Stereotaxis Inc: A Strong Q4 2024 Performance and a Promising Future
Generado por agente de IAMarcus Lee
martes, 4 de marzo de 2025, 12:51 am ET2 min de lectura
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Stereotaxis Inc (NYSE: STXS), a pioneer in surgical robotics for minimally invasive endovascular intervention, reported robust financial results for the fourth quarter and full year ended December 31, 2024. The company's strong performance was driven by strategic initiatives and innovations, such as the European regulatory approval of the MAGiC catheter and the first sale of the GenesisX robot. These advancements, along with regulatory approvals for GenesisGEL-- and MagbotMAG-- in China and regulatory submissions for MAGiC Sweep and EMAGIN 5F, have significantly contributed to the company's progress and will continue to impact its performance in the future.
Stereotaxis' revenue for the fourth quarter of 2024 totaled $6.3 million, a 39% increase compared to $4.6 million in the prior year fourth quarter. System revenue for the quarter was $1.4 million and recurring revenue was $4.9 million, compared to $0.1 million and $4.5 million, respectively, in the prior year fourth quarter. System revenue reflects revenue recognition on the partial delivery of Genesis systems, while recurring revenue reflects a full quarter's contribution from the recent acquisition of Access Point Technologies (APT). Revenue for the full year 2024 totaled $26.9 million compared to $26.8 million in 2023. System backlog at the start of 2025 is $15.2 million.
Gross margin for the fourth quarter and full year 2024 were approximately 51% and 54% of revenue, respectively. Full year 2024 gross margins were 70% for recurring revenue and 20% for system revenue. Recurring gross margins were impacted by acquisition-related accounting that temporarily reduces disposable margin. System gross margins remain impacted by fixed overhead allocated over low production levels.
Operating expenses in the fourth quarter of $10.8 million include $2.5 million of non-cash stock compensation expense and $1.1 million non-cash mark-to-market adjustment for acquisition related contingent earnout consideration. Excluding these non-cash charges, adjusted operating expenses in the quarter were $7.2 million. Adjusted operating expenses for the full year 2024 were $27.4 million, compared to $26.2 million in the prior year.
Operating loss and net loss in the fourth quarter of 2024 were ($7.6) million and ($7.5) million, respectively, compared to ($5.3) million and ($5.0) million in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash stock compensation expense and the mark-to-market adjustment, were ($4.0) million and ($3.8) million, respectively, compared to ($2.7) million and ($2.4) million in the previous year. For the full year 2024, adjusted operating loss of ($12.8) million and adjusted net loss of ($12.1) million compared to an adjusted operating loss of ($11.3) million and an adjusted net loss of ($10.2) million in the prior year.
Positive free cash flow of $1.3 million for the fourth quarter reflects cash receipts on previous system revenue. Negative free cash flow for the full year 2024 was ($8.5) million compared to ($9.5) million for the full year 2023. At December 31, 2024, StereotaxisSTXS-- had cash and cash equivalents, including restricted cash, of $12.4 million and no debt.
Stereotaxis anticipates double-digit revenue growth for the full year 2025. Recurring revenue is expected to scale throughout the year, from $5 million in the first quarter to $7 million in the fourth quarter, as an expanded portfolio of catheters increasingly contributes to revenue. System revenue of $2-3 million per quarter is expected to remain approximately flat with 2024, with modest contributions from new innovations.
In conclusion, Stereotaxis' strong performance in Q4 2024 and its strategic initiatives and innovations position the company for continued growth and success in the future. The company's expanding product portfolio, increasing catheter adoption, and stable operating expense environment are expected to drive double-digit revenue growth in 2025. However, potential challenges and risks, such as regulatory delays, market acceptance, operating expenses, and cash flow management, should be carefully monitored to ensure the company's continued success.
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STXS--
Stereotaxis Inc (NYSE: STXS), a pioneer in surgical robotics for minimally invasive endovascular intervention, reported robust financial results for the fourth quarter and full year ended December 31, 2024. The company's strong performance was driven by strategic initiatives and innovations, such as the European regulatory approval of the MAGiC catheter and the first sale of the GenesisX robot. These advancements, along with regulatory approvals for GenesisGEL-- and MagbotMAG-- in China and regulatory submissions for MAGiC Sweep and EMAGIN 5F, have significantly contributed to the company's progress and will continue to impact its performance in the future.
Stereotaxis' revenue for the fourth quarter of 2024 totaled $6.3 million, a 39% increase compared to $4.6 million in the prior year fourth quarter. System revenue for the quarter was $1.4 million and recurring revenue was $4.9 million, compared to $0.1 million and $4.5 million, respectively, in the prior year fourth quarter. System revenue reflects revenue recognition on the partial delivery of Genesis systems, while recurring revenue reflects a full quarter's contribution from the recent acquisition of Access Point Technologies (APT). Revenue for the full year 2024 totaled $26.9 million compared to $26.8 million in 2023. System backlog at the start of 2025 is $15.2 million.
Gross margin for the fourth quarter and full year 2024 were approximately 51% and 54% of revenue, respectively. Full year 2024 gross margins were 70% for recurring revenue and 20% for system revenue. Recurring gross margins were impacted by acquisition-related accounting that temporarily reduces disposable margin. System gross margins remain impacted by fixed overhead allocated over low production levels.
Operating expenses in the fourth quarter of $10.8 million include $2.5 million of non-cash stock compensation expense and $1.1 million non-cash mark-to-market adjustment for acquisition related contingent earnout consideration. Excluding these non-cash charges, adjusted operating expenses in the quarter were $7.2 million. Adjusted operating expenses for the full year 2024 were $27.4 million, compared to $26.2 million in the prior year.
Operating loss and net loss in the fourth quarter of 2024 were ($7.6) million and ($7.5) million, respectively, compared to ($5.3) million and ($5.0) million in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash stock compensation expense and the mark-to-market adjustment, were ($4.0) million and ($3.8) million, respectively, compared to ($2.7) million and ($2.4) million in the previous year. For the full year 2024, adjusted operating loss of ($12.8) million and adjusted net loss of ($12.1) million compared to an adjusted operating loss of ($11.3) million and an adjusted net loss of ($10.2) million in the prior year.
Positive free cash flow of $1.3 million for the fourth quarter reflects cash receipts on previous system revenue. Negative free cash flow for the full year 2024 was ($8.5) million compared to ($9.5) million for the full year 2023. At December 31, 2024, StereotaxisSTXS-- had cash and cash equivalents, including restricted cash, of $12.4 million and no debt.
Stereotaxis anticipates double-digit revenue growth for the full year 2025. Recurring revenue is expected to scale throughout the year, from $5 million in the first quarter to $7 million in the fourth quarter, as an expanded portfolio of catheters increasingly contributes to revenue. System revenue of $2-3 million per quarter is expected to remain approximately flat with 2024, with modest contributions from new innovations.
In conclusion, Stereotaxis' strong performance in Q4 2024 and its strategic initiatives and innovations position the company for continued growth and success in the future. The company's expanding product portfolio, increasing catheter adoption, and stable operating expense environment are expected to drive double-digit revenue growth in 2025. However, potential challenges and risks, such as regulatory delays, market acceptance, operating expenses, and cash flow management, should be carefully monitored to ensure the company's continued success.
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