St. Louis–based Stereotaxis lost $5.3 million, or 7¢ per share, off $7.7 million in revenue for the quarter ended Sept. 30, 2022. It lost $5.0 million, or 7¢ per share, off $9.1 million in revenue in Q3 2021.
Wall Street analysts had expected $8.2 million in revenue.
However, much of the news was positive for Stereotaxis, which provides surgical robotics that incorporate magnets for minimally invasive endovascular intervention. (It’s included in MassDevice’s list of robotic surgery companies you need to know.)
“Stereotaxis continues to demonstrate robust commercial and technological progress,” CEO David Fischel said in a news release.
“We received two system orders in the third quarter, and have already received two additional signed purchase contracts as we start the fourth quarter, reflecting continued global demand for our robotic technology,” he continued. “Our growing system backlog of over $13 million, along with a healthy capital pipeline, sets us up well for the coming year.”
Additional positive news from Stereotaxis
Other news from Stereotaxis included:
- The CE mark submission of the MAGiC ablation catheter successfully passed a completeness check by the notified body. It’s in the midst of its technical review.
- There is progress in the development of the accessible next-generation robotic system. It remains on track for an initial launch next summer.
- Stereotaxis’ collaboration with MicroPort is advancing. Chinese regulatory submission of Stereotaxis’ Genesis system is coming soon.
- As of Sept. 30, Stereotaxis had cash and cash equivalents of $32.4 million and no debt.
“This progress brings us closer to a future when the benefits of robotic magnetic navigation are broadly accessible, available with a vibrant ecosystem in electrophysiology, and impactful across multiple endovascular indications,” Fischel said. “We are cognizant of the importance of financial prudence and remain confident in the ability to advance our strategy, generate organic growth, and reach profitability with our current financial resources.”
Investors reacted by sending STXS shares up more than 7% to $1.83 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 3%.