Stereotaxis, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Stereotaxis, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Stereotaxis, Inc. (STXS) filed a Annual Report (10-K) with the SEC on March 8, 2024. Stereotaxis, Inc. filed its 2023 Form 10-K on March 8, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Electromedical & Electrotherapeutic Apparatus (SIC 3845). The filing includes financial data for the fiscal years 2023 and 2022. Key financial statement items such as revenue, net income, and EPS are detailed within the report.

Why It Matters

For investors and stakeholders tracking Stereotaxis, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Stereotaxis's financial performance and business operations for the fiscal year 2023, offering insights into revenue streams, expenses, and strategic developments. Investors and analysts can use this report to assess the company's financial health, evaluate its market position within the Electromedical & Electrotherapeutic Apparatus industry, and make informed investment decisions.

Risk Assessment

Risk Level: medium — Stereotaxis, Inc. shows moderate risk based on this filing. The company operates in the Electromedical & Electrotherapeutic Apparatus industry, which is subject to rapid technological advancements and regulatory scrutiny, posing potential risks to market share and profitability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Stereotaxis's performance and potential challenges in the coming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-08 — Filing Date (Date of submission)
• 001-36159 — SEC File Number (Company's SEC file number)
• 943120386 — IRS Number (Company's IRS number)

Key Players & Entities

• Stereotaxis, Inc. (company) — Filer name
• STXS (company) — Ticker symbol
• 3845 (company) — Standard Industrial Classification code
• DE (company) — State of incorporation
• ST.LOUIS (company) — Business address city
• 314-678-6100 (company) — Business phone number
• 2023-12-31 (date) — Fiscal year end
• 2024-03-08 (date) — Filing date

FAQ

Risk Factors

• Product Concentration Risk [medium — market]: Revenue is significantly dependent on a limited number of products, creating concentration risk.

Industry Context

Stereotaxis operates within the Electromedical & Electrotherapeutic Apparatus industry, a sector characterized by innovation and regulatory oversight.

Regulatory Implications

The company's operations are subject to regulations governing medical devices and healthcare technologies.

What Investors Should Do

1. Analyze the revenue breakdown by segment for fiscal year 2023.
2. Review the detailed risk factors section for potential business threats.
3. Compare key financial metrics (revenue, net income, EPS) with the prior fiscal year.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share STXS NYSE American Secu
• $14.7 million — December 31, 2023, we had approximately $14.7 million of backlog, consisting of outstanding p
• $14.8 million — f 2024. We had backlog of approximately $14.8 million as of December 31, 2022. There can be n

Filing Documents

• form10-k.htm (10-K) — 1878KB
• ex22-1.htm (EX-22.1) — 11KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• ex97-1.htm (EX-97.1) — 4KB
• ex97-1_001.jpg (GRAPHIC) — 488KB
• ex97-1_002.jpg (GRAPHIC) — 538KB
• ex97-1_003.jpg (GRAPHIC) — 554KB
• ex97-1_004.jpg (GRAPHIC) — 464KB
• ex97-1_005.jpg (GRAPHIC) — 306KB
• ex97-1_006.jpg (GRAPHIC) — 143KB
• 0001493152-24-009371.txt (&nbsp;) — 11681KB
• stxs-20231231.xsd (EX-101.SCH) — 50KB
• stxs-20231231_cal.xml (EX-101.CAL) — 77KB
• stxs-20231231_def.xml (EX-101.DEF) — 227KB
• stxs-20231231_lab.xml (EX-101.LAB) — 452KB
• stxs-20231231_pre.xml (EX-101.PRE) — 351KB
• form10-k_htm.xml (XML) — 1425KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 33 Item 1C. Cybersecurity 33 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 Part II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6.

Selected Financial Data

Selected Financial Data 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 63 Item 9A.

Controls and Procedures

Controls and Procedures 63 Item 9B. Other Information 64 PART III Item 10. Directors and Executive Officers of the Registrant 64 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64 Item 13. Certain Relationships and Related Person Transactions and Director Independence 65 Item 14. Principal Accounting Fees and Services 65 PART IV Item 15. Exhibits and Financial Statement Schedules 65 2 PART I ITEM 1.

BUSINESS

BUSINESS In this report, "Stereotaxis", the "Company", "Registrant", "we", "us", and "our" refer to Stereotaxis, Inc. and its wholly owned subsidiaries. Genesis RMN , Niobe , Navigant , Odyssey , Odyssey Cinema , Vdrive , Vdrive Duo , V-CAS , V-Loop , V-Sono , QuikCAS , Cardiodrive , and MAGiC are trademarks of Stereotaxis, Inc. All other trademarks that appear in this report are the property of their respective owners. FORWARD-LOOKING This annual report on Form 10-K, including the sections entitled "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements. These statements relate to, among other things: our business, operating, sales and marketing, and regulatory strategies; our value proposition; our overall liquidity and our ability to fund operations; our ability to convert backlog to revenue; the ability of physicians to perform certain medical procedures with our products safely, effectively and efficiently; the adoption of our products by hospitals and physicians; the market opportunity for our products, including expected demand for our products; the timing and prospects for regulatory approval of our additional disposable interventional devices; the success of our business partnerships and strategic relationships; our industry generally, and overall macroeconomic conditions; our estimates regarding our capital requirements; our plans for hiring additional personnel; and any of our other plans, objectives, expectations and intentions contained in this annual report that are not historical facts. These that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or impl

forward-looking statements by terminology such as "may", "will", "should", "could", "expects",

forward-looking statements by terminology such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue", or the negative of such terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. These statements are only predictions. Factors that may cause our actual results to differ materially from our forward-looking statements include, among others, changes in general economic and business conditions and the risks and other factors set forth in "Item 1A—Risk Factors" and elsewhere in this annual report on Form 10-K. Our actual results may be materially different from what we expect. We undertake no duty to update these forward-looking statements after the date of this annual report, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. OVERVIEW Stereotaxis designs, manufactures and markets robotic systems, instruments and information systems for the interventional laboratory. Our proprietary robotic technology, Robotic Magnetic Navigation, fundamentally transforms endovascular interventions using precise computer-controlled magnetic fields to directly control the tip of flexible interventional catheters or devices. Direct control of the tip of an interventional device, in contrast to all manual hand-held devices that are controlled from their handle, can improve the precision, stability, reach and safety of these devices during procedures. 3 Our primary clinical focus has been electrophysiology, specifically cardiac ablation procedures for the treatment of arrhythmias. Cardiac ablation has become a well-accepted therapy for arrhythmias and a multi-billion-dollar medical device market with expectations for substantial long-term

View Full Filing

View this 10-K filing on SEC EDGAR