2023-05-09 09:20:44 ET
- Stereotaxis press release ( NYSE: STXS ): Q1 GAAP EPS of -$0.07 misses by $0.01 .
- Revenue of $6.55M (-7.0% Y/Y) misses by $0.08M .
- Gross margin for the first quarter of 2023 was 59% of revenue. Recurring revenue gross margin was 79% and system gross margin was 7%.
- Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash stock compensation expense, were -$3.0 million and -$2.7 million, respectively, compared to -$1.6 million for both in the previous year.
- Negative free cash flow for the first quarter was -$3.2 million.
- At March 31, 2023, Stereotaxis had cash and cash equivalents, including restricted cash, and investments of $26.8 million and no debt.
- Guidance: Stereotaxis reiterates its expectation of double-digit revenue growth in 2023 driven by revenue recognition of system backlog and new system orders. System orders are expected to increase compared to 2022, supporting sustained growth expectations. Accelerating revenue growth in subsequent years is expected to be supported by new technology launches.
- Stereotaxis expects to end the year with $22-24 million in cash and no debt. This balance sheet allows it to advance its transformative product ecosystem to market, fund its commercialization, and reach profitability without the need for additional financing.
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Stereotaxis reports misses Q1 top and bottom consensus; reaffirms FY23 outlook