Stereotaxis (NSDQ:STXS) today released a slew of news including the launch of its Genesis RMN robotic navigation and imaging device, a collaborative deal with Osypka AG and its first quarter earnings.
The St. Louis, Mo.-based company said that its Stereotaxis Genesis RMN is a next-gen robotic magnetic navigation system that uses smaller magnets designed to rotate along the center of mass, held by a flexible robotic arm.
Stereotaxis claims that the system’s mechanism allows for instantaneous responsiveness and flexibility for an increased range of motion. The Genesis RMN system is also significantly reduced in size, the company said.
The Genesis RMN has CE Mark in the European Union, Stereotaxis said, adding that it is pursuing clearance in other regions “in the coming months.”
The company said that it is launching the Genesis RMN concurrently with its Imaging Model S robotic interventional operating room solution, developed in collaboration with Omega Medical Imaging.
“It is very exciting and gratifying that we can improve clinical performance, as well as improve physician and patient experiences, while reducing cost. I want to thank the many Stereotaxis team members and external suppliers that made Genesis a reality. We are delighted to collaborate with Omega Medical Imaging and I want to thank them for making the vision of a complete robotic electrophysiology lab a reality,” Stereotaxis chair & CEO David Fischel said in a press release.
“Omega Medical Imaging prides itself on a long-standing commitment to providing the most reliable and technically advanced interventional imaging systems that put patient and staff safety at the forefront. We are excited to partner with Stereotaxis to advance the future of electrophysiology,” Omega Medical Imaging prez & CEO Brian Fleming said in a prepared statement.
In a separate release, Stereotaxis said it inked a strategic collaborative deal with German Osypka to design an develop a next-generation magnetic ablation catheter intended for use with Stereotaxis’ robotic technology.
Through the deal, Stereotaxis will become the sole owner of the catheter, the companies said. Stereotaxis said that it early prototypes of the catheter have already been developed, and that it is aiming for a commercial launch in select regions next year.
“The precision, safety, and efficacy of existing magnetic ablation catheters have been extensively demonstrated in clinical literature and commercial use. We are highly excited to be advancing significant innovation in ablation catheter technology. We are confident we can take already great technology and make it that much better,” Fischel said in a press release. “Stereotaxis is delighted to be partnered with Osypka. We have been impressed with Osypka’s expertise and capabilities, as well as with their commitment to high quality products that improve patient care. Stereotaxis remains committed to advancing robotic technology in electrophysiology. This collaboration leverages the highly complementary strengths of both firms. It promises to dramatically improve our clinical impact in electrophysiology and opens attractive potential options as we advance our strategic vision. We look forward to working with Osypka to advance patient care and the physician experience in electrophysiology.”
Stereotaxis said that it also inked an additional business agreement with Osypka to support a long-term broad collaboration in electrophysiology.
“Osypka is excited to collaborate with Stereotaxis. This collaboration leverages our extensive experience and capabilities in catheter technology and electrophysiology. It allows Osypka technology to have an expanded impact on the treatment of arrhythmias. We have observed the substantial clinical benefits of Stereotaxis’ robotic technology and the committed physician community that supports Stereotaxis’ success. We understand Stereotaxis’ strategy and vision for the future. We are excited to join hands to advance that vision for the betterment of patients, physicians and the electrophysiology field,” Ospyka co-CEOs Nicola Osypka and Achim Kitschmann said in a joint statement.
In an SEC filing also posted today, Stereotaxis reported first quarter earnings. The company losses of $2.1 million, or 4¢ per share, on sales of approximately $7 million for the three months ended March 31, seeing a swing into the red on the bottom line while sales grew 0.5% when compared to the same period during the previous year.
“The start of 2019 is highlighted by significant innovation accomplishments across all key aspects of our technology. These innovations will positively impact patient care, the physician experience, and the broad availability of our robotic technology in electrophysiology. They create a new financial and strategic foundation for the company and set Stereotaxis on a path for sustainable and significant growth. The impact of these innovations will be transformational in the coming quarters and years. In parallel with our technological achievements, we are making continued progress in establishing and implementing the commercial infrastructure to ensure robotic electrophysiology practices are successful clinically and commercially. We are proud that we are able to accomplish this progress while being financially prudent,” Fischel said in an SEC filing.
Shares in Stereotaxis have fallen 3.5% so far today, at $1.93 as of 11:44 a.m. EDT.