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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): August 12, 2024
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
August 12, 2024, Stereotaxis, Inc. (the “Company”) issued a press release (the “Earnings Press Release”) setting
forth its financial results for the 2024 second 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 |
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:
August 12, 2024 |
By: |
/s/
Kimberly R. Peery |
|
Name: |
Kimberly
R. Peery |
|
Title: |
Chief
Financial Officer |
Exhibit
99.1
Stereotaxis
Reports 2024 Second Quarter Financial Results
ST.
LOUIS, August 12, 2024 (GLOBE NEWSWIRE) – Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical robotics
for minimally invasive endovascular intervention, today reported financial results for the second quarter ended June 30, 2024.
“We
made significant progress over the last quarter on strategic innovation efforts that are establishing a solid foundation upon which to
build a substantial and successful company,” said David Fischel, Chairman and CEO. “Key milestones achieved include successfully
obtaining CE mark in Europe and submitting a 510(k) application in the US for GenesisX, substantial progress with regulatory reviews
of MAGiC in Europe and the US, and closing the acquisition of Access Point Technologies (APT).” In a separate press release issued
concurrent with this release, Stereotaxis introduced its next-generation robotic system GenesisX.
“We
have attempted to realize our strategic transformation while maintaining commercial momentum and preserving financial strength. Commercial
results for the first half of the year were below expectations with delayed recognition of revenue from our capital backlog. Our visibility
into the second half of this year provides high confidence in significantly improved revenue and cash flow. Multiple Genesis systems
are in transit to customers with revenue to be recognized and cash received at delivery. We have an active late-stage pipeline with additional
orders expected near-term.”
2024
Second Quarter Financial Results
Revenue
for the second quarter of 2024 totaled $4.5 million, compared to $7.9 million in the prior year second quarter. System revenue of $0.2
million and recurring revenue of $4.3 million, compared to $3.3 million and $4.6 million, respectively, in the prior year second quarter.
System revenue was weaker than expected due to delays in hospital construction schedules but does not reflect normalized expectations.
Recurring revenue was in line with recent quarters.
Gross
margin for the second quarter of 2024 was 74% of revenue. Operating expenses in the second quarter of $9.3 million include $2.5 million
in non-cash stock compensation expense. Operating expenses in the quarter were impacted by higher acquisition-related legal costs and
regulatory-related activities counteracted by the reversal of a historical accrued liability. Excluding non-cash stock compensation expense,
adjusted operating expenses in the quarter were $6.8 million, compared to $6.9 million in the prior year second quarter.
Operating
loss and net loss for the second quarter of 2024 were ($6.0) million and ($5.8) million, respectively, compared to ($5.3) million and
($5.0) million in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash stock compensation
expense, were ($3.5) million and ($3.3) million, respectively, compared with ($2.7) million and ($2.4) million in the previous year.
Negative free cash flow for the second quarter was ($3.1) million.
Cash
Balance and Liquidity
At
June 30, 2024, Stereotaxis had cash and cash equivalents, including restricted cash, of $15.2 million and no debt.
Forward
Looking Expectations
Stereotaxis
expects greater than $14 million in revenue in the second half of this year given stable recurring revenue and current Genesis system
shipments. Full year revenue is expected to be approximately equal to the previous year. These expectations do not incorporate contributions
of revenue from APT or potential revenue from the launch of GenesisX and MAGiC.
Stereotaxis
expects to end this year with approximately $13 million cash and no debt. Stereotaxis expects its balance sheet to allow it to advance
its transformative product ecosystem to market, fund its commercialization, and reach profitability without the need for additional financing.
Conference
Call and Webcast
Stereotaxis
will host a conference call and webcast today, August 12, 2024, at 4:30 p.m. Eastern Time. To access the conference call, dial 1-800-715-9871
(US and Canada) or 1-646-307-1963 (International) and give the participant pass code 7734844. 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 100,000 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 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.
