Breaking Finance News

Why Stereotaxis is Plunging More than 40 Percent Thursday (STXS)

Stereotaxis (NASDAQ: STXS) is down more than 40 percent in early Thursday trading after reporting a quarterly loss and indicated that it was evaluating strategies to address long-term liquidity issues.

The $43 million company lost $3 million in Q2 which equates to 37 cents per share. One year ago, it reported a net income of $2.8 million or 32 cents per share.  The street was expecting an EPS loss of 59 cents. Revenue came in at $9.7 million versus consensus of $10.8 million.

According to the release:

While Stereotaxis has increased its cash position as a result of the transactions with convertible debt holders, it expects to have negative cash flow from operations throughout 2013. Therefore, the Company will continue to evaluate operating expense levels and cash burn, while exploring various strategic and financing alternatives with multiple entities to strengthen its balance sheet.

The company also commented on the status of its NASDAQ de-listing:

On July 25, Company representatives appeared before the NASDAQ Listing Qualifications Panel to request a transfer from the NASDAQ Global Market to the NASDAQ Capital Market and to present a compliance plan. The hearing was granted following a determination letter by the NASDAQ staff which denied the Company’s request for an extension to achieve compliance with Global Market requirements. If the Panel decides to continue Stereotaxis’ listing on the Capital Market, the Company could have until December 16, 2013, to achieve compliance with applicable listing requirements. The Company does not have the results of the hearing at this time, but intends to continue to pursue its plans to achieve compliance with Capital Market criteria and to report to the Panel on its progress no later than August 15, 2013, as requested by the Panel.

Breaking Finance News has been all over this story. Read our coverage below:

Stereotaxis’ 344 Percent Gain Last Week Likely Overdone

Why Stereotaxis is up 26 Percent Friday (STXS)

Why Stereotaxis is up 200 Percent Tuesday (STXS)

Latest Twitter Chatter

[stock-tools exchange="NASDAQ" symbol="STXS" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

New to Breaking Finance News? Read about our format here.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.