Stereotaxis Inc (NASDAQ: STXS) is a medical robotics company that develops and sells robotic magnetic navigation systems for minimally invasive electrophysiology and cardiac procedures. Revenue comes from two streams: capital sales of the robotic navigation hardware (the Niobe System), the Odyssey Solution, and compatible x-ray systems, plus recurring revenue from disposable catheter devices used in each procedure. The capital systems are sold as part of larger hospital infrastructure projects, making the sales cycle long and dependent on hospital capital budgets. Recurring disposable revenue is tied directly to procedure volumes at installed sites. Stereotaxis acquired APT Holding Company, Inc. on July 31, 2024, adding additional products and revenue milestones through September 30, 2029. As of December 31, 2025, the company carried approximately $159.1 million in gross federal net operating loss carryforwards, reflecting a history of operating losses. The company operates in the United States and internationally, including in China and across the European Economic Area.

Revenue model

Two-part model: one-time capital sales of robotic magnetic navigation systems, Odyssey Solution, and compatible x-ray systems, plus recurring transactional revenue from proprietary disposable catheter devices consumed per procedure at installed hospital sites.

Products and services

Niobe System (robotic magnetic navigation), Odyssey Solution (software and hardware for interventional lab integration), compatible x-ray fluoroscopy systems, proprietary disposable electrophysiology mapping and ablation catheters navigable within the magnetic field. Products acquired via the July 31, 2024 APT Holding Company acquisition also included.

Customers and end markets

Hospitals and interventional cardiology/electrophysiology labs. Physicians performing complex electrophysiology procedures are the end users. Sales are capital-project-dependent, requiring hospital financing and institutional approvals. Distributors serve as an additional channel in certain geographies.

Value-chain role

Manufacturer and technology developer of robotic navigation hardware and proprietary disposables. Partners with third-party fluoroscopy system manufacturers, electrophysiology mapping system providers, and catheter manufacturers to integrate compatible devices. Relies on third-party contract manufacturers and component suppliers for production.

Geographic exposure

United States and international markets including China and the European Economic Area. GDPR compliance obligations indicate active European operations. China procedure volumes were disclosed as a distinct geographic factor affecting recurring revenue.

Source: SEC 10-K, filed 2026-03-12

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