Stereotaxis Reports 2020 Full Year Financial Results
25 Fevereiro 2021 - 11:00AM
Stereotaxis (NYSE: STXS), the global leader in innovative robotic
technologies for the treatment of cardiac arrhythmias, today
reported financial results for the fourth quarter and full year
ended December 31, 2020.
“2020 was a year of significant progress despite
a challenging macro environment,” said David Fischel, Chairman and
CEO. “The highlight of the year was receipt of FDA clearance for
the Genesis RMN System and successful installations of the first
systems in the United States and Europe. We begin 2021 with
purchase orders for five robotic systems reflecting the initial
green shoots of a broad-based global resurgence in interest in our
robotic technology.”
“Stereotaxis continues to advance a robust
innovation pipeline. Our proprietary robotically-navigated magnetic
ablation catheter is poised to enter formal validation studies and
on track for EU commercialization and initiation of a US pivotal
trial in late 2021. We have made methodical progress on a set of
additional innovations and expect to be in a position to showcase
them at the end of the year. We are confident in the positive
impact these innovations will have on patients, physicians,
providers, and on Stereotaxis’ financial and strategic
foundation.”
“Our commercial and technological progress was
accomplished while remaining prudent with shareholder capital.
Stereotaxis starts the year in the strongest financial position of
its history with $44 million in cash and a modest controlled
operating loss as we invest in meaningful innovation and growth
initiatives.”
2020 Fourth Quarter and Full Year
Financial ResultsRevenue for the fourth quarter of 2020
totaled $6.8 million, consistent with the prior year fourth
quarter. Recurring revenue for the quarter was $5.9 million and
system revenue was $0.7 million. Revenue for the full year 2020
totaled $26.6 million. Recurring revenue of $22.0 million for the
full year 2020 declined 15% from the prior year, primarily due to
the impact of the COVID-19 pandemic on procedure volumes. System
revenue of $3.6 million for the full year 2020 increased from $2.1
million in the prior year reflecting the successful installation of
our initial Genesis RMN Systems.
Gross margin for the fourth quarter and full
year 2020 were approximately 77% and 71% of revenue, respectively.
Operating expenses in the fourth quarter were $6.4 million,
consistent with the $6.3 million in the prior year quarter.
Operating expenses for the full year 2020 totaled $25.7 million,
down from $27.6 million in the prior year. Operating loss and net
loss in the fourth quarter were both ($1.2) million. For the full
year 2020, operating loss was ($6.7) million and net loss was
($6.6) million. Negative free cash flow for the full year 2020 was
($3.3) million, and including funding from the payroll protection
program was ($1.2) million, compared to ($4.6) million for the full
year 2019.
Cash Balance and LiquidityAt
December 31, 2020, Stereotaxis had cash and cash equivalents of
$44.2 million.
Forward Looking
ExpectationsStereotaxis anticipates robust double-digit
revenue growth in 2021, with robotic system revenue of $10-$20
million. Stereotaxis’ balance sheet allows it to reach
profitability without the need for additional financings.
Conference Call and
WebcastStereotaxis will host a conference call and webcast
today, February 25, 2021, at 10:00 a.m. Eastern Time. To access the
conference call, dial 1-800-430-8332 (US and Canada) or
1-929-477-0591 (International) and give the participant pass code
1129681. Participants are asked to call 5-10 minutes prior to the
start time. To access the live and replay webcast, please visit the
investor relations section of the Stereotaxis website at
www.Stereotaxis.com.
