Stereotaxis Reports Third Quarter 2024 Financial Results
Stereotaxis (NYSE: STXS), a leader in surgical robotics for minimally invasive endovascular intervention, has announced its financial results for the third quarter ended September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $9.2 million | $7.8 million | +18% | $7.1 million |
| Earnings Per Share (EPS) | Not disclosed* | Not disclosed* | - | -$0.05 |
*Note: Specific EPS figures were not disclosed in the report.
Interpretation: Stereotaxis exceeded revenue expectations, reporting $9.2 million in Q3 2024, up 18% from the same quarter last year and surpassing the Wall Street consensus estimate. This increase is attributed to strong demand for the Genesis robotic systems, contributing to a solid financial performance this quarter.
Segment Revenue Performance
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | YoY Change |
|---|---|---|---|
| System Revenue | $4.4 million | $3.5 million | +25.7% |
| Recurring Revenue | $4.8 million | $4.3 million | +11.6% |
Interpretation: Both system and recurring revenues increased significantly, benefiting from the partial revenue recognition on three Genesis systems and contributions from Access Point Technologies following its acquisition.
Key Developments and Operational Highlights
- Successful operational integration of Access Point Technologies.
- Receipt of orders for two Genesis systems with expectations for the first GenesisX order soon.
- Progress in regulatory approvals:
- CE Mark attained for GenesisX robotic system.
- Advancements in FDA submission of the MAGiC PMA.
- Successful Chinese NMPA audit, indicating potential approvals in China soon.
Management Remarks
David Fischel, Chairman and CEO of Stereotaxis, emphasized the company's strategic progress, focusing on building a robust product ecosystem and successfully integrating APT. The company’s financial discipline and increased cash receipts bolster their balance sheet, reinforcing confidence in their pathway to profitability without the need for additional financing.
Cash and Liquidity Position
- The company reported ending October with $13.3 million in cash and no debt, a strong financial position to advance its innovative product ecosystem.
Forward Guidance
Stereotaxis maintains its expectation for full-year revenue to match the previous year's figures, anticipating continued growth in system and recurring revenues. The company aims to end the year with approximately $12 million in cash and no debt, ensuring a stable financial outlook to support their strategic initiatives.
Stock Price Movement
Post-earnings release, Stereotaxis' stock saw a positive change of approximately 1.07%, reflecting investor optimism following the better-than-expected financial results and strategic progress.
This comprehensive summary encapsulates Stereotaxis' solid performance in Q3 2024, emphasizing its strategic execution and robust financial health, positioning it well for sustained future growth.
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