Stereotaxis Q3 Loss Widens on Systems Revenue Dip, Disposables Grow

TL;DR

**STXS is still bleeding cash, but new product approvals and a pivot to recurring revenue streams could be a long-term play if they can execute on market expansion.**

AI Summary

Stereotaxis, Inc. reported a net loss of $6.463 million for the three months ended September 30, 2025, a slight increase from the $6.190 million net loss in the same period of 2024. Total revenue decreased to $7.464 million in Q3 2025 from $9.196 million in Q3 2024, primarily due to a significant drop in systems revenue from $4.391 million to $1.861 million. However, disposables, service, and accessories revenue increased to $5.603 million from $4.805 million. For the nine months ended September 30, 2025, total revenue increased to $23.735 million from $20.578 million in 2024, driven by a substantial rise in disposables, service, and accessories revenue to $16.872 million from $13.335 million. The company's operating loss for Q3 2025 was $6.557 million, compared to $6.345 million in Q3 2024. Strategic outlook includes expanding clinical focus beyond electrophysiology to coronary, neuro, and peripheral interventions, supported by recent regulatory clearances for GenesisX RMN System in the US and Europe, and the Stereotaxis MAGiC catheter in Europe. The company also received FDA 510(k) clearance for the MAGiC Sweep catheter in July 2025.

Why It Matters

For investors, Stereotaxis's continued net losses and declining systems revenue are concerning, despite growth in recurring disposables and service revenue. The strategic shift towards expanding robotic magnetic navigation into new endovascular indications like coronary and neuro interventions, coupled with recent regulatory approvals for new products like the GenesisX RMN System and MAGiC catheters, could open new market opportunities and competitive advantages. However, the lengthy and uncertain regulatory approval processes, as well as the critical reliance on maintaining strategic relationships with other technology leaders, pose significant risks to market adoption and financial performance. Employees and customers will be impacted by the success of these new product launches and market expansions, which could drive future growth or lead to further operational adjustments if adoption is slow.

Risk Assessment

Risk Level: medium — The company reported a net loss of $6.463 million for Q3 2025 and an accumulated deficit of $577.837 million as of September 30, 2025, indicating ongoing unprofitability. While cash and cash equivalents are $10.506 million, the net cash used in operating activities for the nine months ended September 30, 2025, was $9.716 million, suggesting a burn rate that could deplete current cash reserves within a year without further financing or a significant improvement in profitability.

Analyst Insight

Investors should monitor STXS's progress in commercializing its newly approved products like the GenesisX RMN System and MAGiC catheters, particularly the revenue contribution from these innovations. A sustained increase in disposables, service, and accessories revenue, coupled with a reduction in net loss, would signal improving financial health. Consider this a speculative long-term play, but be prepared for continued volatility.

Financial Highlights

debt To Equity

N/A

revenue

$7.464M

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

-$6.463M

eps

N/A

gross Margin

N/A

cash Position

$10.506M

revenue Growth

-18.8%

Revenue Breakdown

Key Numbers

• $6.463M — Net Loss (Q3 2025) (Increased from $6.190M in Q3 2024)
• $7.464M — Total Revenue (Q3 2025) (Decreased from $9.196M in Q3 2024)
• $1.861M — Systems Revenue (Q3 2025) (Significant drop from $4.391M in Q3 2024)
• $5.603M — Disposables, Service & Accessories Revenue (Q3 2025) (Increased from $4.805M in Q3 2024)
• $23.735M — Total Revenue (YTD Sep 2025) (Increased from $20.578M in YTD Sep 2024)
• $16.872M — Disposables, Service & Accessories Revenue (YTD Sep 2025) (Increased from $13.335M in YTD Sep 2024)
• $10.506M — Cash and Cash Equivalents (Sep 30, 2025) (Decreased from $12.217M at Dec 31, 2024)
• $9.716M — Net Cash Used in Operating Activities (YTD Sep 2025) (Slightly improved from $9.763M in YTD Sep 2024)
• $577.837M — Accumulated Deficit (Sep 30, 2025) (Increased from $561.725M at Dec 31, 2024)
• 93,324,763 — Outstanding Shares (Oct 31, 2025) (Increased from 85,326,557 shares at Dec 31, 2024)

