St. Louis, MO, May 14, 2024 – Stereotaxis (NYSE: STXSW), a pioneer in minimally invasive vascular interventional magnetic navigation surgical robots, today announced its acquisition of electrophysiological catheter manufacturer Acccess Point Technology (APT). This strategic move marks Stereotaxis's expansion into the electrophysiology ablation consumables sector.
While the financial terms were not disclosed, the transaction, expected to close in the third quarter, will be paid with Stereotaxis stock, including an upfront payment. The acquisition is forecasted to boost Stereotaxis’s revenues, with APT expected to contribute approximately $5 million in annual revenue starting the first year post-acquisition.
Acquisition Background
Despite being a leader in cardiovascular interventional robotics with products like Genesis RMN, Vdrive, and Niobe, Stereotaxis faced sluggish market responses. With a decline in sales to $26.77 million last year and a negative profit margin, the company sought new strategies to rejuvenate its growth.
Stereotaxis previously ventured into developing an automated navigation magnetic ablation catheter, MAGiC, and initiated cooperation with notable electrophysiology firms like MicroPort and Abbott. However, these initiatives fell short of expectations, leading to the decision to acquire APT. Specializing in innovative electrophysiology medical devices, APT's portfolio includes advanced mapping and ablation catheters that promise to bolster Stereotaxis's offerings in this specialized market.
Executive Insights
David Fischel, Chairman of Stereotaxis, remarked, “The acquisition of APT not only enhances our ablation catheter development and manufacturing capabilities but also accelerates our market presence in complex cardiac disease treatment and intravascular surgeries. This move is expected to create substantial commercial synergies.”
Steve Berhow, President of Access Point Technologies, expressed his enthusiasm about joining forces with Stereotaxis, stating, “We are thrilled to be part of Stereotaxis and look forward to continuing our tradition of excellence in EP catheter innovation, while contributing to new advancements in intravascular robotic technology.”
Stereotaxis Recent Developments
On May 22, 2023, Stereotaxis unveiled a global partnership with Abbott, integrating Abbott’s EnSite X EP system with Stereotaxis's robotic magnetic navigation system, which has already received regulatory approval in Europe.
On September 6, 2023, the Copenhagen University Hospital Heart Center in Denmark successfully treated its first patients using the Genesis magnetic navigation system.
On October 31, 2023, the integrated system treated its first patients in the USA.
About Stereotaxis
Founded in 1990, Stereotaxis is a global leader in robotic technologies designed for the electrophysiology lab. The company's innovations include the Niobe and Genesis RMN systems, which revolutionize how electrophysiological interventions are performed. Stereotaxis is committed to advancing the field of electrophysiology by providing state-of-the-art robotic systems and solutions for cath labs worldwide.