olivLaw · US equity research
Stereotaxis, Inc. STXS
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Stereotaxis develops robotic magnetic navigation systems for endovascular procedures in interventional labs, mainly for cardiac ablation. The company is at a commercial turning point, with growing adoption of its new robotic catheters and Synchrony systems, although quarterly revenue remains volatile. Revenue for the second quarter of 2026 was 7.7 million USD, and cash stood at 10.5 million USD on June 30, 2026.
At the close of 04 Nov 2026, Stereotaxis, Inc. (STXS) stock was 0.96 USD (+13.93% on the day), with market capitalisation 95.9 m USD, dividend yield 0.00%, beta 1.45, 52-week range 0.84–2.85 USD. Latest reported quarter (Q2 2026): revenue of 7.7 m USD (−12.8% YoY), net income of -4.5 m USD, diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.8
- weak (30–45)
- Bollinger (20, 2)
- 0.84 – 1.16
- in the lower half of the band · %B 0.37 · band width 31.6%
- SMA 50 / 200
- 1.19 / 1.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.9% | −2.0% | −16.9 pp | — |
| 3 months | −32.6% | −2.2% | −30.4 pp | — |
| 6 months | −50.2% | +4.3% | −54.4 pp | — |
| Year to date | −58.2% | +10.6% | −68.8 pp | — |
| 1 year | −64.6% | +10.5% | −75.0 pp | −0.4% |
| 3 years | −42.7% | +73.7% | −116.4 pp | −17.4% |
| 5 years | −84.3% | +61.7% | −146.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.2 m | 6.3 m | 7.5 m | 8.8 m | 7.5 m | 8.6 m | 6.3 m | 7.7 m |
| Cost of revenue | 5.1 m | 3.1 m | 3.4 m | 4.2 m | 3.4 m | 4.3 m | 2.5 m | 3.2 m |
| Gross profit | 4.1 m | 3.2 m | 4.1 m | 4.6 m | 4.1 m | 4.3 m | 3.8 m | 4.5 m |
| Research & development | 2.5 m | 2.8 m | 2.4 m | 1.8 m | 2.5 m | 2.7 m | 2.4 m | 2.4 m |
| Operating income | -6.3 m | -7.6 m | -5.9 m | -4.0 m | -6.6 m | -5.6 m | -6.0 m | -4.6 m |
| Net income | -6.2 m | -7.5 m | -5.8 m | -3.8 m | -6.5 m | -5.5 m | -5.9 m | -4.5 m |
| Diluted EPS | -0.08 | -0.09 ≈ | -0.07 | -0.05 | -0.07 | -0.06 ≈ | -0.06 | -0.05 |
| Operating cash flow | -4.3 m ≈ | 1.3 m | -1.8 m | -3.7 m ≈ | -4.2 m ≈ | -4.0 m | -3.4 m | -3.7 m ≈ |
| Capex | 10.0 k ≈ | 2.0 k | — | — | 0 ≈ | 70.0 k | 79.0 k | 64.0 k ≈ |
| Dividends paid | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.3 m | 28.9 m | 26.6 m | 35.0 m | 28.1 m | 26.8 m | 26.9 m | 32.4 m |
| Revenue YoY | −5.8% | −1.5% | −7.9% | +31.5% | −19.6% | −4.9% | +0.5% | +20.3% |
| Net income | 116.8 k | -4.6 m | -6.6 m | -10.7 m | -18.3 m | -20.7 m | -24.0 m | -21.6 m |
| Net income YoY | unavailable | −4,032.4% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.03 | -0.10 | -0.11 | -0.16 | -0.26 | -0.27 | -0.30 | -0.25 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 0.4% | -15.9% | -25.0% | -30.6% | -65.0% | -77.4% | -89.3% | -66.8% |
| Free cash flow | -2.8 m | -4.6 m | -3.6 m | -4.3 m | -10.8 m | -9.5 m | -8.5 m | -13.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 13.5 m USD
- Total assets
- 52.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.51x
- ROE
- -221.3%
- ROA
- -43.7%
- FCF margin
- -42.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 26.6 m | 35.0 m | 28.1 m | 26.8 m | 26.9 m | 32.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 7.7 m | 11.8 m | 9.7 m | 11.9 m | 12.3 m | 15.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 19.0 m | 23.2 m | 18.5 m | 14.9 m | 14.6 m | 17.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Research & development | 8.1 m | 10.2 m | 10.6 m | 10.3 m | 9.8 m | 9.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | -6.7 m | -12.9 m | -18.8 m | -21.8 m | -24.7 m | -22.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Net income | -6.6 m | -10.7 m | -18.3 m | -20.7 m | -24.0 m | -21.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | -0.11 | -0.16 | -0.26 | -0.27 | -0.30 | -0.25 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 72.7 m | 75.6 m | 76.1 m | 80.7 m | 85.2 m | 91.0 m | SEC (XBRL)· 12 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 43.9 m | 38.7 m | 8.6 m | 19.8 m | 12.2 m | 13.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 3.5 m | 5.4 m | 5.1 m | 3.8 m | 3.8 m | 5.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | 3.3 m | 4.4 m | 7.9 m | 8.4 m | 8.3 m | 9.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 52.7 m | 51.4 m | 43.2 m | 33.3 m | 26.4 m | 33.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 195.1 k | 2.6 m | 3.8 m | 3.3 m | 3.6 m | 3.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Goodwill | — | — | — | — | 3.8 m | 3.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 7.4 m | 6.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 55.5 m | 61.0 m | 53.4 m | 41.9 m | 46.7 m | 52.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 1.6 m | 4.2 m | 3.3 m | 3.2 m | 5.7 m | 4.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Short-term debt | 1.2 m | — | — | — | — | — | SEC (XBRL)· 12 Mar 2021verified |
