Stereotaxis (STXS) Q1 2026 earnings summary

Executive summary

• Achieved multiple regulatory approvals in the U.S., Europe, and China for new robotic systems, catheters, and digital surgery cockpit, including FDA approvals for MAGIC catheter and Synchrony system, marking a foundational shift in product portfolio.

• Initiated commercial rollout of MAGIC, the first proprietary therapeutic catheter, with strong early demand and successful initial procedures at multiple U.S. and European sites.

• Announced agreement to acquire Robocath, expanding robotic capabilities and digital innovation ecosystem for endovascular procedures.

• Transitioning away from Johnson & Johnson ecosystem, creating short-term headwinds but positioning for higher recurring revenue per procedure.

• Launched GenesisX robotic system and Synchrony digital surgery cockpit, with initial orders and shipments underway.

Financial highlights

• Q1 2026 revenue was $6.3 million, down from $7.5 million year-over-year, a 16% decline.

• System revenue was $1.3 million; recurring revenue was $5.0 million, both lower than prior year.

• Gross margin was 60%, up from 54% year-over-year; recurring revenue gross margin 66%, system gross margin 39%.

• Operating loss was $6.0 million; net loss $5.9 million; adjusted operating loss $2.9 million; adjusted net loss $2.8 million.

• Cash and equivalents at quarter-end were $14.6 million, with no debt; negative free cash flow was $3.5 million.

Outlook and guidance

• Reiterated annual revenue guidance of double-digit growth, expecting revenue to surpass $40 million in 2026.

• Revenue expected to ramp sequentially, with Q3 and Q4 each above $10 million.

• Manufacturing ramp for MAGIC catheters targeted at 500 units/month by year-end, supporting recurring revenue growth.

• Confident in ability to integrate Robocath and grow without substantial dilution.

• Management expects continued losses in 2026 as investments in R&D, commercialization, and new product launches continue.