STXSMEDIUM SIGNALFINANCIAL10-K

Stereotaxis shows improved gross profit and reduced operating losses but faces substantially higher cash burn and growing receivables.

The company demonstrates operational progress with higher gross margins and reduced losses, suggesting better efficiency in its robotic medical systems business. However, the significantly higher cash burn rate raises concerns about liquidity sustainability, while growing receivables may indicate collection challenges or delayed customer payments.

Comparing 2026-03-12 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

Stereotaxis delivered mixed financial results with gross profit growing 17% to $17.1M and operating losses narrowing modestly to $22.1M, indicating improving operational efficiency. However, operating cash flow burned substantially more cash compared to the prior year, while accounts receivable grew notably to $5.8M. The overall picture suggests operational improvements are being offset by working capital pressures and higher cash requirements.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-90.8%
$180K→$17K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Cash Flow
Cash Flow
-61.1%
-$8.5M→-$13.7M

Operating cash flow fell 61.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Accounts Receivable
Balance Sheet
+52.9%
$3.8M→$5.8M

Receivables surged 52.9% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+28%
$26.4M→$33.8M

Current assets grew 28% — improving short-term liquidity or inventory/receivables build.

Gross Profit
P&L
+17%
$14.6M→$17.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Inventory
Balance Sheet
+14.8%
$8.3M→$9.6M

Inventory built 14.8% — monitor whether demand supports this build or if write-downs may follow.

Total Assets
Balance Sheet
+11.8%
$46.7M→$52.3M

Asset base grew 11.8% — expansion through organic growth, acquisitions, or capital deployment.

Operating Income
P&L
+10.6%
-$24.7M→-$22.1M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-14
ADDED
The number of outstanding shares of the registrant s common stock on February 28, 2026, was 97,248,936 .
GenesisX RMN , Genesis RMN , Niobe , Navigant , Synchrony , SynX , Odyssey , Odyssey Cinema , MAGiC , MAGiC Sweep , EMAGIN , Map-iT , QuikCAS , Cardiodrive , Vdrive , Vdrive Duo , V-CAS , V-Loop , V-Sono , and NuVizion are trademarks of Stereotaxis, Inc.
Our primary products include the Genesis RMN and the GenesisX RMN Systems, the Odyssey and Synchrony SynX Solutions, various interventional devices under the Map-iT , MAGiC and EMAGIN brands, and other related devices.
The Genesis RMN and the GenesisX RMN Systems are 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 system also features a remote viewing and recording capability called Odyssey Cinema .
The Odyssey Solution and Odyssey Cinema are being replaced by next generation innovative solutions branded Synchrony and SynX .
Synchrony digitizes and modernizes the interventional cath lab with a 4K high-definition display that consolidates the viewing and control of disparate systems in the lab, offering enhanced procedure experience with custom layouts, streamlined workflows, an intuitive user interface, and a decluttered environment.
Synchrony is made available with SynX a cloud-based HIPAA and GDPR-compliant browser and mobile-based app that allows for secure remote connectivity, collaboration, recording, and monitoring of the cath lab.
As these technologies gain regulatory approvals they are being commercialized alongside RMN systems and as stand-alone solutions.
4 As of December 31, 2025, we had approximately $9.1 million of system backlog, consisting of outstanding purchase orders and other commitments for these systems.
REMOVED
The number of outstanding shares of the registrant s common stock on February 28, 2025, was 85,979,662 .
GenesisX RMN, Genesis RMN , Niobe , Navigant , Synchrony, SynX, Odyssey , Odyssey Cinema , MAGiC , EMAGIN, Map-iT , QuikCAS , Cardiodrive , Vdrive , Vdrive Duo , V-CAS , V-Loop , V-Sono , and NuVizion are trademarks of Stereotaxis, Inc.
Our primary products include the Genesis RMN System, the GenesisX RMN System , the Odyssey Solution, and other related devices.
The Genesis RMN System is designed to enable physicians to complete more complex interventional procedures by providing image-guided delivery of catheters through the blood vessels and chambers of the heart to treatment sites.
The system also features a remote viewing and recording capability called Odyssey Cinema, which is an innovative solution that delivers synchronized content for optimized workflow, advanced care, and improved productivity.
This tool includes an archiving capability that allows clinicians to store and replay entire procedures or segments of procedures.
This information can be accessed from locations throughout the hospital local area network and over the global Odyssey Network providing physicians with a tool for clinical collaboration, remote consultation, and training.
We are actively developing the next generation imaging and collaboration solutions with Synchrony and SynX .
We have received regulatory clearances and approvals necessary for us to market the Genesis RMN System in the U.S., Europe, and China, and we are in the process of obtaining necessary registrations for extending our markets in other countries.
The GenesisX RMN System, the latest generation of the Genesis RMN System, has received regulatory clearances and approvals in Europe, and we are in the process of obtaining necessary registrations in the US and other countries.
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