The following is a summary of the Stereotaxis, Inc. (STXS) Q3 2024 Earnings Call Transcript:
Financial Performance:
Stereotaxis reported a revenue of $9.2 million for Q3 2024, an 18% year-over-year increase.
System revenue was $4.4 million, driven by partial revenue recognition from the delivery of three Genesis systems.
Recurring revenue increased to $4.8 million this quarter, partly due to the acquisition of APT.Gross margin for Q3 stood at 45% of revenue, with a recurring revenue gross margin of 70% and a system gross margin of 16%.
Business Progress:
Successfully closed and integrated the APT acquisition.
Advanced in several regulatory and innovation efforts, notably the near completion of the European CE Mark approval for the MAGiC catheter and progress with robotic cardiovascular devices.
Announced plans to submit regulatory filings for high-density mapping catheter and vascular guidance catheter early in 2025.
Opportunities:
Expansion into vascular catheters and guide wires indicating opportunities across a broader array of medical specialties.
Increase in European market penetration through the Genesis systems, specifically with the CE mark for Genesis X, vastly expanding the robotic opportunities.
Risks:
Delayed regulatory approvals, particularly noted with pending U.S. FDA and Chinese NMPA evaluations for MAGiC and Genesis systems, which may affect market timings and penetration.
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