| Long-term debt | 973.3 k | — | — | — | — | — | SEC (XBRL)· 12 Mar 2021verified |
| Current liabilities | 13.6 m | 13.3 m | 14.3 m | 13.2 m | 21.6 m | 22.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 15.2 m | 21.6 m | 21.5 m | 20.0 m | 35.3 m | 33.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 34.6 m † | 33.8 m † | 26.3 m † | 16.3 m † | 6.1 m † | 13.5 m † | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.5 m | -2.9 m | -8.4 m | -9.1 m | -8.5 m | -13.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 70.9 k | 1.4 m | 2.4 m | 366.0 k | 34.0 k | 93.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | -3.6 m ≈ | -4.3 m ≈ | -10.8 m ≈ | -9.5 m ≈ | -8.5 m ≈ | -13.8 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -70.9 k | -1.4 m | -22.1 m | 19.8 m | 74.0 k | -93.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | 17.3 m | 547.0 k | 220.0 k | 81.0 k | 297.0 k | 14.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 95.9 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -74.2% | 32 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 4.8% | 40 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 51 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -16.2% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial51/100 · 1/3 factors with a value
- Growth· partial40/100 · 1/2 factors with a value
- Quality· partial32/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
STEREOTAXIS, INC. (STXS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 32.4 m USD in 2025; YoY growth 20.3%; net margin -74.2%; ROE -325.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF yield: -16.2%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 126.5 bn | 24.3 | 10.7% | 13.9% | +8.4% | −6% / +25% |
| LIVNLivaNova PLC | 5.2 bn | 27.8 | 15.4% | 12.8% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −65% / −43% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.5 m | — | -59.2% | -63.1% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 75.7 m | — | — | -40.0% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for STXS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Stereotaxis develops robotic magnetic navigation systems for endovascular procedures in interventional labs, mainly for cardiac ablation. The company is at a commercial turning point, with growing adoption of its new robotic catheters and Synchrony systems, although quarterly revenue remains volatile. Revenue for the second quarter of 2026 was 7.7 million USD 3, and cash stood at 10.5 million USD on June 30, 2026 3.
SWOT
Strengths
- The magnetic navigation technology has an extensive clinical base, documented in many publications and a large number of procedures 1.
- Recent acquisitions have expanded the portfolio with catheters and interventional technology, strengthening its electrophysiology position 12.
- The systems can reduce radiation exposure for staff and patients, an important argument for hospitals 1.
Weaknesses
- System revenue is lumpy and depends on hospital construction timing, which makes quarterly results hard to predict 13.
- The company has reported net losses across several periods and lower system margins, limiting self-funding capacity 3.
- Reliance on external suppliers and a limited number of partners could delay production and deliveries 1.
Opportunities
Risks
- Funding and cashhigh
The company has limited cash and does not rule out the need for additional capital, which could force operational adjustments if financing is not available on acceptable terms 13.
- Volatility of system revenuehigh
The ordering and installation cycle for systems is long and irregular, which can produce large swings between quarters 13.
- Acquisition integrationmedium
Integrating APT and Robocath could prove harder or slower than expected, and expected benefits could be delayed 12.
- Regulatory approvalsmedium
New products need approvals from the FDA and other authorities, and delays or refusals could restrict commercialization 12.
- Supply chains and tariffsmedium
Dependence on external suppliers and imported components could affect manufacturing and costs if disruptions or new trade measures arise 1.
Investment thesis
What would need to be true (bull case)
- If revenue from robotic catheters and Synchrony systems keeps growing, the company could reduce its dependence on lumpy system sales and move closer to operating profitability 23.
- The extensive clinical base and large procedure count could support hospital adoption among those seeking safer interventions with less radiation 1.
- Recent acquisitions could extend the portfolio into new endovascular indications and create a more complete platform for the interventional lab 12.
