Stereotaxis (STXS) Q3 2026 earnings summary

Executive summary

• Q3 priorities: scale accessible capital systems through GenesisX and Synchrony, and grow recurring revenue from disposable robotic catheters.

• New system sales lifted revenue, while catheter supply limits and the transition away from Johnson & Johnson constrained recurring revenue.

• Management sees a path to profitability in 2027, supported by recurring revenue growth and more consistent capital sales.

Financial highlights

• Q3 revenue was $8.9M, up 20% YoY and 16% sequentially; 9M revenue was $22.9M versus $23.7M in 2025.

• Q3 system revenue was $3.0M versus $1.9M YoY; recurring revenue was $5.9M, up 6% YoY and down 4% sequentially.

• Operating and net losses were each $6.5M; 9M operating loss was $17.0M and net loss was $16.8M.

• Adjusted Q3 operating and net losses were $5.1M and $5.2M, versus $2.5M and $2.4M YoY.

• Operating expenses were $10.4M, including $1.3M of non-cash charges; adjusted operating expenses were $9.1M versus $6.6M YoY.

Outlook and guidance

• Management expects recurring revenue growth and more consistent capital sales in coming quarters, with a pathway to profitability in 2027.

• Adjusted operating expenses, excluding non-cash and one-time items, are expected to be ~$8M per quarter; revenue growth with stable expenses is expected to support cash-flow profitability within a year.

• Gross margins are expected to remain near current levels in the near term, with significant expansion opportunity in 2027 and 2028.

• A Q4 recurring revenue high watermark is expected, even without improved MAGiC shipments, primarily from alternative catheters in Europe.

• Catheter supply constraints could be resolved in early 2027 following regulatory decisions supporting redundant supply.