Stereotaxis Clocks 28% Revenue Growth In Q2 On Continued Demand For Robotic Technology

Stereotaxis, Inc. STXS reported Q2 revenues of $7.859 million, beating the analyst consensus of $6.68 million.

The company delivered 28% revenue growth in the quarter, driven by a healthy system pipeline and continued demand for robotic technology.

Q2 EPS of $(0.07) loss matched the street view.

Systems revenue for the quarter was $3.3 million, significantly higher than $0.6 million in the year-ago period.

Recurring revenue was $4.6 million, lower than $5.6 million in the prior year quarter.

The gross margin for the second quarter of 2023 was 53.3% of revenue, falling sharply from 75.9% a year ago.

"During the quarter we announced a significant strategic collaboration with Abbott to integrate the EnSite X mapping system with our robotic technology," said David Fischel, Chairman and CEO.  

As of June 30, 2023, Stereotaxis had cash and equivalents, including restricted cash, of $23.9 million and no debt.

"We are confident in our balance sheet and anticipate reduced cash utilization in upcoming quarters. Our clean balance sheet allows us to advance our transformative product ecosystem to market, fund its commercialization, and reach profitability without the need for additional financing," Fischel added.

Price Action: STXS shares are trading higher by 10.9% to $1.5750 on the last check Thursday.