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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(D) of the Securities Exchange Act Of 1934
Date of report (Date of earliest event reported): May 12, 2025
STEREOTAXIS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| 001-36159 | 94-3120386 | |
| (Commission File Number) | (IRS Employer Identification No.) |
| 710 North Tucker Boulevard, Suite 110, St. Louis, Missouri | 63101 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(314) 678-6100
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act: ☐
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.001 per share | STXS | NYSE American LLC |
| Item 2.02 | Results of Operations and Financial Condition |
On May 12, 2025, Stereotaxis, Inc. (the “Company”) issued a press release (the “Earnings Press Release”) setting forth its financial results for the 2025 first quarter. A copy of the Earnings Press Release is being filed as Exhibit 99.1 hereto, and the statements contained therein are incorporated by reference herein.
Forward-Looking Statements and Additional Information
Statements are made herein or incorporated herein that are “forward-looking statements” as defined by the Securities and Exchange Commission (the “SEC”). All statements, other than statements of historical fact, included or incorporated herein that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are not guarantees of future events or the Company’s future performance and are subject to risks, uncertainties and other important factors that could cause events or the Company’s actual performance or achievements to be materially different than those projected by the Company. For a full discussion of these risks, uncertainties and factors, the Company encourages you to read its documents on file with the SEC. Except as required by law, the Company does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
In accordance with General Instruction B.2. of Form 8-K, the information contained in Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits. |
| 99.1 | Stereotaxis, Inc. Earnings Press Release dated May 12, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STEREOTAXIS, INC. | ||
| Date: May 12, 2025 | By: | /s/ Kimberly R. Peery |
| Name: | Kimberly R. Peery | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
Stereotaxis Reports 2025 First Quarter Financial Results
St. Louis, MO, May 12, 2025 (Globe Newswire) – Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention, today reported financial results for the first quarter ended March 31, 2025.
“We’ve started the year with solid execution on key commercial and innovation efforts,” said David Fischel, Chairman and CEO. “This is a milestone rich year in which we are beginning to demonstrate the tangible reality and commercial impact of our comprehensive innovation strategy.”
“Key commercial advances include recurring revenue growth, initial commercialization of MAGiC in Europe, successful demonstrations of GenesisX as a rapidly-installed and fully-capable robot at major global conferences, and our first GenesisX order. Successful demonstrations of GenesisX at the recent EHRA and HRS conferences give us confidence in significant adoption pending regulatory availability in the United States and following successful installation of the first clinical system this summer. While initiating commercialization of GenesisX, we continue to advance a robust pipeline for Genesis and were pleased to receive an additional Genesis order in the first quarter.”
“We are advancing multiple development and regulatory efforts in parallel, with six active regulatory reviews ongoing and preparations for additional near-term regulatory submissions. Regulatory reviews continue with approval timelines remaining consistent with previous expectations. This year we will demonstrate the tangible reality of our overall strategic transformation into a company with an easily adopted robot that can navigate a proprietary set of catheters in EP and broadly across endovascular procedures. These milestones will increasingly contribute to commercial results as we progress through the year and set us up for breakout growth as we look towards 2026.”
2025 First Quarter Financial Results
Revenue for the first quarter of 2025 totaled $7.5 million, a 9% increase compared to $6.9 million in the prior year first quarter. System revenue for the first quarter was $2.0 million, compared to $2.6 million in the prior year first quarter, reflecting revenue recognition on the installation of a Genesis system. Recurring revenue was $5.5 million, growing 29% compared to $4.3 million in the prior year first quarter, predominantly reflecting contributions of Map-iT catheter revenue.
Gross margin for the first quarter was 54% of revenue. Recurring revenue gross margin was 68% and system gross margin was 15%. Gross margins remain impacted by acquisition-related accounting that temporarily reduces disposable margin and by fixed overhead allocated over low system production levels.
Operating expenses in the first quarter of $10.0 million include $3.2 million of non-cash charges for stock compensation expense, acquisition related contingent earnout consideration and amortization of acquired intangible assets. Excluding these non-cash charges, adjusted operating expenses in the quarter were $6.8 million, compared to $6.1 million for adjusted operating expenses in the prior year first quarter. Increased operating expenses are primarily related to additional expenses from the operations of Access Point Technologies.
Operating loss and net loss in the first quarter of 2025 were ($5.9) million and ($5.8) million, respectively, compared to ($4.7) million and ($4.5) million in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash charges, were ($2.7) million and ($2.6) million, respectively, compared to ($2.2) million and ($1.9) million in the previous year. Negative free cash flow for the first quarter was ($1.8) million, compared to ($2.3) million in the previous year.
Cash Balance and Liquidity
At March 31, 2025, Stereotaxis had cash and cash equivalents of $10.7 million and no debt.
Forward Looking Expectations
Stereotaxis reiterates its expectation of double-digit revenue growth for the full year 2025, with system revenue of $2-3 million per quarter and recurring revenue scaling throughout the year to $7 million in the fourth quarter. These revenue expectations assume only modest contributions from GenesisX in Europe and no system revenue from China. Anticipated regulatory milestones and initial commercial launches in 2025 support substantial growth in 2026.
Growing recurring revenue and stable operating expenses support Stereotaxis’ expectation for reduced cash use in 2025 compared to 2024. Stereotaxis expects its balance sheet to allow it to advance its transformative product ecosystem to market, fund its commercialization, and profitably grow.
Conference Call and Webcast
Stereotaxis will host a conference call and webcast today, May 12, 2025, at 4:30 p.m. Eastern Time. To access the conference call, dial 800-715-9871 (US and Canada) or 1-646-307-1963 (International) and give the participant pass code 4794777. To access the live and replay webcast, please visit the investor relations section of the Stereotaxis website at www.Stereotaxis.com.
