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Stereotaxis, Inc. develops robotic technologies for minimally invasive endovascular intervention, with recurring news centered on electrophysiology and arrhythmia treatment. Company updates cover the MAGiC™ Magnetic Interventional Ablation Catheter, MAGiC Sweep high density mapping catheter, Genesis and GenesisX robotic magnetic navigation systems, and related clinical use in complex heart-rhythm procedures.
News also includes FDA and international regulatory clearances or approvals, hospital robotic heart-arrhythmia program launches, commercialization of cath-lab technologies such as Synchrony™ and SynX™, manufacturing and product-pipeline progress, material agreements, capital-structure updates, and periodic operating and financial results.
Stereotaxis (NYSE: STXS) announced that Broward Health Medical Center in Florida will establish a robotic electrophysiology program, becoming the only hospital in South Florida to offer robotic treatment for heart rhythm disorders. This program utilizes the Genesis Robotic Magnetic Navigation system, enhancing precision in cardiac ablation procedures. The initiative underscores Broward Health’s commitment to quality cardiac care and follows its recent accreditation for electrophysiology. This technological adoption aims to support the treatment of millions suffering from arrhythmias in the region.
Stereotaxis (STXS) announced the relocation of its global headquarters to the Globe Building in downtown St. Louis by the end of this year. This move aims to modernize the organization and support significant growth. The new facility will enhance collaboration among employees and triple the surgical robot manufacturing capacity. The Globe Building is strategically positioned within St. Louis' Innovation District, alongside other technology firms like Square and T-Rex. This change is expected to boost Stereotaxis' healthcare technology initiatives and contribute to the revitalization of the local community.
Stereotaxis reported its fourth quarter and full year financial results for 2020, highlighting FDA clearance for the Genesis RMN System. Fourth quarter revenue was $6.8 million, consistent with the previous year. However, full-year revenue totaled $26.6 million, a 15% decline in recurring revenue attributed to COVID-19. Operating loss for 2020 was ($6.7) million, with a cash balance of $44 million. Despite challenges, the company expects growth through new robotic system orders and further innovation, setting a strong foundation for 2021.
ST. LOUIS, Feb. 24, 2021 — Stereotaxis (NYSE: STXS) announced a 10-year CEO performance stock award for David Fischel, contingent on achieving market cap milestones. Fischel, who has served as unpaid CEO since 2017, oversaw a tenfold increase in stock value. His annual cash compensation is set at $60,000, with performance stock awards tied to market cap growth from $500 million increments up to $5.5 billion. This plan aims to retain Fischel and align his interests with shareholder returns, drawing inspiration from Tesla's CEO incentive model.
Stereotaxis (NYSE: STXS) announced that Chairman and CEO David Fischel will present at two investor conferences in Q1 2021. He will provide an overview of the company's business at the BTIG Virtual MedTech Conference on February 17, 2021, at 1:00 PM EST, and the Cowen Virtual 41st Annual Health Care Conference on March 1, 2021, at 11:00 AM EST. Fischel expressed gratitude for the invitations and aims to share Stereotaxis’ innovative technologies and growth strategies. One-on-one meetings can be arranged for interested investors.
Stereotaxis (STXS) will announce its 2020 fourth quarter and full year financial results on February 25, 2021. A conference call will follow at 10 a.m. EST to discuss the outcomes and corporate developments. The company specializes in robotic technologies for cardiac arrhythmias and has secured regulatory clearance in multiple regions, enhancing its operational capabilities. Investors can join the call through dial-in numbers or access the webcast via Stereotaxis' investor relations page. A replay will be available after the call.
Stereotaxis (NYSE: STXS) reported a 6% year-over-year revenue increase to $8.7 million for Q3 2020, attributed to the installation of its Genesis RMN® Systems in the US and Europe. The system revenue was $3.0 million, while recurring revenue decreased to $5.5 million from $6.3 million due to a 10% decline in procedure volumes linked to COVID-19 impacts. The company anticipates $10-20 million in Genesis system revenue for 2021 and plans initial commercialization of a new robotic catheter. Operating loss was $1.6 million, with a cash balance of $43.8 million as of September 30, 2020.
Stereotaxis (NYSE: STXS) announces the release of its third quarter financial results on November 9, 2020, before U.S. market opening. The company will also host a conference call at 10:00 a.m. ET to discuss the results and corporate developments. Investors can access the call by dialing 800-437-2398 (US/Canada) or 856-344-9206 (International) with the pass code 9232669. A replay will be available for one week after the call. Stereotaxis is a leader in robotic technologies for cardiac arrhythmia treatment.
Stereotaxis (STXS) announced the installation of the Genesis Robotic Magnetic Navigation (RMN) systems at Helsinki University Hospital and Banner - University Medicine Heart Institute, the world’s first implementations aimed at treating heart rhythm disorders. These advanced robotic systems enhance precision in cardiac ablation procedures, addressing the growing need for effective solutions for arrhythmias, which can lead to serious health risks. The technology is expected to provide a competitive edge for both institutions in patient care and education in the field.
Stereotaxis (NYSE: STXS) announced that Chairman and CEO David Fischel will speak at RAPS Convergence 2020, the largest annual gathering of healthcare regulatory professionals, on September 13, 2020. Fischel will discuss how regulatory professionals can enhance medical innovation and healthcare access through interoperability and open standards. He emphasized the critical role that regulatory experts play in advancing healthcare innovation. Stereotaxis is known for its robotic technologies that improve arrhythmia treatment. For more information, visit www.stereotaxis.com.