Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical
robotics for minimally invasive endovascular intervention, today
reported financial results for the fourth quarter and full year
ended December 31, 2021.
“In 2021 we delivered significant revenue
growth, drove a resurgence in adoption of robotics, advanced a
broad wave of transformational innovations, and maintained
financial discipline,” said David Fischel, Chairman and CEO.
“Renewed global adoption of robotic systems
drove revenue growth of 32% for the year. We sold seven systems
during 2021, the majority to hospitals establishing new robotic
programs. We begin 2022 with purchase orders for four robotic
systems and an expectation of multiple additional near-term orders
that should drive revenue growth for this year. However,
replacement activity remains below normalized levels with multiple
opportunities delayed predominantly due to hospital construction
supply chain and labor issues.”
“Stereotaxis is methodically advancing a robust
innovation pipeline including a novel accessible robot, proprietary
ablation catheters, vascular navigation devices, and an operating
room connectivity solution. We expect regulatory submissions and
initial commercial launches for all these within the next year and
a half. Collectively, they serve as the foundational product
ecosystem for a preeminent medical robotics company which can
broadly transform endovascular interventions.”
“Concurrent with our commercial and
technological progress, we are enhancing our infrastructure and
team. We established a new headquarters and manufacturing facility
that will support many years of growth. This progress is made while
remaining prudent with shareholder capital. Stereotaxis starts the
year with $40 million in cash and a modest controlled operating
loss as we invest in innovation and growth.”
2021 Fourth Quarter and Full Year
Financial ResultsRevenue for the fourth quarter of 2021
totaled $8.2 million, representing growth of 21% from $6.8 million
in the prior year fourth quarter. System revenue was $2.3 million
with recurring revenue of $5.7 million, compared to $0.7 million
and $5.9 million, respectively, in the prior year fourth quarter.
Revenue for the full year 2021 totaled $35.0 million with growth of
32% from $26.6 million in 2020. System revenue of $11.2 million
increased from $3.6 million in the prior year reflecting increasing
adoption of our Genesis RMN systems. Recurring revenue of $22.9
million increased 4% from the prior year reflecting a partial
recovery of procedure volumes.
Gross margin for the fourth quarter and full
year 2021 were approximately 72% and 66% of revenue, respectively.
Operating expenses in the fourth quarter were $9.3 million.
Excluding $2.6 million in non-cash stock compensation expense,
adjusted operating expenses in the current quarter were $6.7
million, compared to the prior year adjusted operating expenses of
$5.7 million. Adjusted operating expenses for the full year 2021
were $26.9 million, up from $22.6 million in the prior year.
Operating loss and net loss for the fourth
quarter of 2021 were both approximately ($3.4) million, compared to
($1.2) million for both in the previous year. Adjusted operating
loss and adjusted net loss for the quarter, excluding non-cash
stock compensation expense, were ($0.8) million, compared to ($0.4)
million for both in the previous year. For the full year 2021,
adjusted operating loss of ($3.6) million and adjusted net loss of
($1.4) million compared to ($3.6) million and ($3.5) million,
respectively, in the prior year. Net loss in the current year
reflects a favorable $2.2 million adjustment for the forgiveness of
the Paycheck Protection Loan. Negative free cash flow for the
full year 2021 was ($4.3) million, compared to ($3.6) million for
the full year 2020.
Cash Balance and LiquidityAt
December 31, 2021, Stereotaxis had cash and cash equivalents,
including restricted cash, of $40.1 million and no debt.
Forward Looking
ExpectationsStereotaxis anticipates revenue growth for the
year driven by continued commercial adoption of the Genesis RMN
system and stable recurring revenue. System revenue for the year
will be primarily recognized in the second half of the year based
on current customer schedules. Stereotaxis expects to modestly grow
operating expenses with continued investment in key growth drivers,
while maintaining a robust balance sheet that allows it to reach
profitability without the need for additional financings.
Stereotaxis is methodically establishing the product ecosystems
that allow for significant future growth in electrophysiology and
the broader field of endovascular surgery.
Conference Call and
WebcastStereotaxis will host a conference call and webcast
today, March 3, 2022, at 10:00 a.m. Eastern Time. To access the
conference call, dial 1-866-409-1555 (US and Canada) or
1-313-209-4906 (International) and give the participant pass code
7498243. 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
https://ir.stereotaxis.com/.
About StereotaxisStereotaxis
(NYSE: STXS) is a pioneer and global leader in innovative surgical
robotics for minimally invasive endovascular intervention. 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,
expand access to minimally invasive therapy, and enhance the
productivity, connectivity, and intelligence in the operating room.
Stereotaxis technology has been used to treat over 100,000 patients
across the United States, Europe, Asia, and elsewhere. For more
information, please visit www.Stereotaxis.com.
