Stereotaxis, Inc.

Second-quarter 2026 revenue was $7.7 million, with system revenue of $1.5 million and recurring revenue of $6.2 million, versus $3 million and $5.8 million in the prior-year second quarter. Recurring revenue was up 270% sequentially and 450% year over year, while robotic catheter revenue grew nearly 300% sequentially from Q1 to Q2. Gross margin was 58% of revenue, with recurring gross margin at 66% and system gross margin at 29%; management said both are being pressured by low manufacturing volumes. Operating loss was $4.6 million and net loss was $4.5 million; adjusted operating loss was $2.1 million and adjusted net loss was $2 million. Negative free cash flow was $3.7 million, and Stereotaxis ended June 30 with $10.5 million of cash and no debt. For guidance, management expects recurring revenue of about $7 million in Q3 and $8 million in Q4, and system revenue of about $3 million in each of those quarters.

David Fischel framed the quarter as an important commercial turning point, saying the company’s expanded ecosystem of robots, catheters, and digital tools is starting to show “green shoots” of adoption. He highlighted positive physician feedback on MAGiC, early Synchrony orders and installs, and the first U.S. GenesisX purchase as evidence that the strategy is gaining traction. His tone was optimistic but still measured, repeatedly noting the business is early, supply constrained, and working through adoption friction.

Kimberly Peery said Q2 revenue was $7.7 million, with the mix shifting toward recurring revenue as catheter sales accelerated. She said gross margin was 58%, recurring gross margin was 66%, and system gross margin was 29%, with low manufacturing volumes holding margins down for now; she expects those margins to remain around current levels over the next few quarters, with significant expansion potential in 2027 and 2028. She also cited $9.1 million of operating expenses, including $2.5 million of non-cash charges, and noted $10.5 million of cash and no debt at quarter-end.

Analysts focused on the visibility behind the back-half guidance, catheter manufacturing capacity, GenesisX installation timing, and the path to cash flow breakeven. Management said the recurring revenue guide is driven mainly by MAGiC adoption but is still supply constrained, with backlog across many customers and incremental quarterly growth tied to more catheter supply. On GenesisX, management said the first U.S. install should help establish formal compatibility with a major X-ray manufacturer, while several other hospitals and an ASC are working on lease or purchase agreements; they also said the company models cash flow profitability in the first half of 2027 based on modest capital sales and catheter ramp assumptions.