Jason Wittes, an analyst from Roth MKM, has initiated a new Buy rating on Stereotaxis (STXS).
Jason Wittes has given his Buy rating due to a combination of factors that indicate strong potential for Stereotaxis’s growth and profitability. One primary reason is the company’s innovative robotics platform for endovascular surgery, which utilizes magnetic navigation to enhance the safety, efficacy, and efficiency of catheter-based procedures. This technology is already recognized as a gold standard in treating complex arrhythmias and has been supported by extensive scientific research. Furthermore, Wittes expects Stereotaxis to transition to a more lucrative recurring revenue model with the forthcoming launch of a new catheter and mobile system, which will likely increase per-procedure revenues significantly and expand the company’s market opportunities.
Additionally, Wittes views the anticipated approvals of these new products in the latter half of 2024 as transformative, potentially enabling Stereotaxis to aggressively target a substantially larger addressable market across thousands of electrophysiology and interventional sites. He also notes that the company maintains financial discipline with a manageable cash burn rate that should sustain operations through the near term. While current financial projections for 2024 are conservative, Wittes anticipates a sharp revenue increase in the following years as the new product pipeline materializes. His price target of $5 reflects a valuation based on future sales, and he identifies key catalysts and milestones expected in 2024 that could significantly unlock shareholder value.
In another report released yesterday, Lake Street also maintained a Buy rating on the stock with a $3.00 price target.
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Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of STXS in relation to earlier this year.
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Stereotaxis (STXS) Company Description:
Stereotaxis, Inc. engages in the design, manufacture, and market of robotic systems and instruments that electrophysiologists use for the treatment of abnormal heart rhythms known as cardiac arrhythmias. Its products include The Epoch Solution, Niobe Magnetic Navigation System, Vdrive Robotic Navigation System, and Odyssey Solution. The company was founded in June 1990 and is headquartered in St. Louis, MO.
Read More on STXS:
- Stereotaxis announces first patients treated using MAGiC ablation catheter
- Stereotaxis Announces First Patients Successfully Treated Using MAGiC Ablation Catheter
- Stereotaxis announces first patients treated using Genesis RMN System
- Baptist Health Lexington Enhances 20-Year Leadership in Pioneering Advanced Robotic Technology for Heart Disease Patients
- Stereotaxis to Participate in Piper Sandler 35th Annual Healthcare Conference
