Stereotaxis Inc
F:RJR1
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Stereotaxis Inc
F:RJR1
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Stereotaxis Inc
Stereotaxis, Inc. designs, manufactures and markets robotic magnetic navigation systems for use in a hospital's interventional surgical suite to enhance the treatment of arrhythmias and coronary artery disease. The company is headquartered in St. Louis, Missouri and currently employs 130 full-time employees. The company went IPO on 2004-08-12. The firm's robotic technology, Robotic Magnetic Navigation, fundamentally transforms endovascular interventions using computer-controlled magnetic fields to directly control the tip of flexible interventional catheters or devices. Its primary products include the Genesis RMN System, the Odyssey Solution, and other related devices. The firm also offers to its customers the Stereotaxis Imaging Model S X-ray System and other accessory devices. The Genesis RMN System is designed to enable physicians to complete complex interventional procedures by providing image-guided delivery of catheters through the blood vessels and chambers of the heart to treatment sites. The Odyssey Solution consolidates lab information onto an integrated display, enabling physicians to view and control all the key information in the operating room.
Stereotaxis, Inc. designs, manufactures and markets robotic magnetic navigation systems for use in a hospital's interventional surgical suite to enhance the treatment of arrhythmias and coronary artery disease. The company is headquartered in St. Louis, Missouri and currently employs 130 full-time employees. The company went IPO on 2004-08-12. The firm's robotic technology, Robotic Magnetic Navigation, fundamentally transforms endovascular interventions using computer-controlled magnetic fields to directly control the tip of flexible interventional catheters or devices. Its primary products include the Genesis RMN System, the Odyssey Solution, and other related devices. The firm also offers to its customers the Stereotaxis Imaging Model S X-ray System and other accessory devices. The Genesis RMN System is designed to enable physicians to complete complex interventional procedures by providing image-guided delivery of catheters through the blood vessels and chambers of the heart to treatment sites. The Odyssey Solution consolidates lab information onto an integrated display, enabling physicians to view and control all the key information in the operating room.
Product Approvals: GenesisX, MAGiC Ablation Catheter and MAGiC Sweep received U.S. and EU regulatory clearances in 2025, forming the core commercial offering for EP robotics.
Revenue Beat/Trend: Full-year revenue rose to $32.4 million from $26.9 million in 2024; management expects 2026 revenue to surpass $40 million with a back-half weighted quarterly ramp.
Manufacturing Drag: Catheter production bottlenecks at contract manufacturer Osypka constrained MAGiC supply in Q4 and early 2026; Osypka now expects to scale to ~500 catheters/month by year-end after hitting >100 in March.
Commercial Model Shift: Company is shifting from only capital sales to a mix of sales, leases and placements with disposable commitments — disposable revenue per procedure targeted to grow from ~$1,000 to over $5,000.
Synchrony Opportunity: Synchrony (digital surgery suite) has CE Mark, FDA questions answered and management expects U.S. clearance in coming weeks and >$3 million of Synchrony capital revenue in 2026.
Profitability Path: Gross margins: Q4 ~50%, full-year 53%; recurring gross margin 67% (full year) and system margin 21% (full year). Management expects recurring margins >75% and system margins >50% as volumes scale.
Cash/Runway: Cash of $13.4 million at Dec 31, 2025, no debt; negative free cash flow of $13.8 million in 2025 but management expects lower cash burn in 2026 as manufacturing and working capital normalize.
Commercial rollout plan: Targeting at least 5 active GenesisX programs in 2026 (mix of sales, leases and placements); Genesis system sales of legacy robots expected to continue at mid-single-digit units per year.
