Stereotaxis Reports 2026 Third Quarter Financial Results & Business Updates

Supply constraints left approximately $1.9 million in disposable orders unconverted to revenue entering the fourth quarter.

Rhea-AI Summary

Stereotaxis (STXS) reported third-quarter 2026 revenue of $8.925 million, with growth in systems and recurring revenue compared with last year. Revenue rose 20% year over year and 16% sequentially. Systems revenue reached $2.976 million; recurring revenue was $5.949 million, up 6% annually but down 4% sequentially. Supply constraints left approximately $1.9 million in disposable orders unconverted to revenue entering the fourth quarter.

Gross margin was 45%, and net loss was $6.482 million versus $6.463 million a year earlier. Quarter-end cash was $3.976 million. A convertible note financing of up to $24 million includes an initial $12 million closing and another $12 million available at the company's option following certain regulatory milestones. Pro forma cash would be $16 million. Stereotaxis also completed its Robocath acquisition and announced a Canon collaboration.

8 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointConvertible note financing of up to $24 million includes an initial upfront closing of $12 million. 21% of market cap
• Moderate pointThird-quarter revenue of $8.925 million rose 20% year over year and 16% sequentially.
• Moderate pointRobocath acquisition closed during the quarter.
• Minor pointSystems revenue rose to $2.976 million from $1.861 million in the prior-year quarter.
• Minor pointRecurring revenue reached $5.949 million, up 6% year over year but down 4% sequentially.

3 minor points

• Minor pointOperating loss narrowed to $6.471 million from $6.557 million in the prior-year quarter.
• Minor pointSales and marketing expense fell to $2.856 million from $2.934 million a year earlier.
• Minor pointGeneral and administrative expense fell to $4.048 million from $5.178 million a year earlier.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Convertible notes add debt with potential dilution; the additional $12 million requires certain regulatory milestones. 11% of market cap
• Moderate pointCash fell to $3.976 million at September 30, 2026, from $13.421 million at December 31, 2025.
• Moderate pointApproximately $1.9 million in disposable orders remained unconverted to revenue entering the fourth quarter because of supply constraints. 1.7% of market cap
• Moderate pointQuarterly cash outflow was $6.5 million, including $3.9 million in Robocath acquisition-related payments.
• Moderate pointGross margin was 45%; recurring and systems margins remained affected by fixed overhead over low production volume.
• Moderate pointResearch and development expense increased to $3.523 million from $2.546 million a year earlier.
• Moderate pointAdjusted operating loss widened to $5.1 million from $2.5 million in the prior-year quarter.
• Moderate pointNine-month revenue declined to $22.886 million from $23.735 million in the comparable 2025 period.

6 minor points

• Minor pointQuarterly net loss was $6.482 million, versus $6.463 million a year earlier.
• Minor pointGross profit declined to $3.956 million from $4.101 million in the prior-year quarter.
• Minor pointAdjusted operating expenses rose to $9.1 million from $6.6 million, reflecting acquisition transaction costs and Robocath expenses.
• Minor pointAdjusted net loss widened to $5.2 million from $2.4 million in the prior-year quarter.
• Minor pointNine-month systems revenue fell to $5.774 million from $6.863 million in the comparable 2025 period.
• Minor pointNine-month net loss widened to $16.811 million from $16.112 million in the comparable 2025 period.

Argus 15 min delay 13 alerts

-13.71% vs previous close $0.8888 last price 1.2x rel. volume Open Argus

Details

Market move: STXS -13.71% vs previous close. 3Q26 earnings report

$0.87 – $1.24 Day Range

$89.06M Mkt Cap at Last Price

On Nov 10, the day this news came out, the latest delayed price for STXS is 13.71% below the previous close. Our momentum scanner has recorded 13 alerts for this stock so far that day. The latest delayed price is $0.89.

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Key Figures

Q3 revenue: $8.9 million; up 20% System revenue: $3.0 million Recurring revenue: $5.9 million; up 6% +5 more

Q3 revenue

$8.9 million; up 20%

Third quarter 2026 versus prior-year third quarter

System revenue

$3.0 million

Third quarter 2026

Recurring revenue

$5.9 million; up 6%

Third quarter 2026 versus prior-year third quarter

Gross margin

45%

Third quarter 2026

Adjusted net loss

($5.2) million

Third quarter 2026, excluding non-cash charges

Negative cash flow

($6.5) million

Third quarter 2026

Convertible note financing

Up to $24 million; $12 million initial closing and an additional $12 million draw

Additional draw available at the company's option following certain regulatory milestones

Pro forma cash and availability

$16 million pro forma cash; total availability of $28 million

Including financing proceeds and access to the additional draw

Previous Earnings Reports

2 past events · Latest: Aug 11

Same Type 2 events

1. Aug 11

   Quarterly earnings

   24h Move

   -4.1%

   Q2 revenue declined year over year, with a net loss and negative free cash flow.

