
|
|
|
|
|
Gross margin |
|
4,734,558 |
|
|
|
4,678,328 |
|
|
|
17,282,448 |
|
|
|
13,743,628 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
2,499,789 |
|
|
|
1,952,641 |
|
|
|
7,583,908 |
|
|
|
6,038,753 |
|
Sales and marketing |
|
2,910,134 |
|
|
|
2,822,680 |
|
|
|
8,902,100 |
|
|
|
8,279,853 |
|
General and administrative |
|
3,944,452 |
|
|
|
1,466,046 |
|
|
|
10,335,100 |
|
|
|
4,962,227 |
|
Total operating expenses |
|
9,354,375 |
|
|
|
6,241,367 |
|
|
|
26,821,108 |
|
|
|
19,280,833 |
|
Operating loss |
|
(4,619,817 |
) |
|
|
(1,563,039 |
) |
|
|
(9,538,660 |
) |
|
|
(5,537,205 |
) |
|
|
|
|
|
|
|
|
Interest (expense) income, net |
|
1,258 |
|
|
|
(9,933 |
) |
|
|
(5,585 |
) |
|
|
71,596 |
|
Gain on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
2,182,891 |
|
|
|
- |
|
Net loss |
$ |
(4,618,559 |
) |
|
$ |
(1,572,972 |
) |
|
$ |
(7,361,354 |
) |
|
$ |
(5,465,609 |
) |
Cumulative dividend on convertible preferred stock |
|
(338,718 |
) |
|
|
(343,101 |
) |
|
|
(1,006,466 |
) |
|
|
(1,028,950 |
) |
Net loss attributable to common stockholders |
$ |
(4,957,277 |
) |
|
$ |
(1,916,073 |
) |
|
$ |
(8,367,820 |
) |
|
$ |
(6,494,559 |
) |
|
|
|
|
|
|
|
|
Net loss per share attributed to common stockholders: |
|
|
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
Weighted average number of common shares and equivalents: |
|
|
|
|
|
|
|
Basic |
|
75,700,389 |
|
|
|
74,488,771 |
|
|
|
75,476,381 |
|
|
|
72,004,956 |
|
|
|
|
|
|
|
|
|
Diluted |
|
75,700,389 |
|
|
|
74,488,771 |
|
|
|
75,476,381 |
|
|
|
72,004,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STEREOTAXIS, INC. |
BALANCE SHEETS |
|
|
September 30, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
40,243,223 |
|
|
$ |
43,939,512 |
|
Restricted cash - current |
|
1,604,331 |
|
|
|
- |
|
Compensating cash arrangement |
|
251,548 |
|
|
|
250,620 |
|
Accounts receivable, net of allowance of $153,148 and $123,614 at
2021 and 2020, respectively |
|
5,073,265 |
|
|
|
3,515,136 |
|
Inventories, net |
|
3,854,572 |
|
|
|
3,295,457 |
|
Prepaid expenses and other current assets |
|
2,383,673 |
|
|
|
1,716,014 |
|
Total current assets |
|
53,410,612 |
|
|
|
52,716,739 |
|
Property and equipment, net |
|
1,153,231 |
|
|
|
195,129 |
|
Restricted cash |
|
700,000 |
|
|
|
- |
|
Operating lease right-of-use assets |
|
6,403,035 |
|
|
|
2,235,442 |
|
Other assets |
|
253,416 |
|
|
|
308,515 |
|
Total assets |
$ |
61,920,294 |
|
|
$ |
55,455,825 |
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$ |
- |
|
|
$ |
1,185,058 |
|
Accounts payable |
|
3,937,228 |
|
|
|
1,608,636 |
|
Accrued liabilities |
|
2,562,390 |
|
|
|
3,209,235 |
|
Deferred revenue |
|
6,688,239 |
|
|
|
5,282,770 |
|
Current portion of operating lease liabilities |
|
654,611 |
|
|
|
2,287,487 |
|
Total current liabilities |
|
13,842,468 |
|
|
|
13,573,186 |
|
|
|
|
|
Long-term debt |
|
- |
|
|
|
973,252 |
|
Long-term deferred revenue |
|
1,793,298 |
|
|
|
548,915 |
|
Operating lease liabilities |
|
5,911,757 |
|
|
|
- |
|
Other liabilities |
|
215,861 |
|
|
|
131,231 |
|
Total liabilities |
|
21,763,384 |
|
|
|
15,226,584 |
|
|
|
|
|
Series A - Convertible preferred stock: |
|
|
|
Convertible preferred stock, Series A, par value $0.001; 22,387 and
22,513 shares outstanding at 2021 and 2020, respectively |
|
5,583,768 |
|
|
|
5,605,323 |
|
Stockholders' equity: |
|
|
|
Convertible preferred stock, Series B, par value $0.001; 10,000,000
shares authorized, 5,610,121 shares outstanding at 2021 and
2020 |
|
5,610 |
|
|
|
5,610 |
|
Common stock, par value $0.001; 300,000,000 shares authorized,
74,579,198 and 73,694,203 shares issued at 2021 and 2020,
respectively |
|
74,579 |
|
|
|
73,694 |
|
Additional paid-in capital |
|
530,019,539 |
|
|
|
522,709,846 |
|
Treasury stock, 4,015 shares at 2021 and 2020 |
|
(205,999 |
) |
|
|
(205,999 |
) |
Accumulated deficit |
|
(495,320,587 |
) |
|
|
(487,959,233 |
) |
Total stockholders' equity |
|
34,573,142 |
|
|
|
34,623,918 |
|
Total liabilities and stockholders' equity |
$ |
61,920,294 |
|
|
$ |
55,455,825 |
|
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