Stereotaxis (STXS) Q2: Weak Headline Revenue, but Signs of a Commercial Inflection

The headline number wasn't particularly strong: revenue declined 13% year over year to $7.7 million, from $8.8 million in Q2 2025.

The decline was primarily driven by capital equipment. System revenue fell 50% to $1.5 million, from $3.0 million a year ago.

Q2 2026 by the Numbers

Metric	Q2 2026	Comparison
Total Revenue	$7.7M	-13% YoY
System Revenue	$1.5M	-50% YoY
Recurring Revenue	$6.2M	+7% YoY
Robotic Catheter Revenue	>$1.0M	+270% QoQ
Gross Margin	58%	vs. 52% Q2'25
Recurring Gross Margin	66%	vs. 68% Q2'25
Net Loss	($4.5M)	—
Free Cash Flow	($3.7M)	—
Cash	$10.5M	—
Debt	$0	—

The standout number was proprietary robotic catheter revenue, which surpassed $1 million and increased 270% sequentially. That matters because proprietary disposables could materially change the economics of Stereotaxis' installed robotic base. The company says its expanded catheter portfolio is generating more than $5,000 of disposable revenue per procedure — approximately 5x the previous level.

There were other tangible milestones:

• First U.S. hospital purchase of GenesisX

• Initial sales of the recently cleared Synchrony digital operating-room system

• Completed acquisition of Robocath

• Recurring revenue increased despite the transition away from legacy third-party catheters

Total quarterly revenue remains below the $8.8 million generated a year ago, and system revenue remains inconsistent.

Stereotaxis also continues to consume cash. The company reported $3.7 million of negative free cash flow during Q2 and finished the quarter with $10.5 million of cash.

Revenue declined 13%. System revenue fell 50%. The company remains loss-making and continues to burn cash.

At the same time, proprietary catheter revenue grew 270% sequentially, recurring revenue increased, gross margins improved, GenesisX secured its first U.S. hospital order, and Synchrony has begun generating sales.