2. Nov 11

   Quarterly earnings

   24h Move

   -14.7%

   Q3 revenue was $7.5 million, with operating and net losses reported.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible note, pro forma, mark-to-market adjustment

3 terms

convertible note financial

"announced a convertible note financing of up to $24 million"

A convertible note is a type of loan that a company gets from investors, which can later be turned into company shares instead of being paid back in cash. It matters because it helps startups raise money quickly without setting a fixed value for the company right away, making it easier to grow and attract investors.

pro forma financial

"Stereotaxis’ pro forma cash balance would be $16 million"

Pro forma refers to financial information that is prepared based on estimates or adjustments to show what a company's results might look like under certain scenarios, such as new projects or acquisitions. It helps investors understand the potential impact of future events by providing a clear, hypothetical view of financial performance, much like a weather forecast shows possible future conditions.

mark-to-market adjustment financial

"mark-to-market adjustment for acquisition related contingent earnout consideration"

A mark-to-market adjustment is an accounting change that updates the value of an asset or liability on a company’s books to what it would sell for at current market prices. Investors care because these adjustments can instantly change reported profits, losses and the company’s financial health — like reappraising a house and seeing your net worth rise or fall overnight — which affects valuation, risk assessment and investment decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ST. LOUIS, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Stereotaxis (NYSE: STXS), a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention, today reported business updates and financial results for the third quarter ended September 30, 2026.

“Our near-term priority is to drive forward two major business model transformations,” said David Fischel, Chairman and CEO. “The first is shifting from capital systems that require long sales and construction timelines, to having a portfolio of systems that are significantly more accessible and scalable. The second is developing and commercializing a portfolio of disposable interventional catheters that enhance the value of our robots and provide a robust recurring revenue opportunity.”

“System revenue of $3 million in the quarter was up 60% compared to last year, benefiting from partial revenue recognition from the first GenesisX system in the US, the first Genesis system in China, and multiple Synchrony digital operating room systems in the US. Recurring revenue increased 6% over the previous year with a significant increase in revenue from our new portfolio of robotically-navigated catheters, countered by general pressure on procedures due to supply shortages. We entered the fourth quarter with a backlog of approximately $1.9 million in disposable orders we did not convert to revenue because of supply constraints.”

“In parallel to our commercial efforts, we continue to invest in a broad pipeline of innovations that expand our technology into a platform across endovascular surgery, enhance our competitiveness in electrophysiology, and deliver digital connectivity, automation and intelligence to the operating room. We were pleased during the past quarter to close the acquisition of Robocath and announce a collaboration with Canon.”

2026 Third Quarter Financial Results
Revenue for the third quarter of 2026 totaled $8.9 million, a 20% increase compared to $7.5 million in the prior year third quarter and a 16% increase sequentially compared to $7.7 million in the second quarter of 2026. System revenue of $3.0 million increased from $1.9 million in the prior year third quarter. System revenue benefited from partial revenue recognition on the shipment of the first GenesisX system sold in the United States, the first Genesis system sold in China, and the first full quarter of Synchrony system sales. Recurring revenue of $5.9 million increased 6% compared to the prior year third quarter and declined 4% sequentially. Recurring revenue reflects increasing contributions from Stereotaxis’ portfolio of robotically-navigated catheters countered by general procedural pressure due to limited catheter supply.

Gross margin for the third quarter was 45% of revenue. Recurring revenue gross margin was 59%, and system gross margin was 15%. Gross margins for both recurring and system revenue remain impacted by fixed overhead allocated over low production volume. Operating expenses in the third quarter of $10.4 million included $1.3 million in non-cash charges for stock compensation expense, mark-to-market adjustment for acquisition related contingent earnout consideration, and amortization of acquired intangible assets. Excluding these non-cash charges, adjusted operating expenses were $9.1 million, an increase from $6.6 million in the prior year third quarter due to one-time acquisition transaction costs and the absorption of Robocath operating expense.

