Stereotaxis reports Q2 EPS (7c), consensus (5c)

Reports Q2 revenue $4.5M, consensus $5.62M.”We made significant progress over the last quarter on strategic innovation efforts that are establishing a solid foundation upon which to build a substantial and successful company,” said David Fischel, Chairman and CEO. “Key milestones achieved include successfully obtaining CE mark in Europe and submitting a 510(k) application in the US for GenesisX, substantial progress with regulatory reviews of MAGiC in Europe and the US, and closing the acquisition of Access Point Technologies (APT).” In a separate press release issued concurrent with this release, Stereotaxis introduced its next-generation robotic system GenesisX. “We have attempted to realize our strategic transformation while maintaining commercial momentum and preserving financial strength. Commercial results for the first half of the year were below expectations with delayed recognition of revenue from our capital backlog. Our visibility into the second half of this year provides high confidence in significantly improved revenue and cash flow. Multiple Genesis systems are in transit to customers with revenue to be recognized and cash received at delivery. We have an active late-stage pipeline with additional orders expected near-term.