Free cash flow remains deeply negative, with margins reaching -69.1% in 2024Q2, as the company struggles to convert its $6.3 million in 2026Q1 revenue into positive operating cash flow.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | -15.35M | -13.69M | -8.5M | -9.14M | -8.41M | -2.95M | -3.51M | -4.62M | -2.55M | -4.67M | -6.56M | -2.53M | -9.09M | -6.33M | -12.12M | -31.57M | -18.91M | -22.31M | -28.65M | -35.71M | -38.98M | -40.99M | -31.81M | -24.47M | -22.03M |
| Operating CF Margin % | - | -42.27% | -31.57% | -34.14% | -29.9% | -8.41% | -13.19% | -15.97% | -8.68% | -15.01% | -20.4% | -6.71% | -25.97% | -16.65% | -26.02% | -75.19% | -34.98% | -43.61% | -70.99% | -90.88% | -143.36% | -272.76% | -169.07% | -487.94% | -116555.21% |
| Operating CF Growth % | -524.99% | -61.06% | 7.02% | -8.6% | -185.64% | 16.11% | 23.93% | -81.29% | 45.52% | 28.77% | -159.55% | 72.19% | -43.6% | 47.75% | 61.62% | -66.95% | 15.24% | 22.15% | 19.77% | 8.39% | 4.89% | -28.83% | -30.01% | -11.08% | - |
| Net Income | -21.68M | -21.64M | -24.05M | -20.71M | -18.29M | -10.72M | -6.65M | -4.59M | 116.76K | -5.89M | -5.29M | -7.35M | -5.2M | -68.76M | -9.24M | -32.03M | -19.92M | -27.49M | -43.89M | -48.12M | -45.72M | -43.56M | -27.26M | -24.04M | -21.46M |
| Depreciation & Amortization | 1.19M | 1.55M | 969K | 595K | 429K | 106K | 126.21K | 122.74K | 579.02K | 753.68K | 566.93K | 620.13K | 713.61K | 1.22M | 1.6M | 1.76M | 1.93M | 2.18M | 4.02M | 1.62M | 1.6M | 1.17M | 888.04K | 503.34K | 406.77K |
| Stock-Based Compensation | 4.81M | 9.85M | 10.26M | 10.62M | 10.58M | 9.36M | 3.17M | 1.33M | 560.97K | 768.68K | 1.37M | 1.31M | 1.5M | 1.05M | 2.29M | 2.49M | 2.05M | 4.23M | 2.99B | 5.6B | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.17M | 3.84M | -3.62M | -890.24K | -3.51M | 47.49M | -8.18M | 33.45M | 1.66M | 3.24M | -2.99B | -5.6B | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.42M | 2.17M | 1.81M | -256K | -25K | -1.83M | 2.34M | 2.34M | 24.66K | 100K | 674.1K | 222.68K | 240.6K | 8.25M | 3.09M | -37.8M | -3.98M | -2.9M | 4.96M | 7.47M | 4.31M | 946.55K | 494.56K | 470.51K | 454.88K |
| Working Capital Changes | -7.1M | -5.62M | 2.5M | 612K | -1.1M | 135K | -2.5M | -3.82M | -1.65M | -4.24M | -259.16K | 3.56M | -2.83M | 4.42M | -1.69M | 564.66K | -639.49K | -1.57M | 6.25M | 3.31M | 829.38K | 458.41K | -5.94M | -1.41M | -1.43M |
| Change in Receivables | -980K | -2.02M | 691K | 1.27M | 316K | -1.89M | 1.81M | -308.47K | -733.86K | 378.7K | 1.71M | 104.03K | 1.1M | 4.01M | -447.61K | 2.81M | -2.76M | -1.41M | 3.45B | 1.52B | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -683K | -1.24M | 677K | -550K | -2.91M | -1.14M | -1.45M | -655.86K | -365.14K | 285.41K | -853.17K | 1.52M | -1.49M | 219.2K | 937.81K | -594.58K | -1.08M | 3.85M | 1.88M | -3.55M | 1.12M | -4.73M | -243.77K | -2.07M | -2.36M |
| Change in Payables | -1.78M | -880K | 758K | 218K | -169K | 1.43M | -490.46K | 372.74K | 72.26K | -968.91K | 782.88K | -513K | -1.16M | -44.35K | -2.05M | -3.19M | 4.94M | -680.72K | -221.5M | 1.79B | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -172K | -93K | 74K | 19.77M | -22.09M | -1.4M | -70.9K | -29.49K | -265.48K | -81.58K | -410.18K | -153.15K | -123.91K | -130.7M | -130.7K | -1.03M | -715.77K | -1.48M | 4.99M | 10.6M | -16.39M | 26.66M | -29.65M | -7.18M | 1.48M |
