UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER 001-36159

STEREOTAXIS, INC.

(Exact name of the Registrant as Specified in its Charter)

delaware

94-3120386

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification Number)

710 North Tucker Boulevard, Suite 110

St. Louis, MO 63101

(Address of Principal Executive Offices including Zip Code)

(314) 678-6100

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		STXS		NYSE American LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T “See 232.405 of this Chapter” during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated Filer ☐		Non-accelerated filer ☒		Smaller reporting company ☒
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock on October 31, 2022 was 74,844,714.

STEREOTAXIS, INC.

INDEX TO FORM 10-Q

		Page

Part I Financial Information

Item 1.	Financial Statements (unaudited)	3
	Balance Sheets	3
	Statements of Operations	4
	Statements of Convertible Preferred Stock and Stockholders’ Equity	5-6
	Statements of Cash Flows	7
	Notes to Financial Statements	8-18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19-24
Item 3.	[Reserved]	24
Item 4.	Controls and Procedures	24

Part II Other Information

Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 3.	Defaults upon Senior Securities	25
Item 4.	[Reserved]	25
Item 5.	Other Information	25
Item 6.	Exhibits	25
Signatures		26

ITEM 1. FINANCIAL STATEMENTS

STEREOTAXIS, INC.

BALANCE SHEETS


(in thousands, except share amounts)	September 30, 2022			December 31, 2021
Assets		(Unaudited)
Current assets:
Cash and cash equivalents	$	30,938		$	38,739
Restricted cash - current		618			454
Accounts receivable, net of allowance of $227 and $180 at 2022 and 2021, respectively		5,077			5,406
Inventories, net		8,161			4,433
Prepaid expenses and other current assets		1,285			2,356
Total current assets		46,079			51,388
Property and equipment, net		3,409			2,632
Restricted cash		875			952
Operating lease right-of-use assets		5,479			5,735
Prepaid and other non-current assets		233			278
Total assets	$	56,075		$	60,985

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,941		$	4,189
Accrued liabilities		3,211			2,528
Deferred revenue		8,043			6,277
Current portion of operating lease liabilities		359			268
Total current liabilities		15,554			13,262
Long-term deferred revenue		1,416			2,238
Operating lease liabilities		5,586			5,842
Other liabilities		168			219
Total liabilities		22,724			21,561

Series A - Convertible preferred stock:
Convertible preferred stock, Series A, par value $0.001; 22,386 and 22,387 shares outstanding at 2022 and 2021, respectively		5,584			5,584

Stockholders’ equity:
Convertible preferred stock, Series B, par value $0.001; 10,000,000 shares authorized, 5,610,121 shares outstanding at 2022 and 2021		6			6

Common stock, par value $0.001; 300,000,000 shares authorized, 74,832,278 and 74,618,240 shares issued at 2022 and 2021, respectively		75			75
Additional paid in capital		540,706			532,641
Treasury stock, 4,015 shares at 2022 and 2021		(206	)		(206	)
Accumulated deficit		(512,814	)		(498,676	)
Total stockholders’ equity		27,767			33,840
Total liabilities and stockholders’ equity	$	56,075		$	60,985

See accompanying notes.

STEREOTAXIS, INC.

STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2022		2021		2022		2021
Revenue:
Systems	$	2,413	$	3,541	$	4,649	$	8,829
Disposables, service and accessories		5,244		5,319		16,197		17,211
Sublease		-		246		-		740
Total revenue		7,657		9,106		20,846		26,780

Cost of revenue:
Systems		2,016		3,375		3,817		6,200
Disposables, service and accessories		1,074		751		2,868		2,558
Sublease		-		246

SEC Form 10-Q filed by Stereotaxis Inc.