About StereotaxisStereotaxis is
the global leader in innovative robotic technologies designed to
enhance the treatment of arrhythmias and perform endovascular
procedures. 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,
improved lab efficiency and productivity, and enhanced integration
of procedural information. The core components of Stereotaxis’
systems have received regulatory clearance in the United States,
European Union, Japan, Canada, China, 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 from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to, the Company's ability to continue to manage expenses
and cash burn rate at sustainable levels, continued acceptance of
the Company's products in the marketplace, the effect of global
economic conditions on the ability and willingness of customers to
purchase its systems and the timing of such purchases, competitive
factors, changes resulting from healthcare policy in the United
States, including changes in government reimbursement of
procedures, dependence upon third-party vendors, timing of
regulatory approvals, the impact of the recent coronavirus
(COVID-19) pandemic and our response to it, 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 in any
particular period or at all because some of these purchase orders
and other commitments are subject to contingencies that are outside
of the Company's control. In addition, these orders and commitments
may be revised, modified, delayed or canceled, either by their
express terms, as a result of negotiations, or by overall project
changes or delays.
Company
Contacts: David
L. FischelChairman and Chief Executive Officer
Kimberly R.
Peery Chief
Financial Officer
314-678-6100investors@stereotaxis.com
STEREOTAXIS,
INC. |
STATEMENTS
OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Systems |
$ |
660,510 |
|
|
$ |
311,238 |
|
|
$ |
3,626,284 |
|
|
$ |
2,066,253 |
|
Disposables, service and accessories |
|
5,917,716 |
|
|
|
6,335,049 |
|
|
|
22,017,631 |
|
|
|
25,850,174 |
|
Sublease |
|
246,530 |
|
|
|
246,530 |
|
|
|
986,120 |
|
|
|
986,123 |
|
Total revenue |
|
6,824,756 |
|
|
|
6,892,817 |
|
|
|
26,630,035 |
|
|
|
28,902,550 |
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
Systems |
|
461,440 |
|
|
|
688,595 |
|
|
|
3,715,416 |
|
|
|
1,411,423 |
|
Disposables, service and accessories |
|
894,625 |
|
|
|
810,196 |
|
|
|
2,962,710 |
|
|
|
3,738,914 |
|
Sublease |
|
246,530 |
|
|
|
246,530 |
|
|
|
986,120 |
|
|
|
986,122 |
|
Total cost
of revenue |
|
1,602,595 |
|
|
|
1,745,321 |
|
|
|
7,664,246 |
|
|
|
6,136,459 |
|
|
|
|
|
|
|
|
|
Gross
margin |
|
5,222,161 |
|
|
|
5,147,496 |
|
|
|
18,965,789 |
|
|
|
22,766,091 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
|
2,098,161 |
|
|
|
1,615,941 |
|
|
|
8,136,914 |
|
|
|
9,021,403 |
|
Sales and marketing |
|
2,898,472 |
|
|
|
3,066,414 |
|
|
|
11,178,325 |
|
|
|
12,733,389 |
|
General and administrative |
|
1,402,138 |
|
|
|
1,651,881 |
|
|
|
6,364,365 |
|
|
|
5,838,158 |
|
Total
operating expenses |
|
6,398,771 |
|
|
|
6,334,236 |
|
|
|
25,679,604 |
|
|
|
27,592,950 |
|
Operating
loss |
|
(1,176,610 |
) |
|
|
(1,186,740 |
) |
|
|
(6,713,815 |
) |
|
|
(4,826,859 |
) |
|
|
|
|
|
|
|
|
Interest
income (expense) |
|
(4,240 |
) |
|
|
102,245 |
|
|
|
67,356 |
|
|
|
235,575 |
|
Net
loss |
$ |
(1,180,850 |
) |
|
$ |
