Q1 2024 Stereotaxis Inc Earnings Call Transcript
Key Points
- Revenue in the first quarter grew 5% over the previous year, driven by increased robotic system sales.
- Stereotaxis Inc (STXS) successfully increased its system backlog with the receipt of two additional orders for Genesis robots from existing customers in Europe.
- Significant regulatory progress with the proprietary ablation catheter submitted to the EU Notified Body and FDA, receiving responsive and collaborative feedback.
- Development of a smaller cell-shielding robot is on track, with regulatory submissions expected soon, enhancing the accessibility of Stereotaxis Inc (STXS)'s technology.
- The acquisition of APT is expected to bring in-house catheter development and manufacturing expertise, enhancing Stereotaxis Inc (STXS)'s innovation capabilities and potentially contributing approximately $5 million in annual revenue post-acquisition.
- Recurring revenue remains impacted by Johnson & Johnson's catheter shortages, affecting procedure volumes and availability in various geographies.
- The net impact of system revenue recognition in the first quarter has increased current backlog, indicating potential delays in revenue realization.
- Operating loss and net loss for the first quarter of 2024 were $4.7 million and $4.5 million respectively, although improved from the previous year.
- Negative free cash flow for the first quarter was $2.3 million, highlighting ongoing financial challenges.
- The ramp-up in manufacturing of the guidewire is slightly slower than expected, potentially delaying regulatory submissions and commercial availability.
Good afternoon. Thank you for joining us for Stereotaxis first-quarter 2024 earnings conference call. Certain statements during the conference call and question-and-answer period to follow may relate the future events expectations and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company in the future to be materially different from the statements that the company's executives may make today. These risks are described in detail in our public filings with the Securities and Exchange Commission, including our latest periodic report on Form 10-K or 10-Q. We assume no duty to update these statements.
At this time, all participants have been placed on a listen only mode. The floor will be open for questions and comments, following the presentation. As a reminder, this call is being recorded. It is now my pleasure to turn the floor over to your host, David Fischel,
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