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Stereotaxis Reports 2024 Full Year Financial Results
STXSStereotaxis(STXS) GlobeNewswire·2025-03-03 12:30

Core Insights - Stereotaxis reported a 39% year-over-year revenue growth in Q4 2024, reaching 6.3million,drivenbyincreasedroboticsystemrevenueandsuccessfulintegrationofAPT[4][6]−Thecompanyachievedseveralregulatorymilestones,includingEuropeanapprovalfortheMAGiCcatheterandthefirstsaleoftheGenesisXrobot,whichareexpectedtoenhancecommercialgrowth[3][4]−Stereotaxisanticipatesdouble−digitrevenuegrowthforthefullyear2025,withrecurringrevenueprojectedtoscalefrom6.3 million, driven by increased robotic system revenue and successful integration of APT [4][6] - The company achieved several regulatory milestones, including European approval for the MAGiC catheter and the first sale of the GenesisX robot, which are expected to enhance commercial growth [3][4] - Stereotaxis anticipates double-digit revenue growth for the full year 2025, with recurring revenue projected to scale from 5 million in Q1 to 7millioninQ4[8][9]FinancialPerformance−Q42024revenuewas7 million in Q4 [8][9] Financial Performance - Q4 2024 revenue was 6.3 million, up from 4.6millioninQ42023,withsystemrevenueat4.6 million in Q4 2023, with system revenue at 1.4 million and recurring revenue at 4.9million[4][6]−Fullyear2024revenuetotaled4.9 million [4][6] - Full year 2024 revenue totaled 26.9 million, slightly up from 26.8millionin2023,withasystembacklogof26.8 million in 2023, with a system backlog of 15.2 million at the start of 2025 [4][6] - Gross margins for Q4 and full year 2024 were approximately 51% and 54%, respectively, with recurring revenue gross margins at 70% and system revenue at 20% [5][6] Cash Flow and Balance Sheet - Stereotaxis generated positive cash flow of 1.3millioninQ42024,endingtheyearwithover1.3 million in Q4 2024, ending the year with over 12 million in cash and no debt [6][7] - The company reported a negative free cash flow of 8.5millionforthefullyear2024,animprovementfrom8.5 million for the full year 2024, an improvement from 9.5 million in 2023 [6][10] - Total assets increased to 46.7millionin2024from46.7 million in 2024 from 41.9 million in 2023, while total liabilities rose to 35.3millionfrom35.3 million from 20.0 million [17][19] Strategic Outlook - The company is focused on expanding its catheter portfolio and expects modest contributions from new innovations initially, with potential for breakout growth in the future [3][9] - Stereotaxis aims to reduce cash use in 2025 compared to the previous year, supported by growing recurring revenue and stable operating expenses [10]