Stereotaxis Q3 adjusted operating loss widens to $5.1M
With the initial closing, Stereotaxis reported $16.0 million in pro forma cash and may access another $12.0 million after certain regulatory milestones.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Stereotaxis, Inc. reported third-quarter 2026 revenue of $8.9 million, up 20% year over year. System revenue was $3.0 million, up 60%, and recurring revenue was $5.9 million, up 6%. Net loss was $6.5 million; adjusted operating loss, excluding non-cash charges, was $5.1 million versus $2.5 million a year earlier. Cash flow was negative $6.5 million, including $3.9 million of Robocath acquisition payments.
The company completed the initial $12.0 million closing of convertible notes totaling up to $24.0 million. At its option, it may hold up to two additional closings totaling up to $12.0 million, following certain regulatory milestones and subject to conditions. The notes bear 10.0% annual interest and mature in three years. Initial Notes convert at $1.21 per share; Additional Notes use the lower of $1.21 and a 30% premium to the 10-day VWAP at the Additional Closing, subject to the Minimum Price. Cash was $4.0 million at September 30, 2026; the company reported $16.0 million in pro forma cash and $28.0 million in total availability, including access to the additional financing.
Management expects recurring revenue to grow and capital sales to become more consistent. Adjusted operating expenses, excluding non-cash and one-time items, are expected to approximate $8 million per quarter; management stated that revenue growth and stable operating expenses provide a pathway to cash-flow profitability within the next year.
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.
Positive
- Moderate pointThird-quarter revenue increased 20% to $8.9 million year over year.
Negative
- Moderate pointAdjusted operating loss was $5.1 million, versus $2.5 million a year earlier.
Filing Explained
Noteholder payments rank ahead of unsecured debt, while conversion issuance is capped at twenty million seventy thousand two hundred ninety shares.
The November 9 initial closing is complete, and conversion remains a holder option; the agreement caps conversion issuance at 20,070,290 shares (
The company must register investors’ resale of the common shares underlying the notes, subject to the Exchange Cap; this is a registration obligation, not issuance of those shares.
Until the notes are satisfied, payments on them rank ahead of unsecured company debt and behind secured debt to the extent of its collateral; taking on other debt is restricted, subject to permitted exceptions or written consent from holders of a majority of the notes.
Unless the parties agree otherwise, annual interest is deferred to maturity and added to principal; the company cannot voluntarily repay a note early without its holder’s written consent.
8-K Event Classification
Key Figures
Key Terms
10-day VWAP financial
paid in-kind financial
Exchange Cap regulatory
Minimum Price regulatory
Earnings Snapshot
Recurring revenue is expected to grow and capital sales to become more consistent in coming quarters. Adjusted operating expenses, excluding non-cash and one-time items, are expected to approximate $8 million per quarter. Management stated that revenue growth combined with stable operating expenses provides a pathway to cash-flow profitability within the next year.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue did STXS report for Q3 2026?
How much convertible financing did STXS secure?
What are the interest and conversion terms of STXS's notes?
What limits apply to conversion of STXS notes?
How does STXS plan to use the note financing proceeds?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(D) of the Securities Exchange Act Of 1934
Date
of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
(Commission File Number) |
(IRS Employer Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act: ☐
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Item 1.01. Entry into a Material Definitive Agreement
On November 9, 2026, Stereotaxis, Inc., a Delaware corporation (the “Company”), entered into a Note Purchase Agreement (the “Purchase Agreement”) with certain accredited investors, including entities affiliated with certain members of our board of directors (the “Investors”), pursuant to which the Company agreed to issue and sell to the Investors, and the Investor agreed to purchase from the Company, convertible promissory notes issued by the Company (each, a “Note” and collectively, the “Notes”) in the aggregate original principal amount of up to $24.0 million (such financing, the “Note Financing”) consisting of (i) Notes in the aggregate original principal amount of $12.0 million (the “Initial Notes”) and (ii) additional Notes in the aggregate original principal amount of up to $12.0 million (the “Additional Notes”), subject to the satisfaction or waiver of the conditions set forth therein. The Notes are convertible into shares of the Company’s common stock, par value $0.001 per share (“Common Stock”). The initial closing of the Note Financing occurred on November 9, 2026 (the “Initial Closing Date”).
Pursuant to the Purchase Agreement, the Company is not required to, but may at its own option, subject to the satisfaction of specified conditions, require the Investors to purchase the Additional Notes in up to two additional closings (each, an “Additional Closing”), provided that the aggregate original principal of the Additional Notes sold at the first such Additional Closing, if any, will be not less than $5.0 million, and the second Additional Closing, if any, must be for not less than the balance of unissued Additional Notes.
