Stereotaxis, Inc.
Stereotaxis designs and sells robotic magnetic navigation systems used in minimally invasive cardiac and endovascular procedures. Its portfolio includes capital systems, disposable interventional devices, software, imaging and workflow tools, and service offerings sold primarily to hospitals and physicians in the United States, Europe, and other international markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCapital equipment used to remotely navigate catheters in electrophysiology and related procedures.
Single-use catheters and related devices used during ablation and other procedures.
Maintenance plans, service-type warranties, and software enhancements for installed systems.
Map-iT branded diagnostic catheters acquired through APT and used in cardiac ablation procedures.
Royalties and other recurring revenue from co-development, co-placement, and related arrangements.
Products
Reported · share of revenue- Disposables Service and Accessories68.4 %
- Systems31.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Stereotaxis sells primarily to hospitals, electrophysiology labs, and physicians performing cardiac ablation and other minimally invasive procedures. Its products are used by clinical teams that need robotic catheter control, imaging integration, and disposable devices for complex interventions. The company also works through distributors and sales agents in some markets, which broadens access beyond its direct sales force.
Buy robotic magnetic navigation systems and related infrastructure for cardiac ablation programs.
Use disposable catheters, diagnostic devices, and software during procedures and drive clinical adoption.
Purchase or resell products in markets where the company uses indirect channels to expand reach.
Buy maintenance plans, service-type warranties, and software updates for existing systems.
Strategy
Stereotaxis is focused on expanding the installed base of robotic magnetic navigation systems and increasing utilization through disposable devices, software, and service. It is also developing additional interventional devices and broader clinical applications beyond electrophysiology, while using physician advocates and partnerships to support adoption. The APT acquisition adds in-house catheter development and manufacturing capability that supports this product expansion strategy.
The installed base drives follow-on disposable, service, and software revenue.
Recurring device sales improve procedure-level monetization and customer stickiness.
New endovascular use cases can enlarge the addressable market for robotic navigation.
Internal capability can improve control over product design, supply, and innovation.
Geography
Stereotaxis markets its products in the U.S., Europe, and the rest of the world through direct sales and channel partners. The business is geographically important because system placements, regulatory approvals, and clinical adoption can vary significantly by region, affecting where the installed base and recurring device demand develop. Its APT catheter manufacturing footprint is based in Rogers, Minnesota, while corporate headquarters are in St. Louis, Missouri.
Risks
The business depends on regulatory approvals, clinical adoption, and successful conversion of backlog into revenue, all of which can be slow and uncertain in medical devices. It also faces competition from robotic navigation, imaging, and traditional catheter companies, while sales execution depends on access to hospitals, physician support, and distributor performance. Because products are sold into regulated procedures, revenue recognition, inventory, warranty, and acquisition-related estimates can materially affect reported results.
- Clinical adoption riskImpact: HighLikelihood: High
Hospitals and physicians may be slow to adopt robotic workflows or switch from conventional tools.
Exposure: Installed base growth and utilization
- Regulatory approval delaysImpact: HighLikelihood: Medium
New disposable devices and system features require clearance before commercialization.
Exposure: Product pipeline and market expansion
- Competitive pressureImpact: MediumLikelihood: Medium
The company competes with established device makers and robotic navigation developers.
Exposure - Sales force and distributor executionImpact: MediumLikelihood: Medium
Revenue depends on access, training, and effective channel management across regions.
Exposure: Commercial conversion and international expansion
- Acquisition integrationImpact: MediumLikelihood: Medium
APT must be integrated into operations, quality systems, and product development plans.
Exposure
Accounting
Judgemental itemsSystems, disposables, royalties, and service contracts recognize revenue differently, affecting timing and mix.
Impact: Reported revenue and gross margin can shift with product mix and billing terms
Up-front service billing and unbilled performance obligations create timing differences.
Impact: Quarterly revenue and balance sheet working capital
System and disposable costs include estimated warranty and installation-related obligations.
Impact: Cost of revenue and gross margin
The APT acquisition created acquired intangibles and potential goodwill impairment exposure.
Impact: Non-cash impairment charges if expected benefits do not materialize
Certain sales incentive costs are capitalized and amortized over future benefit periods.
Impact: Operating expense timing and asset balances
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Last updated: 24/09/2026