About Stereotaxis
Stereotaxis (NYSE: STXS) is a pioneer and global leader in innovative surgical robotics for minimally invasive endovascular intervention. Its mission is the discovery, development and delivery of robotic systems, instruments, and information solutions for the interventional laboratory. These innovations help physicians provide unsurpassed patient care with robotic precision and safety, expand access to minimally invasive therapy, and enhance the productivity, connectivity, and intelligence in the operating room. Stereotaxis technology has been used to treat over 150,000 patients across the United States, Europe, Asia, and elsewhere. For more information, please visit www.Stereotaxis.com.
This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”, “project”, “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially. Factors that would cause or contribute to such differences include, but are not limited to, the Company’s ability to manage expenses at sustainable levels, acceptance of the Company’s products in the marketplace, the effect of global economic conditions, including tariffs, on the ability and willingness of customers to purchase its technology, competitive factors, changes resulting from healthcare policy, dependence upon third-party vendors, timing of regulatory approvals, the impact of pandemics or other disasters, statements relating to our recent acquisition of APT, including any benefits expected from the acquisition, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control and may be revised, modified, delayed, or canceled.
Company Contacts:
David L. Fischel
Chairman and Chief Executive Officer
Kimberly R. Peery
Chief Financial Officer
314-678-6100
Investors@Stereotaxis.com
STEREOTAXIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| (in thousands, except share and per share amounts) | Three Months Ended March 31, |
|||||||
| 2025 | 2024 | |||||||
| Revenue: | ||||||||
| Systems | $ | 1,964 | $ | 2,612 | ||||
| Disposables, service and accessories | 5,508 | 4,268 | ||||||
| Total revenue | 7,472 | 6,880 | ||||||
| Cost of revenue: | ||||||||
| Systems | 1,667 | 1,900 | ||||||
| Disposables, service and accessories | 1,741 | 1,014 | ||||||
| Total cost of revenue | 3,408 | 2,914 | ||||||
| Gross margin | 4,064 | 3,966 | ||||||
| Operating expenses: | ||||||||
| Research and development | 2,350 | 2,243 | ||||||
| Sales and marketing | 3,148 | 3,003 | ||||||
| General and administrative | 4,495 | 3,466 | ||||||
| Total operating expenses | 9,993 | 8,712 | ||||||
| Operating loss | (5,929 | ) | (4,746 | ) | ||||
| Interest income, net | 106 | 239 | ||||||
| Net loss | $ | (5,823 | ) | $ | (4,507 | ) | ||
| Cumulative dividend on convertible preferred stock | (314 | ) | (331 | ) | ||||
| Net loss attributable to common stockholders | $ | (6,137 | ) | $ | (4,838 | ) | ||
| Net loss per share attributed to common stockholders: | ||||||||
| Basic | $ | (0.07 | ) | $ | (0.06 | ) | ||
| Diluted | $ | (0.07 | ) | $ | (0.06 | ) | ||
| Weighted average number of common shares and equivalents: | ||||||||
| Basic | 87,769,366 | 83,476,498 | ||||||
| Diluted | 87,769,366 | 83,476,498 | ||||||
STEREOTAXIS, INC.
CONSOLIDATED BALANCE SHEETS
| (in thousands, except share amounts) | March 31, 2025 |
December 31, 2024 |
||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 10,601 | $ | 12,217 | ||||
| Restricted cash - current | 88 | 219 | ||||||
| Accounts receivable, net of allowance of $556 and $582 at 2025 and 2024, respectively | 4,324 | 3,824 | ||||||
| Inventories, net | 9,812 | 8,331 | ||||||
| Prepaid expenses and other current assets | 1,088 | 1,848 | ||||||
| Total current assets | 25,913 | 26,439 | ||||||
| Property and equipment, net | 3,441 | 3,573 | ||||||
| Goodwill | 3,764 | 3,764 | ||||||
| Intangible assets | 7,144 | 7,358 | ||||||
| Operating lease right-of-use assets | 5,345 | 5,483 | ||||||
| Prepaid and other non-current assets | 98 | 107 | ||||||
| Total assets | $ | 45,705 | $ | 46,724 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,544 | $ | 5,668 | ||||
| Accrued liabilities | 2,926 | 2,922 | ||||||
| Deferred revenue | 8,163 | 6,804 | ||||||
| Current contingent consideration | 6,008 | 5,638 | ||||||
| Current portion of operating lease liabilities | 588 | 570 | ||||||
| Total current liabilities | 24,229 | 21,602 | ||||||
| Long-term deferred revenue | 1,698 | 2,064 | ||||||
| Long-term contingent consideration | 6,258 | 6,126 | ||||||
| Operating lease liabilities | 5,280 | 5,436 | ||||||
| Other liabilities | 64 | 64 | ||||||
| Total liabilities | 37,529 | 35,292 | ||||||
| Series A - Convertible preferred stock: | ||||||||
| Convertible preferred stock, Series A, par value $0.001; 10,000,000 shares authorized, 21,233 and 21,458 shares outstanding at 2025 and 2024, respectively | 5,296 | 5,352 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock, par value $0.001; 300,000,000 shares authorized, 85,983,677 and 85,326,557 shares issued at 2025 and 2024, respectively | 86 | 85 | ||||||
| Additional paid-in capital | 570,548 | 567,926 | ||||||
| Treasury stock, 4,015 shares at 2025 and 2024 | (206 | ) | (206 | ) | ||||
| Accumulated deficit | (567,548 | ) | (561,725 | ) | ||||
| Total stockholders’ equity | 2,880 | 6,080 | ||||||
| Total liabilities and stockholders’ equity | $ | 45,705 | $ | 46,724 | ||||