(1,084,495 |
) |
|
$ |
(6,646,459 |
) |
|
$ |
(4,591,284 |
) |
Cumulative
dividend on convertible preferred stock |
|
(340,471 |
) |
|
|
(358,049 |
) |
|
|
(1,369,421 |
) |
|
|
(1,429,400 |
) |
Net loss
attributable to common stockholders |
$ |
(1,521,321 |
) |
|
$ |
(1,442,544 |
) |
|
$ |
(8,015,880 |
) |
|
$ |
(6,020,684 |
) |
|
|
|
|
|
|
|
|
Net loss per
share attributed to common stockholder: |
|
|
|
|
|
|
|
Basic |
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.10 |
) |
Diluted |
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
Weighted
average number of common shares and equivalents: |
|
|
|
|
|
|
|
Basic |
|
74,954,091 |
|
|
|
67,937,383 |
|
|
|
72,746,268 |
|
|
|
63,051,581 |
|
Diluted |
|
74,954,091 |
|
|
|
67,937,383 |
|
|
|
72,746,268 |
|
|
|
63,051,581 |
|
|
|
|
|
|
|
|
|
STEREOTAXIS, INC. |
BALANCE SHEETS |
|
|
|
December 31, 2020 |
|
December 31, 2019 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
43,939,512 |
|
|
$ |
30,182,115 |
|
Compensating cash arrangement |
|
250,620 |
|
|
|
- |
|
Accounts receivable, net of allowance of $123,614 and $380,212 at
2020 and 2019, respectively |
|
3,515,136 |
|
|
|
5,329,577 |
|
Inventories, net |
|
3,295,457 |
|
|
|
1,847,530 |
|
Operating lease right-of-use assets |
|
2,235,442 |
|
|
|
- |
|
Prepaid expenses and other current assets |
|
1,716,014 |
|
|
|
1,470,922 |
|
Total current assets |
|
54,952,181 |
|
|
|
38,830,144 |
|
Property and equipment,
net |
|
195,129 |
|
|
|
250,443 |
|
Operating lease right-of-use
assets |
|
- |
|
|
|
4,286,064 |
|
Other assets |
|
308,515 |
|
|
|
218,103 |
|
Total assets |
$ |
55,455,825 |
|
|
$ |
43,584,754 |
|
|
|
|
|
Liabilities and stockholders'
equity |
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$ |
1,185,058 |
|
|
$ |
- |
|
Accounts payable |
|
1,608,636 |
|
|
|
2,099,097 |
|
Accrued liabilities |
|
3,209,235 |
|
|
|
2,721,104 |
|
Deferred revenue |
|
5,282,770 |
|
|
|
5,092,455 |
|
Current portion of operating
lease liabilities |
|
2,287,487 |
|
|
|
2,248,189 |
|
Total current liabilities |
|
13,573,186 |
|
|
|
12,160,845 |
|
|
|
|
|
Long-term debt |
|
973,252 |
|
|
|
- |
|
Long-term deferred
revenue |
|
548,915 |
|
|
|
554,258 |
|
Operating lease
liabilities |
|
- |
|
|
|
2,089,537 |
|
Other liabilities |
|
131,231 |
|
|
|
255,517 |
|
Total liabilities |
|
15,226,584 |
|
|
|
15,060,157 |
|
|
|
|
|
Series A - Convertible
preferred stock: |
|
|
|
Convertible preferred stock, Series A, par value $0.001; 22,513 and
23,110 shares outstanding at 2020 and 2019, respectively |
|
5,605,323 |
|
|
|
5,758,190 |
|
Stockholders' equity: |
|
|
|
Convertible preferred stock, Series B, par value $0.001; 10,000,000
shares authorized, 5,610,121 shares outstanding at 2020 and
2019 |
|
5,610 |
|
|
|
5,610 |
|
Common stock, par value $0.001; 300,000,000 shares authorized,
73,694,203 and 68,529,623 shares issued at 2020 and 2019,
respectively |
|
73,694 |
|
|
|
68,530 |
|
Additional paid-in
capital |
|
522,709,846 |
|
|
|
504,211,040 |
|
Treasury stock, 4,015 shares
at 2020 and 2019 |
|
(205,999 |
) |
|
|
(205,999 |
) |
Accumulated deficit |
|
(487,959,233 |
) |
|
|
(481,312,774 |
) |
Total stockholders'
equity |
|
34,623,918 |
|
|
|
22,766,407 |
|
Total liabilities and
stockholders' equity |
$ |
55,455,825 |
|
|
$ |
43,584,754 |
|
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