Key Players & Entities

• Stereotaxis, Inc. (company) — Registrant
• Access Point Technologies EP, Inc. (company) — Acquired company
• FDA (regulator) — Regulatory body for medical devices in the US
• National Medical Products Administration (NMPA) (regulator) — Regulatory body for medical devices in China
• MicroPort (company) — Partner in China
• $6.463 million (dollar_amount) — Net loss for Q3 2025
• $7.464 million (dollar_amount) — Total revenue for Q3 2025
• $1.861 million (dollar_amount) — Systems revenue for Q3 2025
• $5.603 million (dollar_amount) — Disposables, service and accessories revenue for Q3 2025
• $9.716 million (dollar_amount) — Net cash used in operating activities for the nine months ended September 30, 2025

FAQ

Risk Factors

• Continued Net Losses and Accumulated Deficit [high — financial]: The company reported a net loss of $6.463 million in Q3 2025, increasing from $6.190 million in Q3 2024. The accumulated deficit grew to $577.837 million as of September 30, 2025, indicating a history of unprofitability that could raise concerns about long-term financial sustainability.
• Dependence on System Sales [medium — operational]: The significant drop in systems revenue from $4.391 million to $1.861 million in Q3 2025 highlights a vulnerability in revenue generation. A substantial decline in this segment can disproportionately affect overall financial performance.
• Decreasing Cash Position [medium — financial]: Cash and cash equivalents decreased to $10.506 million as of September 30, 2025, from $12.217 million at the end of 2024. While net cash used in operating activities slightly improved year-to-date, the declining cash balance warrants monitoring.
• Regulatory Approvals and Market Adoption [medium — regulatory]: While the company has received regulatory clearances for its GenesisX RMN System and MAGiC catheter, successful market adoption and commercialization of these new products are critical. Delays or lower-than-expected uptake could impact future revenue and profitability.
• Increasing Outstanding Shares [medium — financial]: The number of outstanding shares increased from 85,326,557 at December 31, 2024, to 93,324,763 as of October 31, 2025. This dilution could negatively impact existing shareholders' equity per share.

Industry Context

Stereotaxis operates in the highly competitive medical device market, specifically focusing on robotic navigation for minimally invasive procedures. The industry is characterized by rapid technological advancements, stringent regulatory hurdles, and a need for significant capital investment. Key trends include the expansion of robotic surgery into new clinical areas like cardiology and neurology, and the increasing demand for integrated solutions combining hardware, software, and disposables.

Regulatory Implications

The company's reliance on regulatory approvals, such as FDA 510(k) clearances and European CE marking, is a critical factor. While recent clearances for the GenesisX RMN System and MAGiC catheter are positive, any delays or failures in obtaining future approvals could significantly hinder market expansion and revenue growth.

What Investors Should Do

1. Monitor revenue diversification and growth drivers.
2. Evaluate the commercialization strategy for new products.
3. Assess cash burn rate and runway.
4. Analyze the impact of share dilution.

Key Dates

• 2025-09-30: End of Q3 2025 — Reported net loss of $6.463M on $7.464M revenue, with a significant drop in systems revenue.
• 2025-07-01: FDA 510(k) clearance for MAGiC Sweep catheter — Expands product portfolio and potential market reach in the US.
• 2025-01-01: Start of Fiscal Year 2025 — Beginning of the period for which YTD results are reported.

Glossary

GenesisX RMN System

A robotic magnetic navigation system used in medical procedures. (Represents a key product line for Stereotaxis, with recent regulatory clearances expanding its market potential.)

