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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.
