Stereotaxis' Q3 revenue rises, but misses estimates
STXS•Stereotaxis' third-quarter revenue rose 20% year over year to $8.93 million, below the $9.60 million analyst estimate. System revenue grew 60%, and the company announced $24 million in convertible note financing.
1. Revenue and losses
Stereotaxis reported third-quarter revenue of $8.93 million, up 20% year over year and below the $9.60 million consensus estimate. The company recorded a $6.8 million net loss attributable to the company and a loss per share of $0.07.
2. Sales and outlook
System revenue grew 60%, driven by GenesisX and Genesis system sales in the United States and China and Synchrony digital operating room systems. Recurring revenue benefited from a new robotically navigated catheter portfolio but was limited by supply shortages. Stereotaxis expects adjusted operating expenses of about $8 million per quarter and said revenue growth and stable expenses may lead to cash-flow profitability within the next year.
3. Financing
The company announced $24 million in convertible note financing to boost liquidity. It said gross margins were affected by fixed overhead costs spread over low production volume.
