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STEREOTAXIS Stereotaxis Reports 2021 First Quarter Financial Results May 10 , 2021 ST . LOUIS , May 10 , 2021 ( GLOBE NEWSWIRE ) -- Stereotaxis ( NYSE : STXS ) , the global leader in innovative robotic technologies for the treatment of cardiac arrhythmias , today reported financial results for the first quarter ended March 31 , 2021 . " The highlight of the first quarter is Stereotaxis ' return to robust double digit revenue growth with 50 % topline growth , " said David Fischel , Chairman and CEO . " The results reflect the initial impact of the first wave of our strategic innovation plan . " " During the quarter two robotic systems were shipped to hospitals establishing new robotic electrophysiology practices , triggering partial revenue recognition of those systems . Since the quarterly results two months ago , we received an additional purchase order for a robotic system in the United States . " " We continue to advance a robust innovation pipeline . Our proprietary robotically - navigated magnetic ablation catheter is advancing methodically through required manufacturing and testing processes . We anticipate submitting for regulatory approval in Europe in September and for initiating a US pivotal trial shortly thereafter . At the end of the year we expect to showcase an additional set of innovations that will accelerate adoption of our robotic technology in electrophysiology and beyond . We are confident in the positive impact these innovations will have on patients , physicians , providers , and on Stereotaxis ' financial and strategic foundation . " " Our commercial and technological progress is being accomplished while remaining prudent with shareholder capital . We continue to invest in the team , infrastructure and projects that are critical for both near and long - term success , and are proud that we are able to do so while maintaining financial discipline . " 2021 First Quarter Financial Results Revenue for the first quarter of 2021 totaled $ 8.6 million , a 50 % increase from $ 5.8 million in the prior year first quarter . System revenue of $ 2.6 million reflects initial revenue recognition on the delivery of a Genesis RMNⓇ system to Europe and a Niobe® system to China . Recurring revenue for the quarter was $ 5.8 million , compared to $ 5.5 million in the prior year first quarter . Gross margin for the first quarter of 2021 was 70 % of revenue , with system gross margin of 45 % and recurring revenue gross margin of 84 % . Operating expenses in the quarter were $ 7.5 million including $ 1.4 million in non - cash stock compensation expense . Increased non - cash stock compensation expense is a reflection of an increased stock price and the previously announced CEO Performance Stock Plan . Excluding stock compensation expense , adjusted operating expenses in the current quarter were $ 6.2 million consistent with the prior year adjusted operating expenses of $ 6.1 million . Operating loss and net loss for the first quarter of 2021 were ( $ 1.5 ) million , compared to ( $ 2.1 ) million and ( $ 2.0 ) million respectively in the previous year . Adjusted operating loss and adjusted net loss for the quarter , excluding non - cash stock compensation expense , were ( $ 0.2 ) million compared to ( $ 1.3 ) million in the prior year . Negative free cash flow for the first quarter was ( $ 0.3 ) million , compared to ( $ 2.2 ) million in the prior year first quarter . Cash Balance and Liquidity At March 31 , 2021 , Stereotaxis had cash and cash equivalents , including restricted cash and compensating balances , of $ 44.1 million . Forward Looking Expectations Stereotaxis continues to expect robust double - digit revenue growth in 2021 , with robotic system revenue of $ 10- $ 20 million . Stereotaxis ' balance sheet allows it to reach profitability without the need for additional financings . Conference Call and Webcast Stereotaxis will host a conference call and webcast today , May 10 , 2021 , at 10:00 a.m. Eastern Time . To access the conference call , dial 1-800-367-2403 ( US and Canada ) or 1-334-777-6978 ( International ) and give the participant pass code 6657929. Participants are asked to call 5-10 minutes prior to the start time . To access the live and replay webcast , please visit the investor relations section of the Stereotaxis website at www.Stereotaxis.com . About Stereotaxis Stereotaxis is the global leader in innovative robotic technologies designed to enhance the treatment of arrhythmias and perform endovascular procedures . Its mission is the discovery , development and delivery of robotic systems , instruments , and information solutions for the interventional laboratory . These innovations help physicians provide unsurpassed patient care with robotic precision and safety , improved lab efficiency and productivity , and enhanced integration of procedural information . The core components of Stereotaxis ' systems have received regulatory clearance in the United States , European Union , Japan , Canada , China , and elsewhere . For more information , please visit www.Stereotaxis.com . This press release includes statements that may constitute " forward - looking " statements , usually containing the words " believe " , " estimate " , " project " , " expect " or similar expressions . Forward - looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward - looking statements . Factors that would cause or contribute to such differences include , but are not limited to , the Company's ability to continue to manage expenses and cash burn rate at sustainable levels , continued acceptance of the Company's products in the marketplace , the effect of global economic conditions on the ability and willingness of customers to purchase its systems and the timing of such purchases , competitive factors , changes resulting from healthcare policy in the United States , including changes in government reimbursement of procedures , dependence upon third - party vendors , timing of regulatory approvals , the impact of the recent coronavirus ( COVID - 19 ) pandemic and our response to it , and other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission . By making these