The following is a summary of the Stereotaxis, Inc. (STXS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Stereotaxis reported a Q1 revenue increase of 5% year-over-year, driven mainly by heightened robotic system sales.
Its gross margin for Q1 2024 stood at 58% of revenue, with recurring revenue gross margin and system gross margin at 76% and 27% respectively.
The company reported an operating loss of $4.7 million and a net loss of $4.5 million for the first quarter.
The company held $18.2 million in cash and cash equivalents by the end of Q1 2024, with no reported debts.
APT, Stereotaxis's recent acquisition, is expected to contribute around $5 million in revenue within its first year.
Business Progress:
The acquisition of APT broadens Stereotaxis's scope for future development of intervention devices that work in tandem with its robots.
Stereotaxis and APT are in the final stages of developing a robotically steered diagnostic catheter – purportedly the first of its kind.
Stereotaxis is creating a more compact self-shielding robot, expecting FDA approval by the second half of the year.
With its Chinese partner MicroPort, they are preparing for the launch of the Genesis system. They expect it to be approved by China's regulatory body by summer's end, with the catheter gaining approval by year's end.
Stereotaxis continues to train approx. 100 members of the MicroPort EP clinical sales team in anticipation of the Genesis system's launch.
More details: Stereotaxis IR
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