Shares of Stereotaxis (NYSE:STXS) shot up in morning trading today after the robotic surgery company reported Street-beating Q4 results and predicted double-digit revenue growth this year.
The St. Louis–based company, creator of robotic technologies for the treatment of cardiac arrhythmias, reported a loss of –$1.18 million, or –2¢ share, on sales of $6.82 million for the three months ended Dec. 31, 2020, versus a loss of $1.08 million, or –2¢ per share, on sales of $6.89 million in Q4 2019.
Earnings were a penny ahead of The Street, where analysts predicted a loss of –3¢ per share on sales of $6.03 million.
CEO David Fischel said 2020 was a year of significant progress, despite the challenges of the COVID-19 pandemic.
“The highlight of the year was receipt of FDA clearance for the Genesis RMN System and successful installations of the first systems in the United States and Europe. We begin 2021 with purchase orders for five robotic systems reflecting the initial green shoots of a broad-based global resurgence in interest in our robotic technology,” Fischel said.
Fischel added that Stereotaxis has a robust innovation pipeline that it continues to advance.
“Our proprietary robotically-navigated magnetic ablation catheter is poised to enter formal validation studies and on track for EU commercialization and initiation of a U.S. pivotal trial in late 2021. We have made methodical progress on a set of additional innovations and expect to be in a position to showcase them at the end of the year,” Fischel said.
Stereotaxis expects double-digit revenue growth in 2021, with $10–20 million in robotic system revenue. The company said its balance sheet will allow it to reach profitability without the need for additional financing.
Investors reacted by sending STXS shares up 22.96% to $6.93 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes the stocks of the world’s largest medical device companies, was down slightly.