STATEMENTS
OF OPERATIONS
(Unaudited)
(in thousands, except share and per share amounts) | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Systems | |
$ | 240 | | |
$ | 3,313 | | |
$ | 2,852 | | |
$ | 5,134 | |
Disposables, service and accessories | |
| 4,262 | | |
| 4,546 | | |
| 8,530 | | |
| 9,273 | |
Total revenue | |
| 4,502 | | |
| 7,859 | | |
| 11,382 | | |
| 14,407 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenue: | |
| | | |
| | | |
| | | |
| | |
Systems | |
| 187 | | |
| 2,703 | | |
| 2,087 | | |
| 4,400 | |
Disposables, service and accessories | |
| 1,002 | | |
| 969 | | |
| 2,016 | | |
| 1,944 | |
Total cost of revenue | |
| 1,189 | | |
| 3,672 | | |
| 4,103 | | |
| 6,344 | |
| |
| | | |
| | | |
| | | |
| | |
Gross margin | |
| 3,313 | | |
| 4,187 | | |
| 7,279 | | |
| 8,063 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 2,273 | | |
| 2,647 | | |
| 4,516 | | |
| 5,393 | |
Sales and marketing | |
| 3,301 | | |
| 3,340 | | |
| 6,304 | | |
| 6,488 | |
General and administrative | |
| 3,760 | | |
| 3,477 | | |
| 7,226 | | |
| 7,078 | |
Total operating expenses | |
| 9,334 | | |
| 9,464 | | |
| 18,046 | | |
| 18,959 | |
Operating loss | |
| (6,021 | ) | |
| (5,277 | ) | |
| (10,767 | ) | |
| (10,896 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| (3 | ) | |
| 27 | | |
| (3 | ) | |
| 27 | |
Interest income, net | |
| 191 | | |
| 293 | | |
| 430 | | |
| 565 | |
Net loss | |
$ | (5,833 | ) | |
$ | (4,957 | ) | |
$ | (10,340 | ) | |
$ | (10,304 | ) |
Cumulative dividend on convertible preferred stock | |
| (325 | ) | |
| (335 | ) | |
| (656 | ) | |
| (666 | ) |
Net loss attributable to common stockholders | |
$ | (6,158 | ) | |
$ | (5,292 | ) | |
$ | (10,996 | ) | |
$ | (10,970 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share attributed to common stockholders: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.07 | ) | |
$ | (0.07 | ) | |
$ | (0.13 | ) | |
$ | (0.14 | ) |
Diluted | |
$ | (0.07 | ) | |
$ | (0.07 | ) | |
$ | (0.13 | ) | |
$ | (0.14 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares and equivalents: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 84,570,738 | | |
| 81,049,211 | | |
| 84,025,335 | | |
| 78,787,652 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted | |
| 84,570,738 | | |
| 81,049,211 | | |
| 84,025,335 | | |
| 78,787,652 | |
STEREOTAXIS,
INC.
BALANCE
SHEETS
(in thousands, except share amounts) | |
June 30, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 14,683 | | |
$ | 19,818 | |
Restricted cash - current | |
| 481 | | |
| 525 | |
Accounts receivable, net of allowance of $640 and $672 at 2024 and 2023, respectively | |
| 2,782 | | |
| 3,822 | |
Inventories, net | |
| 9,284 | | |
| 8,426 | |
Prepaid expenses and other current assets | |
| 842 | | |
| 676 | |
Total current assets | |
| 28,072 | | |
| 33,267 | |
Property and equipment, net | |
| 3,059 | | |
| 3,304 | |
Restricted cash | |
| - | | |
| 219 | |
Operating lease right-of-use assets | |
| 4,767 | | |
| 4,982 | |
Prepaid and other non-current assets | |
| 116 | | |
| 137 | |
Total assets | |
$ | 36,014 | | |
$ | 41,909 | |
| |
| | | |
| | |
Liabilities and stockholders’ equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 4,146 | | |
$ | 3,190 | |
Accrued liabilities | |
| 2,698 | | |
| 2,972 | |
Deferred revenue | |
| 4,950 | | |
| 6,657 | |
Current portion of operating lease liabilities | |
| 458 | | |
| 428 | |
Total current liabilities | |
| 12,252 | | |
| 13,247 | |
Long-term deferred revenue | |
| 2,121 | | |
| 1,637 | |
Operating lease liabilities | |
| 4,823 | | |
| 5,062 | |
Other liabilities | |
| 54 | | |
| 43 | |
Total liabilities | |
| 19,250 | | |
| 19,989 | |
| |
| | | |
| | |
Series A - Convertible preferred stock: | |
| | | |
| | |
Convertible preferred stock, Series A, par value $0.001; 21,683 and 22,358 shares outstanding at 2024 and 2023, respectively | |
| 5,408 | | |
| 5,577 | |
Stockholders’ equity: | |
| | | |
| | |
Common stock, par value $0.001; 300,000,000 shares authorized, 82,990,159 and 80,949,697 shares issued at 2024 and 2023, respectively | |
| 83 | | |
| 81 | |
Additional paid-in capital | |
| 559,499 | | |
| 554,148 | |
Treasury stock, 4,015 shares at 2024 and 2023 | |
| (206 | ) | |
| (206 | ) |
Accumulated deficit | |
| (548,020 | ) | |
| (537,680 | ) |
Total stockholders’ equity | |
| 11,356 | | |
| 16,343 | |
Total liabilities and stockholders’ equity | |
$ | 36,014 | | |
$ | 41,909 | |
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|
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INC.
|
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0001289340
|
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