Stereotaxis (STXS) Q4 2024 earnings summary

Executive summary

• Achieved 39% year-over-year revenue growth in Q4 2024, driven by increased robotic system sales, FDA submissions for key catheter innovations, and integration of Access Point Technologies.

• Announced first commercial order for GenesisX robot in Europe, with installation and first use expected in summer 2024.

• Secured European approval for MAGIC catheter and made regulatory progress in China, including approvals for Genesis robot and MAGiC catheter ecosystem.

• Expanded product portfolio with regulatory submissions for MAGiC Sweep mapping catheter and EMAGIN vascular catheter, targeting broader clinical applications.

• Ended 2024 with $12.4 million in cash and no debt, supporting ongoing commercialization efforts.

Financial highlights

• Q4 2024 revenue was $6.3 million, up 39% year-over-year; full-year 2024 revenue was $26.9 million, nearly flat compared to 2023.

• System revenue for Q4 was $1.4 million, recurring revenue $4.9 million; full-year system revenue $8.6 million, recurring revenue $18.3 million.

• Gross margin for Q4 and full year were 51% and 54%, respectively; recurring revenue gross margin 70%, system gross margin 20%.

• Q4 operating loss was $7.6 million; adjusted operating loss (excluding non-cash items) was $4 million.

• Positive free cash flow of $1.3 million in Q4; full-year negative free cash flow of $8.5 million, improved from 2023.

Outlook and guidance

• 2025 revenue expected to remain approximately flat with 2024, with system revenue per quarter of $2–$3 million.

• Recurring revenue projected to grow sequentially from $5 million in Q1 to $7 million in Q4, leading to double-digit annual growth in 2025.

• Guidance does not include significant China sales or U.S. MAGiC revenue; focus is on European launches and conservative backlog conversion.

• Reduced cash use expected in 2025, with stable operating expenses and incremental investments funded by new product profits.

• System backlog at start of 2025: $15.2 million.