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| And then also the work that we are doing with Abbott, to convert existing users, which historically were predominantly, using Johnson & Johnson's mapping system, to using the current integrated offering with Abbott, that will also be beneficial in accelerating adoption |
| It was attractive in providing strategic independence and the opportunity for substantial commercial breakout |
| Given where we stand, we have high confidence in the key puzzle pieces of this strategy coming together in the coming months putting Stereotaxis on solid strategic foundation and providing line of sight to when commercial breakouts are possible |
| Beyond the stellar clinical outcomes, qualitative commentary from all the physicians who participated in the trial was very positive, reinforcing our confidence in the impact MAGiC will have on patients and physicians |
| To see our installed base grow with new physician users in Germany is particularly encouraging given that historical context |
| As this core product ecosystem is available, we expect to benefit from MicroPort's substantial commercial footprint already servicing hundreds of hospitals |
| We expect continued growth in system revenue, through conversion of our $14.7 million backlog, and new system orders, with system revenue growth driving overall double-digit revenue growth for the year |
| This experience reinforces our confidence that the availability of a smaller and more accessible robot, something that can be installed without construction will serve as a significant structural improvement to the pace and scale of adoption |
| The launch of MAGiC will benefit from our strong collaboration with Abbott and last year's successful launch of mapping integration with Abbott's EnSiteX mapping system |
| So that gives us the confidence |
| Most importantly, it fundamentally improves and broadens our product offering for the patients, physicians and hospitals that rely on us |
| And so, I think there was definitely a benefit, from what we've now demonstrated, we're able to pull off in Europe |
| And then we'll start to show most of the benefit, though, from having the robot, is that our existing capital sales teams should be able to be much more effective because we've reduced the complexity and time lines related to their sales work |
| We are cognizant of the importance of financial prudence and are confident our existing balance sheet allows us to advance our transformative product ecosystem to market and fund its commercialization |
| In each of our three key geographies, the United States, Europe and China, we have the opportunity for a full ecosystem coming together and driving breakout growth |
| Our balance sheet remained strong with approximately $20 million cash and no debt |
| We have a good team that has good electrophysiology knowledge |
| Beyond these big three innovations, we were fortunate to nurture two additional opportunistic growth drivers that are synergistic and additive to our core effort |
| We are the pioneer and global leader in endovascular robotics and have demonstrated the clinical relevance and value of our technology in robust real-world use at over 100 hospitals that have treated 150,000 patients |
| This is a significant strategic collaboration in its early phases, and we are delighted with how it's progressing |
| We were delighted today to announce initial clinical results and regulatory submissions for the MAGiC catheter, our proprietary advanced robotically navigated ablation catheter |
| Additional patients beyond these 20 have been treated in both Lithuania and Denmark with consistent positive results |
| And so, as we start to see that playing out as we start to see the robot being out there in the world, working successfully and well, as we're able to scale our supply chain and manufacturing |
| We continue to see signs of commercial progress with positive feedback and utilization of Genesis as well as capital interest in Genesis from both existing users and completely new customers |
| We are glad to be entering this year having made significant progress towards realizing our strategic transformation |
| While there is always uncertainty with any regulatory submission, we believe we made strong submissions and have received feedback to that effect from experts in our field |
| And so, they're more than capable of launching the MAGiC catheter, in a successful fashion |
| The results from these initial procedures were stellar and were summarized by the physicians in a manuscript recently submitted for publication in a prominent electrophysiology journal |
| If you step back, and think about Stereotaxis as a company, we have a very, very unique and kind of a special capability, in terms of building robots - that's something that, almost no other company has, very few companies have demonstrated the capability, to build robots that, can actually be deployed in a real-world clinical setting, and can work robustly and reliably there |
| Stereotaxis' overarching mission is to improve minimally invasive endovascular surgery with the precision, safety and unique capabilities of robotics |
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| System revenue was abnormally weak due to delays in hospital construction schedules and no shipments being made as a result |
| Our recurring revenue was also impacted by the catheter shortage from J&J, which impacted procedure volumes as well as the loss of royalty payments from J&J, which created a $2 million headwind to both our top and bottom line results |
| After joining Stereotaxis, I recognized that these struggles could be traced to structural weaknesses with our product ecosystem |
| I recognize our progress has taken longer than expected and faced unforeseen challenges |
| These weaknesses put Stereotaxis in a challenging position with commercial disadvantages and strategic dependencies and made adoption of robotics very difficult even for our strongest advocates |
| Beyond the well-understood challenges of closing a substantial capital sale for a system that requires hospital construction, several electrophysiologists have expressed their concern with the recurring catheter shortages of Johnson & Johnson and the awareness of the dependency on J&J's catheters in absence of our own MAGiC catheter as a replacement |
| Negative free cash flow for the full year 2023 was $9.1 million compared to $10.8 million for the full year 2022 |
| While we continue to see a healthy pipeline of greenfield and replacement cycle customers for Genesis, overall progress is slow |
| That dependency limited the ability for patients and physicians to benefit from continuous innovation, created commercial challenges and provided Johnson & Johnson rather than Stereotaxis with the majority of the economic value from every robotic procedure |
| We have seen scenarios where hospitals that were planning, to take delivery at a specific date, push back that date, due to their own challenges |
| Full year recurring revenue was $18 million compared to $21.3 million reflecting the continued absence of the J&J royalties and periodic catheter shortages by Johnson & Johnson |
| And there is a randomness to it, though it does definitely pressure the physicians, and hospitals that rely on our technology, and create disturbances to their normal practices |
| While this has not deterred some hospitals from moving forward, it serves as an additional risk item that extends due diligence and delays purchase decisions |
| We are cognizant that accurately guiding revenue has been challenging, and there has been significant volatility in quarterly revenue results as any individual robot sales has a significant impact on the quarter |
| Recurring revenue was in line with recent quarters but below the prior year level due to Stereotaxis no longer receiving royalty payments from Johnson & Johnson |
| System gross margins continue to reflect relatively low production volumes, combined with significant allocations of fixed overhead and related expenses |
| That said, it would be surprising, if we do not generate some revenue from MAGiC, in the back half of this year |
| Our burn rate in 2023 was lower than 2022 despite these revenue challenges |
| Just in terms of supply issues with the current catheter |
| Operating loss and net loss for the fourth quarter of 2023 were $5.3 million and $5 million compared to $4.5 million and $4.2 million in the previous year |
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