The Notes will mature on the third anniversary of the Initial Closing Date (unless accelerated due to an event of default) and bear interest at a rate of ten percent (10.0%) per annum on the basis of a 360-day year consisting of twelve 30-day months. The Company is required to make annual interest payments on the unpaid principal of the Notes in arrears on each anniversary of issuance date; however, unless mutually agreed by the parties to each Note, such annual interest payments will instead be deferred to maturity and paid in-kind on the then outstanding principal amount of each Note by adding the amount of such interest to the principal amount of such Note on the payment date, which will then constitute additional principal thereunder. The Company is not permitted to optionally prepay any Note before the maturity without the written consent of the holder of such Note.
The principal amount of each Note, plus all accrued and unpaid interest thereon, is convertible in whole or in part at the option of the holder thereof into shares of Common Stock (the “Conversion Shares”) at the Conversion Price (as defined below) at any time following the date of issuance of such Note. The “Conversion Price” is equal to: (i) in the case of the Initial Notes, $1.21, which is a 30% premium to the 10-day VWAP Common Stock market price ending on the trading date prior to the Initial Closing Date, and (ii) in the case of each Additional Note, the lower of (i) $1.21 (the conversion price of the Initial Notes) and (ii) a 30% premium above the Company’s 10-day VWAP Common Stock market price at the time of such Additional Closing, but in no event less than the “Minimum Price” as defined in Section 713(c) of the NYSE American Company Listing Guide as may be applicable to such Additional Closing. The Conversion Price is subject to standard adjustments in the event of stock dividends, stock splits, combinations or similar events. The Company is obligated to provide notice in advance certain corporate events (as defined in the Notes) to enable holders of the Notes to elect to convert in anticipation of such corporate event(s).
Each Note may not be converted and shares of Common Stock may not be issued under the Note if, after giving effect to the conversion or issuance, the Investor together with its affiliates would beneficially own in excess of a percentage specified by such Investor (ranging from 4.99% to 19.99%) of the outstanding Common Stock. In addition to the beneficial ownership limitations in the Notes, the number of shares of Common Stock that may be issued upon conversion of the Notes (in the aggregate or to any particular older), which, when aggregated with any other related transactions that may be considered part of the same series of transactions, may not exceed the Exchange Cap or constitute a “change of control” under the rules of the NYSE American. The Exchange Cap means (i) 20,070,290 (which is equal to 19.9% of the number of shares of Common Stock issued and outstanding immediately prior to Note Financing) or (ii) the issuance of a number of shares to any particular holder that would trigger a requirement for approval of the Company’s stockholders under the rules of the NYSE American.
The gross proceeds from Initial Closing of the Note Financing is $12.0 million, before deducting legal fees and transaction expenses. Subject to the satisfaction of certain conditions contained in the Purchase Agreement, the Company may receive additional gross proceeds upon the issuance of Additional Notes of up to $12.0 million in the aggregate at up to two Additional Closings. The Company intends to use the net proceeds from the Note Financing for working capital, to accelerate product commercialization, research and development and other general corporate purposes.
| 2 |
The Purchase Agreement contains certain representations and warranties, covenants and indemnities customary for similar transactions, including without limitation, the following covenants: until each of the Notes have been converted, redeemed or otherwise satisfied in accordance with its terms, (a) all payments due under the Notes will be senior in right of payment to all unsecured Indebtedness of the Company (as defined in the Notes) and effectively subordinated to senior secured Indebtedness of the Company to the extent of the value of the collateral securing such Indebtedness and (b) the Company will not, directly or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness other than (i) Indebtedness evidenced by the Notes, (ii) certain Permitted Indebtedness (as defined in the Notes) or (iii) Indebtedness expressly permitted in writing by the Investors holding a majority in principal amount of all Notes issued and then outstanding under the Purchase Agreement.
The Notes contain customary events of default including but not limited to: (i) failure to make payments when due under the Notes for a period that continues for three business days after written notice from the noteholder; (ii) bankruptcy or insolvency of the Company; (iii) failure to make any payment of principal on the maturity date thereof beyond the applicable grace period with respect thereto, if any, in respect of any Indebtedness (other than Indebtedness under the Notes) with an aggregate outstanding principal amount of more than $2.5 million or events of default or similar events occur, cause or permitting holders of $2.5 million to cause such debt to be accelerated and repaid; or (iv) entry of a final judgment or against the Company or any of its subsidiaries a final judgment or order for payment of over $2.5 million which is not insured (including self-insurance).
