Stereotaxis Q1 revenue $6.9M (+5% YoY); acquires Access Point Technologies for stock

Stereotaxis, Inc.

Q1 revenue $6.9M (+5% YoY); system revenue $2.6M, recurring $4.3M.
Net loss $4.5M; adjusted net loss $1.9M; free cash flow -$2.3M.
Acquires APT (electrophysiology catheters) for stock; upfront + contingent milestone payments.
APT expected to contribute ~$5M annual revenue in first year post-close; close expected Q3 2024.
Regulatory submissions for MAGiC catheter in US/Europe; smaller robot submissions expected Q2 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Stereotaxis, Inc. reported First quarter ended March 31, 2024 results: revenue $6.9 million, net income ($4.5) million. Guidance reaffirmed.

Period: First quarter ended March 31, 2024
Revenue: $6.9 million
Net income: ($4.5) million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Revenue for the first quarter of 2024 totaled $6.9 million, growth of 5% from $6.5 million in the prior year first quarter. System revenue for the first quarter was $2.6 million and recurring revenue was $4.3 million, compared to $1.8 million and $4.7 million in the prior year first quarter, respectively. Gross margin for the first quarter of 2024 was 58% of revenue. Recurring revenue gross margin was 76% and system gross margin was 27%. Operating expenses in the first quarter of $8.7 million include $2.6 million in non-cash stock compensation expense. Excluding non-cash stock compensation expense, adjusted operating expenses in the quarter were $6.1 million, compared to $6.9 million for adjusted operating expenses in the prior year first quarter. Operating loss and net loss for the first quarter of 2024 were ($4.7) million and ($4.5) million, respectively, compared to ($5.6) million and ($5.3) million in the previous year.

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Source: SEC EDGAR

accession 0001493152-24-018881

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