| Capital Expenditures | -172K | -93K | -34K | -366K | -2.38M | -1.4M | -70.9K | -29.49K | -265.48K | -81.58K | -410.18K | -153.15K | -123.91K | 0 | -130.7K | -1.03M | -715.77K | -1.48M | -1.67M | -4.74M | -2.31M | -2.34M | -1.54M | -2.06M | -308.51K |
| CapEx % of Revenue | 0.55% | 0.29% | 0.13% | 1.37% | 8.45% | 3.99% | 0.27% | 0.1% | 0.9% | 0.26% | 1.28% | 0.41% | 0.35% | - | 0.28% | 2.46% | 1.32% | 2.9% | 4.13% | 12.07% | 8.48% | 15.57% | 8.16% | 41.03% | 1632.34% |
| Acquisitions | 0 | 0 | 108K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -153.15M | 0 | -130.7M | -130.7M | -1.03B | -715.77M | -6.65B | 2.2K | 100.64K | 10.07K | 0 | 1.49M | 0 | 0 |
| Cash from Financing | 19.45M | 14.76M | 297K | 81K | 220K | 547K | 17.34M | 24.03M | 9.92M | -58.95K | 9.88M | 1M | 2.71M | 12.33M | 6.07M | 11.31M | 24.33M | 23.98M | 37M | 26.93M | 66.99M | 2.63M | 57.02M | 24.17M | 20.72M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 2.16M | 0 | 0 | 0 | -13.02M | 40.41K | -142.45K | -8.97M | -3.05M | 11.07M | 8.13M | -3.9M | 17.26M | 5M | -1M | 1.06M | -622.65K | -652.55K | 3.19M |
| Equity Issued (Net) | 19.45M | 14.76M | 297K | 81K | 220K | 547K | 15.18M | 24.03M | 57.14K | 41.05K | 23M | 964.52K | 2.85M | 0 | 9.12M | 239.59K | 16.2M | 27.89M | 19.74M | 21.93M | 67.85M | 1.56M | 57.64M | 24.81M | 17.52M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43.45K | 0 | -90 | -15.59K | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.86M | -100K | -100K | 0 | 0 | 21.3M | 0 | 0 | 0 | 0 | 0 | 0 | 134.7K | 0 | 0 | 12.59K | 12.59K |
| Net Change in Cash | 3.93M | 985K | -8.13M | 10.71M | -30.29M | -3.8M | 13.76M | 19.39M | 7.11M | -4.82M | 2.91M | -1.68M | -6.5M | 6M | -6.18M | -21.29M | 4.7M | 190.89K | 13.33M | 1.81M | 11.61M | -11.7M | -4.45M | -7.48M | 170.02K |
| Free Cash Flow | -15.52M | -13.78M | -8.53M | -9.51M | -10.79M | -4.34M | -3.58M | -4.65M | -2.81M | -4.76M | -6.97M | -2.68M | -9.22M | -6.33M | -12.25M | -32.6M | -19.63M | -23.79M | -30.32M | -40.46M | -41.29M | -43.33M | -33.35M | -26.53M | -22.34M |
| FCF Margin % | -49.75% | -42.55% | -31.69% | -35.5% | -38.35% | -12.4% | -13.45% | -16.08% | -9.58% | -15.27% | -21.68% | -7.12% | -26.32% | -16.65% | -26.31% | -77.64% | -36.31% | -46.52% | -75.11% | -102.95% | -151.84% | -288.33% | -177.23% | -528.97% | -118187.55% |
| FCF Growth % | -94.88% | -61.51% | 10.25% | 11.93% | -148.51% | -21.22% | 22.89% | -65.22% | 40.88% | 31.79% | -160.02% | 70.9% | -45.56% | 48.31% | 62.43% | -66.12% | 17.52% | 21.53% | 25.06% | 2.01% | 4.7% | -29.91% | -25.72% | -18.76% | - |
| FCF per Share | -0.16 | -0.15 | -0.10 | -0.12 | -0.14 | -0.06 | -0.05 | -0.07 | -0.05 | -0.21 | -0.32 | -0.13 | -0.46 | -0.55 | -1.66 | -5.58 | -3.65 | -5.15 | -7.78 | -10.61 | -11.75 | -14.89 | -27.28 | -190.21 | -187.62 |
| FCF Conversion (FCF/Net Income) | 0.72x | 0.63x | 0.35x | 0.44x | 0.46x | 0.27x | 0.53x | 1.01x | -21.81x | 0.79x | 1.24x | 0.34x | 1.75x | 0.09x | 1.31x | 0.99x | 0.95x | 0.81x | 0.65x | 0.74x | 0.85x | 0.94x | 1.17x | 1.02x | 1.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital runway
