Stereotaxis reported its financial results for the third quarter ended September 30, 2024, on November 11, 2024, announcing total revenue of $9.2 million. This represents an 18% increase compared to $7.8 million in the prior year's third quarter. The growth was driven by $4.4 million in system revenue from partial delivery of three Genesis systems and $4.8 million in recurring revenue, which benefited from the Access Point Technologies acquisition.
Despite the revenue growth, the company reported an operating loss of $6.3 million and a net loss of $6.2 million for the quarter. Gross margin stood at 45% of revenue, impacted by a higher proportion of system revenue and temporary acquisition-related accounting adjustments. Adjusted operating expenses, excluding non-cash charges, were $7.2 million.
Looking ahead, Stereotaxis reiterated its expectation for full-year 2024 revenue to be approximately equal to the previous year, with continued year-over-year revenue growth anticipated in both system and recurring revenue in upcoming quarters. The company ended October with over $13 million in cash and no debt, projecting to end the year with approximately $12 million in cash, which management believes is sufficient to fund its product ecosystem and commercialization efforts without additional financing.
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