STXS stock was uplisted to the NYSE on September 6, 2019.
David Fischel, Chairman and CEO of Stereotaxis, commented, “We are excited to list on the NYSE American. This is another milestone in our effort to improve awareness of our differentiated technology, clinical value, and growth opportunity. Listing on the NYSE American should support a more robust capital market for existing and new shareholders.”
Stereotaxis makes robotic technologies designed to enhance the treatment of arrhythmias and perform endovascular procedures. Its mission is the discovery, development and delivery of robotic systems, instruments, and information solutions for the interventional laboratory. These innovations help physicians provide unsurpassed patient care with robotic precision and safety, improved lab efficiency and productivity, and enhanced integration of procedural information. Stereotaxis’ robotic technology has received various regulatory clearances in the United States, European Union, Japan, Canada, China, and elsewhere. The Stereotaxis Genesis RMN System is CE marked and will become available in other global geographies subject to regulatory approvals. Stereotaxis Imaging Model S is CE marked and FDA cleared.
Stereotaxis created this video showing a live procedure on a patient:
The falling revenue and the subsequent uplisting to the NYSE seems to suggest that the company wants to raise more money by going to a larger market. In an uplisting, you want to see revenue rising and the company tapping larger markets in order to expand and keep up with the growing demand for their product or service. We do not see that with STXS stock.
The technology is fascinating and seems to have the support of some medical professionals but until we see growing demand for their robotic surgery tools, I’m skeptic of the widespread adoption of this technology.
STXS stock does not meet the minimum requirements for inclusion in the GST portfolio at this time. The stock is ripping higher on the uplisting news but it is not advisable to chase at this time.
Disclaimer: We do not hold any position in STXS stock.