According to the company's quarterly financial statements, the persistent gap between net income and operating cash flow, highlighted by an OCF/NI ratio that frequently deviates from unity, suggests that accounting losses are being compounded by ongoing cash outflows rather than mitigated by non-cash accrual adjustments.
The consistent negative operating cash flow, despite significant non-cash charges like stock-based compensation, indicates that the company's core operations are not yet self-funding. Investors should monitor whether the recurring cash burn is a structural feature of the current robotic installation cycle or a sign of deeper inefficiencies in the conversion of revenue to actual liquidity.
As reported in recent filings, Stereotaxis has maintained a consistently negative free cash flow trajectory, with FCF margins reaching as low as -69.1% in 2024Q2, underscoring the company's ongoing struggle to achieve a self-sustaining financial profile amidst its transition to the Genesis platform.
The lack of positive free cash flow suggests that the company remains in a capital-intensive growth phase that is not currently supported by its own internal cash generation. This trajectory warrants further investigation into whether the current investment in robotic infrastructure will eventually yield the necessary margins to reverse this trend.
Based on the provided cash flow data, working capital fluctuations have been a significant source of volatility, with a notable $4.7 million inflow in 2024Q4 followed by subsequent outflows, suggesting that the company's cash position is highly sensitive to the timing of customer payments and inventory management.
The erratic nature of these working capital changes implies that the company's cash flow is subject to the lumpy procurement cycles of its hospital clients. This instability makes it difficult to forecast the company's runway with precision, as sudden shifts in receivables or payables can rapidly alter the available cash balance.
As indicated by the financial data, the company's reported cash flow figures are frequently bolstered by stock-based compensation, which averaged approximately $2.5 million per quarter, effectively masking the true extent of the operational cash burn required to retain specialized talent during this development phase.
While stock-based compensation is a non-cash expense, it represents a real economic cost to shareholders through dilution that is not fully captured in the operating cash flow metric. Analysts should adjust for this to understand the true cash requirements of the business, as the reliance on equity-based incentives may be masking the underlying difficulty of achieving operational profitability.
Quick answers to the most common questions about buying STXS stock.
Stereotaxis, Inc. (STXS) generated $-13.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stereotaxis, Inc. (STXS) reported negative free cash flow of $13.8M in 2025, indicating capital requirements exceeded cash from operations.
Stereotaxis, Inc. (STXS) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.