Stereotaxis, Inc. - STXS STOCK NEWS

Stereotaxis (NYSE: STXS) reported its 2024 Q2 financial results, highlighting strategic progress despite commercial challenges. Key achievements include CE mark approval for GenesisX in Europe, 510(k) submission in the US, and progress on MAGiC regulatory reviews. The company also completed the acquisition of Access Point Technologies.

Q2 revenue was $4.5 million, down from $7.9 million in Q2 2023. System revenue was $0.2 million, while recurring revenue was $4.3 million. The gross margin was 74%. Operating expenses were $9.3 million, including $2.5 million in non-cash stock compensation. The company reported an operating loss of $6.0 million and a net loss of $5.8 million. Stereotaxis ended the quarter with $15.2 million in cash and no debt.

Stereotaxis (NYSE: STXS), a leader in surgical robotics for minimally invasive endovascular intervention, has achieved significant milestones for its next-generation robotic system, GenesisX. The company has obtained CE mark in Europe and submitted a 510(k) application to the FDA in the US. GenesisX builds upon the established benefits of Robotic Magnetic Navigation (RMN) systems while reducing adoption barriers for hospitals.

Key improvements include smaller magnets, integrated magnetic shielding, no need for structural anchoring, standard power requirements, and an 80% smaller system cabinet. These advancements significantly reduce installation complexities and costs. Stereotaxis plans to launch GenesisX in 2025, focusing on regulatory approvals for compatible catheters, real-world demonstrations, and preparing supply chain and commercial processes.

Stereotaxis (NYSE: STXS), a pioneer in surgical robotics for minimally invasive endovascular intervention, has announced it will release its 2024 second quarter financial results on Monday, August 12, 2024 after U.S. market close. The company will host a conference call and webcast at 4:30 p.m. EST to discuss the results and corporate developments.

Interested parties can access the live call by dialing 800-715-9871 (US and Canada) or 1-646-307-1963 (International) with the participant pass code 7734844. A live and replay webcast will be available on the investor relations section of Stereotaxis' website. A phone replay will be accessible for one month following the call.

Stereotaxis, listed on the NYSE, is a global leader in innovative surgical robotics, focusing on minimally invasive endovascular interventions. Their technology has been used to treat over 100,000 patients worldwide.

Stereotaxis (NYSE: STXS), a pioneer in surgical robotics for minimally invasive endovascular intervention, has appointed Nachum "Homi" Shamir to its Board of Directors. Shamir brings significant experience in growing global commercial organizations, scaling high-technology medical device operations, and executing successful mergers and acquisitions. He previously served as CEO of Luminex and Given Imaging, both of which were sold for over $1 billion each. Shamir currently chairs Mediwound and SSI Diagnostica.

This strategic appointment comes as Stereotaxis approaches significant inflection points. The company aims to benefit from Shamir's expertise in growing global commercial and operational capabilities, and refining its strategy to transform endovascular surgery through robotics. Stereotaxis' technology has been used to treat over 100,000 patients globally.

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.