The Purchase Agreement also requires the Company to register the resale by the Investors of the Common Stock underlying the Notes, without regard to any beneficial ownership limitation on issuances under the Notes, but subject to the Exchange Cap. In order to minimize registration expenses, the Company may elect to file such resale registration statement in conjunction with a periodic report with the Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The foregoing does not purport to be a complete description of each of the Purchase Agreement and the Notes, and each such description is qualified in its entirety by reference to the full text of each such document, copies of which will be filed as exhibits to the Company’s Annual Report on Form 10-K for the period ending December 31, 2026.
On November 10, 2026, the Company issued a press release (the “Convertible Note Press Release”) regarding the Note Financing. A copy of the Convertible Note Press Release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
Item 2.02. Results of Operations and Financial Condition
On November 10, 2026, the Company issued a press release (the “Earnings Press Release”) setting forth its financial results for the 2026 third quarter. A copy of the Earnings Press Release is being furnished as Exhibit 99.1 hereto, and the statements contained therein are incorporated by reference herein.
In accordance with General Instruction B.2. of Form 8-K, the information contained in Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above of this Current Report on this this Current Report on Form 8-K (this “Form 8-K”) with respect to the indebtedness represented by the Notes is incorporated by reference in this Item 2.03.
| 3 |
Item 3.02. Unregistered Sales of Equity Securities.
The applicable information set forth under Item 1.01 of this Current Report on this Form 8-K with respect to the issuance of Company securities in connection with the Note Financing is incorporated herein by reference.
The issuance of the Notes (and the shares of Stereotaxis common stock issuable upon conversion thereof) were (or will be) made in accordance with the terms and subject to the conditions set forth in the Purchase Agreement and in reliance on the private offering exemption of Section 4(a)(2) of the Securities Act of 1933, as amended, and/or the private offering safe harbor provision of Rule 506 of Regulation D promulgated thereunder. The issuance and sale are not being conducted in connection with a public offering, and no public solicitation or advertisement will be made or relied upon in connection with the issuance of the Notes or the shares.
Forward-Looking Statements
This Current Report on Form 8-K (including the press releases furnished or filed herewith) 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 completion of the Note Financing, the ability to draw additional funds under the Note Financing following receipt of required regulatory approvals and the anticipated use of proceeds therefrom. 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 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 both the products of the Company’s recently acquired subsidiary, Robocath, and its ability to make further draws on the Note Financing; the impact of pandemics or other disasters, statements generally relating to our recent acquisition of Robocath or the 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 acquisition; and the other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the SEC on March 12, 2026, which is available on our website at https://ir.stereotaxis.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this Current Report and the press releases 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.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| 99.1 | Earnings Press Release, dated November 10, 2026 | |
| 99.2 | Convertible Note Press Release, dated November 10, 2026 | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
| 4 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STEREOTAXIS, INC. | ||
| Date: November 10, 2026 | By: | /s/ Kimberly R. Peery |
| Name: | Kimberly R. Peery | |
| Title: | Chief Financial Officer | |
| 5 |
Exhibit 99.1
Stereotaxis Reports 2026 Third Quarter Financial Results & Business Updates
St. Louis, November 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 | ||||
Exhibit 99.2
Stereotaxis Announces Convertible Note Financing of Up To $24 Million
St. Louis, November 10, 2026 (Globe Newswire) – Stereotaxis, Inc. (NYSE: STXS), a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention, today announced it has entered into definitive agreements with investors for a convertible note financing of up to $24 million.
“We appreciate the confidence and support from several of our long-term shareholders in this oversubscribed financing,” said David Fischel, Chairman and CEO. “Our strengthened balance sheet positions us to execute our strategy and accelerate adoption of our comprehensive portfolio of innovations.”
The financing includes an initial upfront closing of $12 million, and an additional $12 million draw available at Stereotaxis’ option following certain regulatory milestones. The notes carry a 10% annual interest rate, with interest accrued and due at maturity in three years. The notes may be converted into common stock at a conversion price of $1.21 per share, a 30% premium to the 10-day volume weighted average price of Stereotaxis’ common stock prior to closing of the financing.
With this financing, Stereotaxis has $16 million in proforma cash and cash equivalents, with access to an additional $12 million, for total availability of $28 million. The structure of the financing reflects Stereotaxis’ belief that this financing bridges the Company to profitability.
Net proceeds from the financing will be used for working capital, to accelerate product commercialization, research and development, and other general corporate purposes. Additional details on the financing and convertible note securities will be included in the Form 8-K to be filed by Stereotaxis with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
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 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, including statements regarding the completion of the Company’s 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 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 both the products of our recently acquired subsidiary, Robocath, 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 other risks discussed in the Company’s periodic and other filings with the SEC. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this press release. There can be no assurance that the Company will recognize revenue related to customer 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.
Stereotaxis Contacts:
David L. Fischel
Chairman and Chief Executive Officer
Kimberly Peery
Chief Financial Officer
314-678-6100
Investors@Stereotaxis.com