Operating loss and net loss in the third quarter of 2026 were ($6.5) million, compared with ($6.6) million and ($6.5) million, respectively, in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash charges, were ($5.1) million and ($5.2) million, respectively, compared with ($2.5) million and ($2.4) million in the previous year, with the increase predominantly driven by one-time transaction costs and the absorption of Robocath operating expense. Negative cash flow for the third quarter was ($6.5) million, of which ($2.6) million was associated with the core Stereotaxis business and ($3.9) million were payments associated with the acquisition of Robocath.

Cash Balance and Liquidity
At September 30, 2026, Stereotaxis had cash and cash equivalents of $4.0 million. Concurrent with these financial results, Stereotaxis announced a convertible note financing of up to $24 million, with an initial upfront closing of $12 million and an additional $12 million draw available at Stereotaxis’ option following certain regulatory milestones. Incorporating the proceeds from this financing, Stereotaxis’ pro forma cash balance would be $16 million, with access to an additional $12 million providing for total availability of $28 million.

Forward Looking Expectations
Stereotaxis expects growing recurring revenue and more consistent capital sales in the coming quarters. Near-term milestones that support these growth expectations include installing the first commercial GenesisX systems and resolving the supply constraints with MAGiC.

Adjusted operating expenses, excluding non-cash and one-time items, are expected to approximate $8 million per quarter going forward. Growth in revenue combined with stable operating expenses provide a pathway to cash-flow profitability within the next year.

Conference Call and Webcast
Stereotaxis will host a conference call and webcast today, November 10, 2026, at 4:30 p.m. Eastern Time. To access the conference call, dial 800-715-9871 (US and Canada) or 646-307-1963 (International) and give the participant pass code 2568629. To access the live and replay webcast, please visit the investor relations section of the Stereotaxis website at www.Stereotaxis.com.

About Stereotaxis
Stereotaxis (NYSE: STXS) is a pioneer and global leader in innovative surgical robotics for minimally invasive endovascular intervention. Its mission is the discovery, development and delivery of robotic systems, instruments, and information solutions for the interventional laboratory. These innovations help physicians provide unsurpassed patient care with robotic precision and safety, expand access to minimally invasive therapy, and enhance the productivity, connectivity, and intelligence in the operating room. Stereotaxis technology has been used to treat over 150,000 patients across the United States, Europe, Asia, and elsewhere. For more information, please visit www.Stereotaxis.com.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”, “project”, “expect” or similar expressions. These forward-looking statements include without limitation statements regarding the recently completed acquisition of Robocath, including the Company’s ability to advance its strategy, integrate Robocath, and grow revenue significantly without having to subject investors to substantial dilution; the completion of the Company’s offering convertible note financing; the ability to draw additional funds under the convertible note financing following receipt of required regulatory approvals; and the anticipated use of proceeds therefrom, usually containing the words "believe”, "estimate”, "project”, "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially. Factors that would cause or contribute to such differences include, but are not limited to, uncertainties involving the following: the Company’s ability to manage expenses at sustainable levels; acceptance of the Company’s products in the marketplace; the effect of global economic conditions, including tariffs, on the ability and willingness of customers to purchase its technology; competitive factors; changes resulting from healthcare policy; dependence upon third-party vendors; timing of regulatory approvals, including as it relates to Robocath’s products and our ability to make further draws on the convertible note financing; the impact of pandemics or other disasters; statements generally relating to our recent acquisition of Robocath or our recently announced convertible note financing, including any benefits expected from either of those transactions, as well as any plans, forecasts and other expectations with respect to Robocath’s business following the completion of the transaction; and the other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission.

By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. Additional information will also be set forth in future filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company's control and may be revised, modified, delayed, or canceled.

