Stereotaxis Q3 2022 revenue $7.7M (-15% YoY); net loss widens to $4.9M

Stereotaxis, Inc.

2022-Q3 EPS reported -$0.20 revenue$20,846,000

Q3 2022 revenue $7.7M vs $9.1M prior year; system rev $2.4M, recurring $5.3M.
Operating loss $5.1M, net loss $4.9M (prior year $4.6M); adjusted net loss $2.2M.
Cash and equivalents $32.4M, no debt; system backlog over $13M.
CE Mark submission for MAGiC catheter under technical review; next-gen robot launch expected summer 2023.
Expects year-over-year revenue growth in coming quarters; no additional financing needed.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Stereotaxis, Inc. reported the third quarter ended September 30, 2022 results: revenue $7.7 million, net income ($4.9) million.

Period: the third quarter ended September 30, 2022
Revenue: $7.7 million
Net income: ($4.9) million
Result: reported results

Exact text from the filing

Revenue for the third quarter of 2022 totaled $7.7 million, compared to $9.1 million in the prior year third quarter. Recurring revenue for the third quarter was $5.3 million and system revenue was $2.4 million. The decrease in revenue is primarily driven by reduced system revenue, as hospital construction delays continue to slow the conversion of order backlog into revenue. Gross margin for the third quarter of 2022 was 60% of revenue, with recurring revenue gross margin of 80% and system gross margin of 16%. Operating expenses in the quarter of $9.6 million include $2.7 million in non-cash stock compensation expense. Excluding stock compensation expense, adjusted operating expenses were $6.9 million compared to $6.8 million in the prior year third quarter and down from $7.2 million sequentially from the current year second quarter. Operating loss and net loss for the third quarter of 2022 were ($5.1) million and ($4.9) million, respectively, compared to ($4.6) million for both in the

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Source: SEC EDGAR

accession 0001493152-22-031248

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