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Stereotaxis, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an increase in revenue to $9.2 million for the three months ended September 30, 2024, compared to $7.8 million in the same period in 2023. This increase was driven by higher system sales volumes.
Cost of revenue rose to $5.1 million from $3.7 million in the previous year, primarily due to changes in product mix, resulting in a gross margin decrease to 45% from 52%.
Research and development expenses decreased by 8% to $2.5 million, attributed to project timing.
Sales and marketing expenses saw a slight increase to $3.2 million, influenced by third-party commissions.
General and administrative expenses rose to $4.8 million, a 23% increase, due to remeasurement of contingent consideration.
Net interest income decreased to $0.2 million from $0.3 million, reflecting lower invested balances and interest rates.
For the nine months ended September 30, 2024, revenue decreased to $20.6 million from $22.2 million in 2023, with system sales declining due to lower volumes.
Cost of revenue for the nine months decreased to $9.2 million from $10.1 million, maintaining a consistent gross margin of 55%.
Research and development expenses for the nine months decreased by 14% to $7.0 million, driven by the reversal of an accrued regulatory license fee and reduced headcount.
Sales and marketing expenses slightly decreased to $9.5 million, while general and administrative expenses increased to $12.1 million, primarily due to contingent consideration remeasurement.
The company had $11.0 million in cash and cash equivalents as of September 30, 2024, with a working capital of $8.1 million.
Stereotaxis completed the acquisition of Access Point Technologies EP, Inc. on July 31, 2024, which is expected to enhance catheter development and manufacturing capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stereotaxis Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.