Robotic surgical technologies firm Stereotaxis Inc. (STXS:NYSE.American), which designs innovative robotic devices
and technologies used in the treatment of cardiac arrhythmia, today announced financial results for the third quarter of 2021 ended September 30, 2021.
The company's Chairman and CEO David Fischel led off the report by commenting, "We are proud of the progress made on multiple fronts in the third quarter…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."
Fischel continued, "Renewed global adoption of robotic systems drove revenue growth in the quarter. We received orders for two Genesis systems in the U.S. 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."
The company advised that it is gaining traction in China due to its strategic collaboration with MicroPort EP, which provides commercial infrastructure and a robust product ecosystem that offers potential for 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 U.S. pivotal trial early next year," Fischel added.
The company reported that revenue in Q3/21 rose by 5% to $9.1 million, compared to $8.7 million in Q3/20. The firm said that this included $3.5 million in system revenue and $5.3 million in recurring revenue, versus $3.0 million and $5.5 million respectively in Q3/20.
Stereotaxis indicated that Gross margin on a combined basis was 52% in Q3/21. Gross margin for systems revenue was 5%, while recurring revenue gross margin came in much higher at 86%.
The firm noted that adjusted operating expenses in Q3/21 increased to $6.8 million, compared to $5.5 million during Q3/20. The company stated that the increase was primarily due to higher R&D spending, measured investment and additional hiring in key areas.
The company posted an operating loss of $4.6 million and a net loss of $1.6 million in Q3/21. The firm stated that excluding non-cash stock compensation expenses, it posted an adjusted operating loss and adjusted net loss in the latest quarter of $2.0 million, compared to an adjusted operating loss and adjusted net loss of $0.8 million during the same period in the prior year.
The firm advised that it held cash and cash equivalents in the amount of $42.8 million on its balance sheet as of September 30, 2021.
The company offered some forward guidance and stated that it is maintaining it FY/21 estimates for around $11 million in system revenue for 2021, which it expects will double from that level in FY/22. The firm added that its strong cash position will allow it to achieve profitability without any additional financing.
Stereotaxis is based in St. Louis, Mo. and is a developer of surgical robotic technologies. The firm's products are designed and engineered for purposes of enhancing arrhythmia treatment and perform endovascular procedures.
The company's instruments, robotic systems and information solutions are created for use in interventional medicine. Stereotaxis devices and tools provide physicians conducting procedures with robotic precision equipment that is safe, productive and efficient. The company advised that its Robotic Magnetic Navigation technology is presently being used in the U.S., Asia and Europe.
Stereotaxis started the day with a market cap of around $414.3 million with approximately 74.5 million shares outstanding and a short interest of about 1.2%. STXS shares opened 2.5% higher today at $5.70 (+$0.14, +2.52%) over yesterday's $5.56 closing price. The stock traded today between $5.56 and $6.87 per share and closed at $6.74 (+$1.18, +21.22%).
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