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Penn Presbyterian Medical Center (PPMC) announces the successful implementation of the Genesis Robotic Magnetic Navigation System for treating heart rhythm patients, becoming the first hospital in the Northeast U.S. to adopt this advanced technology.
Developed by Stereotaxis (NYSE: STXS), the Genesis System enhances the precision and safety of cardiac ablation procedures used to treat arrhythmias—abnormal heart rhythms that affect millions globally and can lead to severe conditions like stroke and heart failure if untreated.
Dr. Benjamin D’Souza, Cardiac Electrophysiologist at PPMC, emphasized the system's role in improving patient outcomes by allowing tailored treatments. Stereotaxis CEO David Fischel expressed enthusiasm about the partnership, anticipating significant advancements in patient care and clinical research.
Stereotaxis (NYSE: STXS), a leader in surgical robotics for minimally invasive endovascular interventions, has received CE Mark recertification under the EU's new Medical Device Regulation (MDR). This recertification covers all Stereotaxis devices available in Europe and adheres to the stringent standards and requirements of MDR, which aims to enhance clinical safety and market access for medical devices. The updated EU Quality Management System Certificate confirms compliance with MDR, supporting future regulatory clearances for upcoming innovations. This achievement reflects Stereotaxis' commitment to high-quality devices and patient care, culminating from years of diligent work by the team.
Stereotaxis (NYSE: STXS) has announced that Hospital Santa Maria della Pietà in Nola, Southern Italy, has launched the region's first robotic cardiac heart program. The hospital has successfully treated patients with heart rhythm disorders using the Genesis Robotic Magnetic Navigation (RMN) system, making it the first in Italy to adopt this technology. Dr. Mario Volpicelli, Head of the Electrophysiology Unit, emphasized the precision and control offered by the Genesis RMN system in targeting arrhythmias, thereby minimizing patient risk. Tens of millions suffer from arrhythmias globally, which can increase risks of stroke, heart failure, and sudden cardiac arrest if untreated. General Manager Giuseppe Russo and Chief of Cardiology Luigi Caliendo praised the system for revolutionizing cardiac treatment in Italy. Stereotaxis Chairman and CEO David Fischel highlighted the partnership's commitment to advancing patient care and innovation in electrophysiology.
Stereotaxis (NYSE: STXS), a leader in surgical robotics, announced its invitation to present at the HRS Africa Summit 2024. The presentation will showcase their innovative robotic solution to provide high-quality cardiac ablation therapy in underserved African regions. The technology utilizes telerobotic presence, enabling remote operations by physicians. Stereotaxis' system, installable on a semi-trailer truck, offers scalable and cost-effective solutions, connecting expert electrophysiologists with local patients through satellite internet. This initiative aims to address the lack of electrophysiology (EP) labs in Africa, where 80% of countries lack such facilities. The presentation is scheduled for May 16th, during the Heart Rhythm Society Scientific Sessions in Boston.
Stereotaxis (NYSE: STXS), a leader in surgical robotics for minimally invasive endovascular intervention, reported financial results for Q1 2024, ending March 31. Revenue grew 5% YoY to $6.9M, with system revenue at $2.6M and recurring revenue at $4.3M. Gross margin was 58%. Operating expenses were $8.7M, including $2.6M in non-cash stock compensation. Adjusted operating expenses were $6.1M, down from $6.9M YoY. Operating loss and net loss were ($4.7M) and ($4.5M), respectively, improving from ($5.6M) and ($5.3M) YoY. Excluding non-cash expenses, adjusted operating and net loss were ($2.2M) and ($1.9M). Cash and equivalents stood at $18.2M with no debt. The company reported progress in regulatory submissions and technological advancements, including the MAGiC catheter and a new robot.
Stereotaxis (NYSE: STXS), a leader in surgical robotics for minimally invasive endovascular intervention, announced a definitive agreement to acquire Access Point Technologies EP (APT). APT, based in Minnesota, develops electrophysiology catheters used in cardiac ablation procedures. This acquisition enhances Stereotaxis' catheter development, manufacturing capabilities, and provides commercial synergies. The deal includes upfront and contingent payments in Stereotaxis common stock, with APT expected to contribute approximately $5 million in annual revenue post-acquisition. The transaction is subject to customary closing conditions and is anticipated to close in Q3 2024. The acquisition aligns with Stereotaxis' strategy to innovate in endovascular surgery and improve arrhythmia treatments.