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Stereotaxis Inc. (STXS-4.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a slight increase in total revenue to $26.9 million from $26.8 million in the previous year. System sales decreased by 1% to $8.6 million, while revenue from disposables, service, and accessories rose by 1% to $18.3 million.
Cost of revenue increased by 3% to $12.3 million, resulting in a gross margin of 54%, down from 56% the previous year. The decrease in gross margin was attributed to changes in product mix.
Research and development expenses decreased by 5% to $9.8 million, primarily due to the reversal of an accrued regulatory license fee. Sales and marketing expenses remained consistent at $12.4 million.
General and administrative expenses rose by 22% to $17.2 million, driven by the remeasurement of contingent consideration, higher administrative expenses, and professional service fees, as well as amortization of acquisition-related intangible assets.
The company reported a net loss of $24.0 million, compared to a net loss of $20.7 million in the previous year. After cumulative dividends on convertible preferred stock, the net loss attributable to common stockholders was $25.4 million, or $0.30 per share.
Stereotaxis completed the acquisition of Access Point Technologies EP, Inc. (APT) on July 31, 2024. APT designs and manufactures diagnostic catheters used in cardiac ablation procedures. The acquisition was accounted for as a business combination, with a total consideration of $13.0 million, including contingent payments.
The company continues to focus on expanding its product offerings and market reach, with ongoing regulatory and development efforts for its robotic magnetic navigation systems and related devices.
Stereotaxis maintains strategic relationships with technology leaders in the global interventional market to ensure compatibility with its robotic magnetic navigation system and related products.
The filing outlines various risks and uncertainties, including macroeconomic factors, supply chain disruptions, and potential impacts of the COVID-19 pandemic on the company's operations and financial performance.
Stereotaxis has a backlog of $15.2 million as of December 31, 2024, with approximately 70% expected to be recognized as revenue in 2025. The company acknowledges the lengthy sales cycle for its systems, which can be affected by construction or renovation activities at customer sites.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stereotaxis Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.