Stereotaxis, Inc. reported a decline in total revenue for the nine months ended September 30, 2024, amounting to $20.6 million, down approximately 7% from $22.2 million in the same period of 2023. Revenue from system sales decreased from $8.7 million to $7.2 million, while revenue from disposable interventional devices, service, and accessories saw a slight decrease from $13.5 million to $13.3 million. The overall gross margin remained stable at 55% for both periods.

For the third quarter of 2024, Stereotaxis achieved revenue of $9.2 million, an 18% increase from $7.8 million in Q3 2023. This growth was driven by a rise in system sales, which increased from $3.5 million to $4.4 million, and a 13% increase in revenue from disposable products, service, and accessories, which rose from $4.3 million to approximately $4.8 million. However, the cost of revenue for Q3 2024 increased to $5.1 million from $3.7 million, resulting in a gross margin decline to 45% from 52%.

The company reported a net loss of $16.5 million for the nine months ended September 30, 2024, compared to a net loss of $15.7 million for the same period in 2023. The net loss for Q3 2024 was $6.2 million, compared to $5.4 million in Q3 2023. Basic and diluted earnings per share for the nine months ended September 30, 2024, remained at $(0.21), consistent with the previous year.

Stereotaxis' total assets increased to $50.9 million as of September 30, 2024, from $41.9 million at the end of 2023, while total liabilities rose significantly to $34.7 million from $20.0 million. The company’s cash and cash equivalents decreased to $10.7 million from $19.8 million during the same period. The accumulated deficit also widened to $(554.2 million) from $(532.6 million).

Strategically, Stereotaxis completed the acquisition of Access Point Technologies EP, Inc. (APT) on July 31, 2024, enhancing its capabilities in catheter development for cardiac ablation procedures. The acquisition involved an upfront payment of common stock and contingent payments based on future performance. The integration of APT is expected to bolster Stereotaxis' innovation in interventional devices.

The company continues to face challenges from the COVID-19 pandemic, which has adversely affected demand for its systems and disposable products, leading to reduced procedures performed by healthcare customers. Additionally, macroeconomic factors such as inflation and supply chain disruptions pose risks to future operations.