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. FischelChairman and
Chief Executive Officer
Kimberly R. PeeryChief Financial Officer
314-678-6100Investors@Stereotaxis.com
STEREOTAXIS, INC. |
STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Systems |
$ |
2,337,624 |
|
|
$ |
660,510 |
|
|
$ |
11,167,676 |
|
|
$ |
3,626,284 |
|
Disposables, service and accessories |
|
5,656,276 |
|
|
|
5,917,716 |
|
|
|
22,867,066 |
|
|
|
22,017,631 |
|
Sublease |
|
246,530 |
|
|
|
246,530 |
|
|
|
986,120 |
|
|
|
986,120 |
|
Total revenue |
|
8,240,430 |
|
|
|
6,824,756 |
|
|
|
35,020,862 |
|
|
|
26,630,035 |
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
Systems |
|
1,326,595 |
|
|
|
461,440 |
|
|
|
7,526,575 |
|
|
|
3,715,416 |
|
Disposables, service and accessories |
|
718,077 |
|
|
|
894,625 |
|
|
|
3,276,491 |
|
|
|
2,962,710 |
|
Sublease |
|
246,530 |
|
|
|
246,530 |
|
|
|
986,120 |
|
|
|
986,120 |
|
Total cost of revenue |
|
2,291,202 |
|
|
|
1,602,595 |
|
|
|
11,789,186 |
|
|
|
7,664,246 |
|
|
|
|
|
|
|
|
|
Gross margin |
|
5,949,228 |
|
|
|
5,222,161 |
|
|
|
23,231,676 |
|
|
|
18,965,789 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
2,614,645 |
|
|
|
2,098,161 |
|
|
|
10,198,553 |
|
|
|
8,136,914 |
|
Sales and marketing |
|
3,045,968 |
|
|
|
2,898,472 |
|
|
|
11,948,068 |
|
|
|
11,178,325 |
|
General and administrative |
|
3,638,398 |
|
|
|
1,402,138 |
|
|
|
13,973,498 |
|
|
|
6,364,365 |
|
Total operating expenses |
|
9,299,011 |
|
|
|
6,398,771 |
|
|
|
36,120,119 |
|
|
|
25,679,604 |
|
Operating loss |
|
(3,349,783 |
) |
|
|
(1,176,610 |
) |
|
|
(12,888,443 |
) |
|
|
(6,713,815 |
) |
Interest (expense) income,
net |
|
(4,486 |
) |
|
|
(4,240 |
) |
|
|
(10,071 |
) |
|
|
67,356 |
|
Gain on extinguishment of
debt |
|
- |
|
|
|
- |
|
|
|
2,182,891 |
|
|
|
- |
|
Net loss |
$ |
(3,354,269 |
) |
|
$ |
(1,180,850 |
) |
|
$ |
(10,715,623 |
) |
|
$ |
(6,646,459 |
) |
Cumulative dividend on
convertible preferred stock |
|
(338,565 |
) |
|
|
(340,471 |
) |
|
|
(1,345,031 |
) |
|
|
(1,369,421 |
) |
Net loss attributable to
common stockholders |
$ |
(3,692,834 |
) |
|
$ |
(1,521,321 |
) |
|
$ |
(12,060,654 |
) |
|
$ |
(8,015,880 |
) |
|
|
|
|
|
|
|
|
Net loss per share attributed
to common stockholders: |
|
|
|
|
|
|
|
Basic |
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
Diluted |
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
Weighted average number of
common shares and equivalents: |
|
|
|
|
|
|
|
Basic |
|
75,801,866 |
|
|
|
74,954,091 |
|
|
|
75,558,233 |
|
|
|
72,746,268 |
|
|
|
|
|
|
|
|
|
Diluted |
|
75,801,866 |
|
|
|
74,954,091 |
|
|
|
75,558,233 |
|
|
|
72,746,268 |
|
STEREOTAXIS, INC. |
BALANCE SHEETS |
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
38,738,591 |
|
|
$ |
43,939,512 |
|
Restricted cash - current |
|
454,268 |
|
|
|
- |
|
Compensating cash arrangement |
|
- |
|
|
|
250,620 |
|
Accounts receivable, net of allowance of $179,913 and $123,614 at
2021 and 2020, respectively |
|
5,405,860 |
|
|
|
3,515,136 |
|
Inventories, net |
|
4,433,394 |
|
|
|
3,295,457 |
|
Prepaid expenses and other current assets |
|
2,356,190 |
|
|
|
1,716,014 |
|
Total current assets |
|
51,388,303 |
|
|
|
52,716,739 |
|
Property and equipment,
net |
|
2,631,891 |
|
|
|
195,129 |
|
Restricted cash |
|
951,563 |
|
|
|
- |
|
Operating lease right-of-use
assets |
|
5,734,775 |
|
|
|
2,235,442 |
|
Other assets |
|
278,154 |
|
|
|
308,515 |
|
Total assets |
$ |
60,984,686 |
|
|
$ |
55,455,825 |
|
|
|
|
|
Liabilities and stockholders'
equity |
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$ |
- |
|
|
$ |
1,185,058 |
|
Accounts payable |
|
4,188,471 |
|
|
|
1,608,636 |
|
Accrued liabilities |
|
2,528,189 |
|
|
|
3,209,235 |
|
Deferred revenue |
|
6,276,781 |
|
|
|
5,282,770 |
|
Current portion of operating lease liabilities |
|
268,121 |
|
|
|
2,287,487 |
|
Total current liabilities |
|
13,261,562 |
|
|
|
13,573,186 |
|
|
|
|
|
Long-term debt |
|
- |
|
|
|
973,252 |
|
Long-term deferred
revenue |
|
2,238,150 |
|
|
|
548,915 |
|
Operating lease
liabilities |
|
5,842,456 |
|
|
|
- |
|
Other liabilities |
|
218,582 |
|
|
|
131,231 |
|
Total liabilities |
|
21,560,750 |
|
|
|
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,
74,618,240 and 73,694,203 shares issued at 2021 and 2020,
respectively |
|
74,618 |
|
|
|
73,694 |
|
Additional paid-in capital |
|
532,640,795 |
|
|
|
522,709,846 |
|
Treasury stock, 4,015 shares at 2021 and 2020 |
|
(205,999 |
) |
|
|
(205,999 |
) |
Accumulated deficit |
|
(498,674,856 |
) |
|
|
(487,959,233 |
) |
Total stockholders'
equity |
|
33,840,168 |
|
|
|
34,623,918 |
|
Total liabilities and
stockholders' equity |
$ |
60,984,686 |
|
|
$ |
55,455,825 |
|
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