Stereotaxis Reports Slight Revenue Increase and Acquisition of Access Point Technologies

Stereotaxis, Inc. reported a slight increase in revenue for the fiscal year ending December 31, 2024, with total revenue reaching $26.9 million, up from $26.8 million in 2023. The revenue from system sales decreased marginally from $8.7 million to $8.6 million, while revenue from disposable interventional devices, services, and accessories rose from $18.0 million to $18.3 million. The overall gross margin for the company was 54% in 2024, down from 56% in the previous year, primarily due to changes in product mix. The company incurred a net loss of $24.0 million, compared to a net loss of $20.7 million in 2023, reflecting ongoing challenges in achieving profitability.

In terms of operational developments, Stereotaxis completed the acquisition of Access Point Technologies EP, Inc. (APT) on July 31, 2024. This acquisition is expected to enhance Stereotaxis' capabilities in developing and manufacturing diagnostic catheters used in cardiac ablation procedures. The integration of APT is anticipated to provide in-house catheter development expertise, which will support Stereotaxis' innovation efforts across various interventional procedures. The acquisition included an upfront payment of 1,486,620 shares of common stock and additional contingent payments based on revenue and regulatory milestones.

As of December 31, 2024, Stereotaxis reported a backlog of approximately $15.2 million, an increase from $14.7 million in the previous year, with expectations to recognize about 70% of this backlog as revenue in 2025. The company has established strategic relationships with technology leaders in the interventional market, which are critical for the commercialization of its robotic magnetic navigation systems. However, the lengthy sales cycle for these systems, often involving significant construction or renovation at customer sites, continues to pose challenges for revenue recognition.

Stereotaxis' workforce consisted of 139 employees as of December 31, 2024, with a focus on research and development, sales and marketing, and general administrative functions. The company is actively pursuing regulatory approvals for its products, including the GenesisX RMN System and the MAGiC catheter, which have received CE marking in Europe and are awaiting approvals in the U.S. and other markets. The company’s outlook remains cautious, as it continues to navigate macroeconomic challenges, including supply chain disruptions and inflationary pressures, which could impact future sales and operational performance.

Looking ahead, Stereotaxis aims to leverage its recent acquisition and ongoing product development efforts to expand its market presence in electrophysiology and other endovascular procedures. The company is also focused on improving its financial performance and achieving operational profitability, although it acknowledges the uncertainties associated with market conditions and regulatory approvals.