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STEREOTAXIS Stereotaxis Reports 2021 Third Quarter Financial Results November 11 , 2021 ST . LOUIS , Nov. 11 , 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 third quarter ended September 30 , 2021 . " We are proud of the progress made on multiple fronts in the third quarter , " said David Fischel , Chairman and CEO . " We continue to demonstrate year - over - year and sequential revenue growth while improving commercial execution , establishing key strategic collaborations , advancing a wave of upcoming innovations , and enhancing our infrastructure and team . " " Renewed global adoption of robotic systems drove revenue growth in the quarter . We received orders for two Genesis systems in the United States and Europe since our last call . Progress on multiple other capital opportunities supports our confidence in additional near - term orders and an approximate doubling of robotic system revenue next year . " " China emerged as a third geographic pillar for Stereotaxis with our announcement of a strategic collaboration with MicroPort EP . Our collaboration provides for a robust product ecosystem and commercial infrastructure , and we have initiated early development , regulatory and commercial activities with the goal of significant long - term value creation . " " Our proprietary robotically - navigated magnetic ablation catheter overcame initial supply chain disruptions , and we remain on track for completion of the required testing needed for a European regulatory submission and US pivotal trial early next year . An additional set of innovations will be showcased next month at Stereotaxis ' Innovation Day . We are confident in the transformative impact these innovations will have on patients , physicians , providers , and on Stereotaxis ' strategic and financial future . " " This progress takes place while we are enhancing our infrastructure and growing our team . We are set to move into an enhanced and enlarged new headquarters at year end . We are pleased to welcome 14 incremental new team members year - to - date . All this takes place with continued financial discipline with total cash use year - to - date of less than two million dollars . " 2021 Third Quarter Financial Results Revenue for the third quarter of 2021 totaled $ 9.1 million , up 5 % from $ 8.7 million in the prior year third quarter . System revenue was $ 3.5 million and recurring revenue was $ 5.3 million , compared to $ 3.0 million and $ 5.5 million respectively in the prior year third quarter . Gross margin for the third quarter of 2021 was 52 % of revenue , with system gross margin of 5 % and recurring revenue gross margin of 86 % . Operating expenses in the quarter of $ 9.4 million include $ 2.6 million in non - cash stock compensation expense . Excluding stock compensation expense , adjusted operating expenses in the current quarter were $ 6.8 million , compared to the prior year adjusted operating expenses of $ 5.5 million . Operating expenses in the current year primarily reflect increased R & D spending and measured investment and hiring across key business functions . Operating loss and net loss for the third quarter of 2021 were both ( $ 4.6 ) million , compared to ( $ 1.6 ) million for both in the previous year . Adjusted operating loss and adjusted net loss for the quarter , excluding non - cash stock compensation expense , were ( $ 2.0 ) million , compared to ( $ 0.8 ) million for both in the previous year . Negative free cash flow for the third quarter was ( $ 1.5 ) million , compared to ( $ 0.2 ) million in the prior year third quarter . Negative free cash flow for the first nine months of 2021 totaled ( $ 1.9 ) million , compared to ( $ 3.9 ) million during the same period the previous year . Cash Balance and Liquidity At September 30 , 2021 , Stereotaxis had cash and cash equivalents , including restricted cash and compensating balances , of $ 42.8 compared to $ 44.2 million as of December 31 , 2020 . Forward Looking Expectations Stereotaxis maintains its guidance of approximately $ 11 million in system revenue for 2021 , with an approximate doubling of system revenue in 2022 contributing to robust double digit overall revenue growth for the year . Stereotaxis expects to start 2022 with greater than $ 40 million in cash . This 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 , November 11 , 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 1935969. 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 ( NYSE : STXS ) 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 . Stereotaxis ' Robotic Magnetic Navigation technology is used in the United States , Europe , Asia , and elsewhere . For more information , please visit www.Stereotaxis.com or follow us on Facebook , Twitter , LinkedIn , Instagram , and YouTube . 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