Company Contacts:
David L. Fischel
Chairman and Chief Executive Officer

Kimberly R. Peery
Chief Financial Officer

314-678-6100
Investors@Stereotaxis.com

Stereotaxis, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share amounts)	Three Months Ended September 30,										Nine Months Ended September 30,
		2026				2025						2026				2025
Revenue:
Systems	$	2,976			$	1,861					$	5,774			$	6,863
Disposables, service and accessories		5,949				5,603						17,112				16,872
Total revenue		8,925				7,464						22,886				23,735
Cost of revenue:
Systems		2,524				1,510						4,384				5,543
Disposables, service and accessories		2,445				1,853						6,265				5,448
Total cost of revenue		4,969				3,363						10,649				10,991
Gross margin		3,956				4,101						12,237				12,744
Operating expenses:
Research and development		3,523				2,546						8,310				6,673
Sales and marketing		2,856				2,934						8,068				9,351
General and administrative		4,048				5,178						12,879				13,675
Other		-				-						-				(492				)
Total operating expenses		10,427				10,658						29,257				29,207
Operating loss		(6,471	)			(6,557		)				(17,020	)			(16,463				)
Other income		-				3						(5	)			2
Interest expense		(44	)			-						(44	)			-
Interest income		33				91						258				349
Net loss	$	(6,482	)		$	(6,463		)			$	(16,811	)		$	(16,112				)
Cumulative dividend on convertible preferred stock		(316	)			(322		)				(941	)			(953				)
Net loss attributable to common stockholders	$	(6,798	)		$	(6,785		)			$	(17,752	)		$	(17,065				)
Net loss per share attributed to common stockholders:
Basic	$	(0.07	)		$	(0.07		)			$	(0.18	)		$	(0.19				)
Diluted	$	(0.07	)		$	(0.07		)			$	(0.18	)		$	(0.19				)
Weighted average number of common shares and equivalents:
Basic		102,547,843				92,013,791						100,525,085				89,260,628
Diluted		102,547,843				92,013,791						100,525,085				89,260,628

STEREOTAXIS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)	September 30, 2026				December 31, 2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	3,976			$	13,421
Accounts receivable, net of allowance of $808 and $541 at 2026 and 2025, respectively		5,585				5,847
Insurance receivable		9,982				4,316
Inventories, net		13,272				9,567
Prepaid expenses and other current assets		1,628				698
Total current assets		34,443				33,849
Investment in affiliate		1,701				-
Property and equipment, net		4,116				3,019
Goodwill		29,276				3,764
Intangible assets, net		6,988				6,429
Operating lease right-of-use assets		4,931				4,912
Prepaid and other non-current assets		657				278
Total assets	$	82,112			$	52,251
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	7,718			$	4,768
Accrued liabilities		2,419				2,065
Accrued legal liabilities		9,982				4,316
Current portion of long-term debt		548				-
Deferred revenue		5,423				5,675
Current contingent consideration		4,854				4,894
Current portion of operating lease liabilities		816				642
Total current liabilities		31,760				22,360
Long-term debt		1,922				-
Long-term deferred revenue		406				555
Long-term contingent consideration		14,928				4,724
Operating lease liabilities		4,624				4,794
Other liabilities		1,941				1,097
Total liabilities		55,581				33,530
Series A - Convertible preferred stock:
Convertible preferred stock, Series A, par value $0.001; 10,000,000 shares authorized, 20,733 and 21,008 shares outstanding at 2026 and 2025, respectively		5,171				5,240
Stockholders' equity:
Common stock, par value $0.001; 300,000,000 shares authorized, 100,833,120 and 95,339,628 shares issued at 2026 and 2025, respectively		101				95
Additional paid-in capital		621,818				596,960
Treasury stock, 4,015 shares at 2026 and 2025		(206	)			(206	)
Accumulated deficit		(600,179	)			(583,368	)
Accumulated other comprehensive income (loss)		(174	)			-
Total stockholders' equity		21,360				13,481
Total liabilities and stockholders' equity	$	82,112			$	52,251

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Stereotaxis STXS third-quarter 2026 revenue and earnings per share?

Stereotaxis reported $8.925 million in revenue and a basic and diluted loss attributable to common stockholders of $0.07 per share. Revenue increased from $7.464 million in the prior-year quarter, while the per-share loss was unchanged.

How much funding does Stereotaxis STXS convertible note financing provide?

The financing provides up to $24 million, comprising an initial upfront closing of $12 million and an additional $12 million available at Stereotaxis' option following certain regulatory milestones. Including the initial proceeds, pro forma cash would be $16 million, with total availability of $28 million including the additional draw.

What drove Stereotaxis STXS systems revenue growth in the third quarter of 2026?

Systems revenue benefited from partial revenue recognition on shipments of the first GenesisX system sold in the United States and the first Genesis system sold in China. The quarter also included the first full quarter of Synchrony system sales.