0001493152-26-009881
SEC filingStereotaxis, Inc. reported a net loss of $21.6 million for fiscal year 2025, with total revenue of $32.4 million. The company's operating loss was $22.1 million, driven by total operating expenses of $39.2 million which exceeded the gross margin of $17.1 million. Key financial pressures included significant spending on research and development ($9.4M), sales and marketing ($12.4M), and general and administrative expenses ($17.8M). The company ended the year with $13.4 million in cash and cash equivalents, having used $13.7 million in operating activities but raising $14.8 million from financing activities primarily through stock issuance. Management acknowledges the company has sustained operating losses throughout its history and expects 2026 operating expenses to exceed 2026 gross margin, indicating continued financial challenges ahead.
Stereotaxis reported total revenue of $32.4 million for fiscal year 2025, with cost of revenue totaling $15.3 million resulting in a gross margin of $17.1 million (52.8% gross margin). The company incurred significant operating expenses totaling $39.2 million, including $9.4 million in research and development, $12.4 million in sales and marketing, and $17.8 million in general and administrative expenses. This resulted in an operating loss of $22.1 million. After accounting for other income of $2,000 and net interest income of $467,000, the net loss was $21.6 million. When including the cumulative dividend on convertible preferred stock of $1.3 million, the net loss attributable to common stockholders was $22.9 million. The company reported basic and diluted net loss per share of -$0 with weighted average shares outstanding of 91.0 million.
The company's revenue of $32.4 million represents its total product and service sales for the fiscal year. The document does not provide segment breakdowns or geographic mix details for revenue. Management notes in risk factors that revenue depends on hospital adoption of robotic magnetic navigation systems, fulfillment of purchase orders, and maintaining strategic collaborations with fluoroscopy system manufacturers and catheter providers. The company faces challenges from long sales cycles, competition from traditional interventional methods and other medical device companies, and potential delays in regulatory approvals for new products.
The company's gross margin of 52.8% ($17.1 million on $32.4 million revenue) was insufficient to cover operating expenses of $39.2 million, resulting in negative operating margin of -68.2%. Operating expenses were dominated by general and administrative costs ($17.8 million), sales and marketing ($12.4 million), and research and development ($9.4 million). The company has historically operated at a loss, with an accumulated deficit of $583.4 million as of December 31, 2025. Management acknowledges in risk factors that the company has incurred substantial losses in the past and may not be profitable in the future, with expectations that 2026 operating expenses will exceed 2026 gross margin.
Net cash used in operating activities was $13.7 million, primarily driven by the net loss of $21.6 million adjusted for non-cash items including stock-based compensation of $9.9 million, depreciation of $626,000, amortization of intangibles of $929,000, and loss on revaluation of contingent consideration of $2.2 million. Investing activities used $93,000 primarily for property and equipment purchases. Financing activities provided $14.8 million from proceeds from issuance of stock, net of equity issuance costs. The company ended the period with $13.4 million in cash and cash equivalents and total assets of $52.3 million. Total liabilities were $33.5 million, with current liabilities of $22.4 million. Stockholders' equity was $13.5 million, reflecting the substantial accumulated deficit of $583.4 million.
Management states in risk factors that the company expects to continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations or expense reductions are implemented. The company's liquidity needs will be largely determined by clinical adoption within the installed base of robotic magnetic navigation systems and new placements of capital systems. Management plans to control timing and spending of operating expenses and raise additional funds through debt or equity financing. Key risk factors include potential inability to generate cash from operations or raise necessary capital, macroeconomic factors affecting supply chains and customer buying patterns, long and variable sales cycles, dependence on strategic collaborations, and competition from traditional methods and other medical device companies. The company also faces regulatory risks related to FDA clearances and healthcare policy changes that could impact reimbursement.