Stereotaxis Reports 2024 Third Quarter Financial Results St. Louis

Reports 2024 Third Quarter Financial Results

Louis, Nov. 11, 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 third quarter ended September 30, 2024.

past quarter was marked by solid commercial execution, continued broad-based technological progress, successful operational integration

of APT, and maintained financial discipline," said David Fischel, Chairman and CEO. "We are making broad, methodical progress

in establishing the healthy foundations for a preeminent robotic surgery company."

growth in the third quarter was driven by continued demand for Genesis with partial revenue recognition of three robotic systems. We

received orders for two Genesis systems during the third quarter and expect to receive the first GenesisX order in the near future. A

robust system pipeline along with existing system backlog of over $15 million supports continued revenue growth."

are driving broad-based progress across the late stages of a comprehensive innovation strategy. European CE Mark approval of the MAGiC

ablation catheter is expected in the near future. Engagement with the FDA on the MAGiC PMA submission has continued to advance well.

We attained CE Mark for the GenesisX robotic system in the third quarter and the FDA provided its first round of questions on the US

submission. Following our recent acquisition of APT, we completed manufacturing of hundreds of catheters needed for formal regulatory

testing of the first ever robotic high-density mapping catheter and vascular guidance catheter, both of which are expected to be submitted

for regulatory approvals next quarter. A recent audit by the Chinese NMPA regulatory body was completed successfully, portending well

for near term approvals in China. This broad-based progress on a new foundational product ecosystem is transformational clinically, commercially

and strategically as we make robotics increasingly impactful and accessible across endovascular surgery."

acquisition of APT in the third quarter is already demonstrating commercial and strategic value. I want to thank and highlight both teams

for the significant efforts and accomplishments in integrating operations successfully. The unique expertise of APT is highly complementary

and additive to Stereotaxis' strategy as we increasingly focus on a broad family of robotically-steered endovascular devices."

remain cognizant of the importance of maintaining financial strength and discipline. Increased system revenue late in the third quarter

led to significant associated cash receipts, providing us a solid balance sheet with over $13 million in cash and no debt at the end

Third Quarter Financial Results

for the third quarter of 2024 totaled $9.2 million, an 18% year-over-year increase compared to $7.8 million in the prior year third quarter.

System revenue for the quarter was $4.4 million and recurring revenue was $4.8 million, compared to $3.5 million and $4.3 million in

the prior year third quarter, respectively. System revenue growth reflects revenue recognition on the partial delivery of three Genesis

systems. Recurring revenue growth benefited from a partial quarter contribution from the previously announced acquisition of Access Point

margin for the third quarter of 2024 was 45% of revenue. Gross margin was impacted by the higher proportion of system revenue and by

acquisition-related accounting that temporarily reduces disposable margin. Operating expenses in the third quarter of $10.4 million include

$2.5 million in non-cash stock compensation expense and a $0.7 million non-cash, mark-to-market adjustment for acquisition related contingent

earnout consideration. Excluding these non-cash charges, adjusted operating expenses in the quarter were $7.2 million, compared to $7.1

million in the prior year third quarter. Operating expenses in the third quarter include the partial quarter operating expenses of Access

loss and net loss in the third quarter were ($6.3) million and ($6.2) million, respectively, compared with ($5.6) million and ($5.4)

million in the prior year third quarter. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash stock compensation

expense and the mark-to-market adjustment, were ($3.1) million and ($3.0) million, respectively, compared with ($3.0) million and ($2.8)

million in the previous year. Negative free cash flow for the third quarter was ($4.2) million.

Balance and Liquidity

September 30, 2024, Stereotaxis had cash and cash equivalents, including restricted cash, of $11.0 million and no debt. Significant cash

receipts in October increased Stereotaxis' balance of cash and cash equivalents, including restricted cash, to $13.3 million at

Looking Expectations

reiterates its expectation for full year revenue to be approximately equal to the previous year, and expects continued year-over-year

revenue growth in both system and recurring revenue in the upcoming quarters.

anticipates ending the year with approximately $12 million cash and no debt. It expects this 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.

will host a conference call and webcast today, November 11, 2024, at 4:30 p.m. Eastern Time. To access the conference call, dial 800-715-9871

(US and Canada) or 1-646-307-1963 (International) and give the participant pass code 7792742. To access the live and replay webcast,

please visit the investor relations section of the Stereotaxis website at www.Stereotaxis.com.

(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 150,000 patients across the United States, Europe, Asia, and elsewhere. For more information, please visit www.Stereotaxis.com.

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.

and Chief Executive Officer

STATEMENTS OF OPERATIONS