What would break the thesis
- If cash remains limited and system revenue keeps fluctuating, the company could need additional financing, with possible dilution effects 13.
- Persistent operating losses and cost pressures could prevent the company from reaching profitability on the timeline its management has outlined 3.
- Difficulties integrating acquisitions and dependence on external partners could reduce the benefits expected from recent transactions 12.
What to watch
- Trend in recurring revenue from disposables and catheters against the company's own outlookQ3 2026
- Number of GenesisX and Synchrony systems delivered and installed, including the first US installation2026
- Level of cash and any new sources of financingQ4 2026
- Timing of cash flow profitability against the schedule the company has outlined2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Stereotaxis designs, manufactures and markets robotic systems, instruments and information systems for the interventional laboratory. Its Robotic Magnetic Navigation technology uses computer-controlled magnetic fields to direct the tip of flexible catheters, which can improve precision and safety 1. Its primary clinical focus is electrophysiology, especially cardiac ablation for arrhythmias, and it aims to extend into coronary, neuro and peripheral interventions 1. The company acquired Access Point Technologies EP, Inc. (APT) on July 31, 2024 and Robocath on July 7, 2026, extending its catheter and device portfolio 12.
The sales model involves an upfront capital payment for equipment and installation, followed by recurring payments for disposables, service and software updates 1. RMN systems are often sold bundled with fluoroscopy systems from partners to reduce cost and installation complexity 1. Revenue is split between system sales, which are lumpy, and recurring revenue from disposables and service, which tends to be steadier 3.
At December 31, 2025 the company reported system backlog of about 9.1 million USD, of which about 78% was expected to be recognized as revenue over 2026 1. The sales cycle for systems is long and often involves construction work at customer sites, so revenue can vary significantly between periods 1.
Segments
Robotic magnetic navigation systems
The Genesis RMN, GenesisX RMN and Niobe systems allow remote control of catheters and guidewires through blood vessels, reducing x-ray exposure 1. GenesisX is the newest generation, designed to shorten installation time 1. In the second quarter of 2026 system revenue was 1.5 million USD, down from 3.0 million USD a year earlier, reflecting the absence of a robotic system delivery in the quarter 3.
Market context
The company describes cardiac ablation as a well-accepted arrhythmia therapy and a multi-billion-dollar medical device market with expected substantial long-term growth 1. The addressable market could widen if endovascular treatments become feasible for diseases now handled by more invasive surgery or palliative drugs 1. If hospitals adopt robotic systems more broadly, demand for disposables and service could rise in parallel 1.
Macroeconomic conditions, tariffs and supply chains can affect hospital purchasing decisions and order timing, especially for systems that require construction work 1. If hospitals delay capital investment because of costs or limited financing, the company's sales cycle could lengthen 1.
Trends
- Adoption of robotic catheterstailwind
Robotic catheter revenue surpassed one million dollars in the second quarter of 2026, growing 270% sequentially 3. If this trend continues, it could reduce the company's reliance on lumpy system sales.
- Catheter shortages and procedural pressureheadwind
Hospitals have struggled to source catheters needed for procedures, which has pressured disposable volumes 13. If shortages persist, recurring revenue could be affected.
- Supply chains and tariffsheadwind
The company cites periodic supply chain disruptions, inflation and tariffs affecting costs and availability, including overseas-sourced magnets 1. The margin effect depends on its ability to pass costs on to customers.
- Manufacturing scale-up and acquisition integrationmixed
The company plans to ramp MAGiC catheter manufacturing and integrate Robocath, which could accelerate revenue if executed well 3. Integrating two recent acquisitions also carries operational risk.
Competitive position
The supplied sources do not identify direct competitors of Stereotaxis systems in detail, so this analysis relies on the company's own filings. The company names competition as a risk factor, including the risk that customers choose competing products 1. Readers should check competitive positioning in independent market reports.
The main competitive advantage the company reports is its magnetic control technology, which differs from manual devices controlled from the handle 1. Partnerships with fluoroscopy system makers and mapping system providers are critical for compatibility, and losing them could affect commercialization 12.
- Fluoroscopy system manufacturers
Key partners for bundled RMN packages; the relationship supports adoption but also creates dependence.
- Catheter and electrophysiology mapping system providers
These suppliers define compatibility with the company's systems and can be competitive alternatives for hospitals.
- Other ablation device providers
The sources do not name them, but competition in cardiac ablation is cited as a risk factor.
- Manual interventional devices
The company sees these as the main alternative, since they are hand-controlled and represent standard practice.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report12 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report16 Jul 2026Other events · Financial statements and exhibits
- Current report09 Jul 2026Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Quarterly report13 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Current report15 Apr 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement03 Apr 2026
- Annual report12 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Stereotaxis, Inc. · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Stereotaxis, Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Stereotaxis, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.