Wed, May 15, 2:37 PM (72 days ago)
Stereotaxis, Inc. reported a 5% increase in revenue for Q1 2024, reaching $6.9 million, driven by higher system sales volumes. However, revenue from sales of disposables, services, and accessories decreased by 10% due to lower service revenue and catheter shortages. Gross margin remained steady at 58%. Operating expenses decreased by 8% to $8.7 million, primarily due to reduced R&D and sales/marketing costs. The net loss improved slightly to $4.5 million from $5.3 million in Q1 2023. Cash and equivalents fell to $18.2 million from $20.6 million at year-end 2023, with a working capital of $18.4 million. The company announced the acquisition of Access Point Technologies, Inc., expected to close by Q3 2024, for $3.0 million in stock and potential additional stock based on future milestones. Future operations could be impacted by macroeconomic factors, supply chain disruptions, and regulatory approval processes.