Citizens Financial Group reduced its price target on Stereotaxis shares to $3 from $4, citing weaker-than-expected guidance and second-quarter results.
The firm maintained a Market Outperform rating on the stock despite the cut. Stereotaxis reported second-quarter revenue of $7.7 million, missing Wall Street’s forecast of $8.68 million by 11.64%. Adjusted loss per share came in at 5 cents, in line with analyst estimates. The company has remained unprofitable over the last twelve months, with a loss of 24 cents per share.
Stereotaxis also lowered its full-year guidance, attributing the revision to conservative expectations around system placements. The stock has declined 50% over the past year and is down 37% year-to-date, trading at $1.45.
Despite the guidance cut, the company noted progress in its robotic catheter and digital surgery products, which contributed to sequential revenue growth.
