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Surgical robotics firm Stereotaxis' Q3 revenue rises, but misses estimates

By Reuters News


Overview

  • US surgical robotics firm's Q3 revenue rose 20% yr/yr but missed analyst expectations

  • System revenue grew 60% yr/yr, driven by new Genesis and Synchrony system sales

  • Company announced $24 mln convertible note financing to boost liquidity


Outlook

  • Company expects growing recurring revenue and more consistent capital sales in coming qtrs

  • Stereotaxis expects adjusted operating expenses to approximate $8 mln per qtr going forward

  • Company says revenue growth and stable expenses may lead to cash-flow profitability within next yr


Result Drivers

  • NEW SYSTEM SALES - Co said system revenue growth was driven by GenesisX and Genesis system sales in US and China, and Synchrony digital operating room systems

  • CATHETER SALES - Co said recurring revenue benefited from new robotically-navigated catheter portfolio, but was limited by supply shortages

  • LOW PRODUCTION VOLUME - Co said gross margins were affected by fixed overhead costs spread over low production volume


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Miss

$8.93 mln

$9.60 mln (3 Analysts)

Q3 Loss Per Share

$0.07

Q3 Net Loss Attributable

$6.8 mln

Q3 Operating Expenses

$10.43 mln

Q3 Operating Income

-$6.47 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • Wall Street's median 12-month price target for Stereotaxis Inc is $3.00, about 163.2% above its November 9 closing price of $1.14


Reuters Recommended Reads

  • Nov 9 - Surgery Partners Inc Q3 revenue misses estimates

  • Nov 10 - LENSAR Q3 revenue slightly misses estimates on slower surgical scheduling

  • Nov 9 - Myomo Q3 revenue rises 22% to record high


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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