MAGiC catheter

A type of catheter designed for use with robotic navigation systems. (Part of the company's product offering, with recent European clearance indicating expansion opportunities.)

FDA 510(k) clearance

A premarket notification process by the U.S. Food and Drug Administration (FDA) for medical devices that are not substantially equivalent to a legally marketed device. (Indicates that the MAGiC Sweep catheter has met regulatory requirements for marketing in the US.)

Accumulated Deficit

The total cumulative net losses of a company since its inception, less any cumulative net income. (A significant accumulated deficit ($577.837M) indicates a history of unprofitability, which is a key financial concern.)

Year-Over-Year Comparison

Compared to the prior year's comparable period, Stereotaxis reported a decrease in Q3 2025 revenue to $7.464 million from $9.196 million, primarily driven by a sharp decline in systems revenue. However, year-to-date revenue showed growth to $23.735 million from $20.578 million, fueled by a substantial increase in disposables, service, and accessories revenue. The net loss widened slightly in Q3 2025 to $6.463 million from $6.190 million in Q3 2024, and the accumulated deficit continued to grow, indicating persistent profitability challenges despite revenue growth in certain segments.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share STXS NYSE American LLC

Filing Documents

• form10-q.htm (10-Q) — 993KB
• ex31-1.htm (EX-31.1) — 14KB
• ex31-2.htm (EX-31.2) — 14KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-25-021881.txt ( ) — 6059KB
• stxs-20250930.xsd (EX-101.SCH) — 44KB
• stxs-20250930_cal.xml (EX-101.CAL) — 72KB
• stxs-20250930_def.xml (EX-101.DEF) — 215KB
• stxs-20250930_lab.xml (EX-101.LAB) — 394KB
• stxs-20250930_pre.xml (EX-101.PRE) — 319KB
• form10-q_htm.xml (XML) — 934KB

Notes to Financial Statements

Notes to Financial Statements 8-23 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24-31 Item 3. [Reserved] 31 Item 4.

Controls and Procedures

Controls and Procedures 31

Other Information

Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults upon Senior Securities 32 Item 4. [Reserved] 32 Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 33 2 ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS STEREOTAXIS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) September 30, 2025 December 31, 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 10,506 $ 12,217 Restricted cash - current - 219 Accounts receivable, net of allowance of $ 621 and $ 582 at 2025 and 2024, respectively 5,333 3,824 Inventories, net 10,147 8,331 Prepaid expenses and other current assets 677 1,848 Total current assets 26,663 26,439 Property and equipment, net 3,156 3,573 Goodwill 3,764 3,764 Intangible assets, net 6,665 7,358 Operating lease right-of-use assets 5,059 5,483 Prepaid and other non-current assets 280 107 Total assets $ 45,587 $ 46,724 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 4,681 $ 5,668 Accrued liabilities 1,969 2,922 Deferred revenue 7,539 6,804 Current contingent consideration 5,558 5,638 Current portion of operating lease liabilities 623 570 Total current liabilities 20,370 21,602 Long-term deferred revenue 607 2,064 Long term contingent consideration 7,016 6,126 Operating lease liabilities 4,960 5,436 Other liabilities 1,100 64 Total liabilities 34,053 35,292 Series A - Convertible preferred stock: Convertible preferred stock, Series A, par value $ 0.001 ; 10,000,000 shares authorized; 21,121 and 21,458 shares outstanding at 2025 and 2024, respectively 5,268 5,352 Stockholders' equity: Common stock, par value $ 0.001 ; 300,000,000 shares authorized, 91,088,439 and 85,326,557 shares issued at 2025 and 2024, respectively 91 85 Additional paid in capital 584,218 567,926 Treasury stock, 4,015 shares at 2025 and 2024 ( 206 ) ( 206 ) Accumulated deficit ( 577,837 ) ( 561,725 ) Total stockholders' equity 6,266 6,080 Total liabilities and stockholders' equity $ 45,587 $ 46,724 See accompanying notes. 3

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