Stereotaxis - Earnings Call - Q3 2025

Executive Summary

• Q3 2025 revenue was $7.46M, down 19% y/y and 15% q/q, with system revenue $1.86M and recurring revenue $5.60M; gross margin was 55% and diluted EPS was $(0.07).
• The quarter missed Wall Street consensus: revenue $7.46M vs $8.38M estimate*, EPS $(0.07) vs $(0.06) estimate*, and EBITDA approximately $(4.82)M vs $(2.0)M estimate*; management cited summer seasonality in procedures and partial system revenue recognition as drivers.
• Forward outlook: Q4 revenue guided to exceed $9M (systems ≈$3M; recurring >$6M), supporting >20% full-year growth; 2026 quarterly revenue expected to average >$10M, with GenesisX and proprietary catheters scaling.
• Strategic catalysts: FDA 510(k) clearance of GenesisX (transforming install logistics), CE Mark and 510(k) submission for Synchrony/SynX digital cath lab, and CardioFocus collaboration to advance robotic PFA—positions STXS for medium-term adoption and higher-margin recurring revenue.

What Went Well and What Went Wrong

What Went Well

• Proprietary catheters showed traction: MAGiC Sweep generated over $0.30M in its first two months post-FDA clearance, with strong physician interest and new use cases, helping recurring revenue; “We are beginning to build a clinically and commercially impactful catheter portfolio.”.
• Regulatory momentum: FDA clearance for GenesisX; CE Mark and FDA submission for Synchrony; ongoing MAGiC U.S. review; PFA collaboration with CardioFocus targeting first-in-human in coming months.
• Cost discipline: adjusted operating expenses fell to $6.6M (vs $7.2M y/y); adjusted operating loss improved to $(2.5)M (vs $(3.1)M y/y).

What Went Wrong

• Topline miss: revenue and EPS both under consensus*, with systems at the low end, and recurring impacted by summer seasonality and timing of regulatory approvals.
• Margin pressure from low production volumes: system GM 19% with fixed overhead drag; EBITDA under consensus* given gross margin mix and OpEx non-cash charges.
• Q4 recurring revenue guidance trimmed from $7M (earlier expectation) to “> $6M,” reflecting timing of MAGiC U.S./EU approvals and ramp dynamics.

Transcript

Operator (participant)

Good afternoon. Thank you for joining us for Stereotaxis' third quarter 2025 earnings conference call. Certain statements during the conference call and question-and-answer period to follow may relate to future events, expectations, and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the company in the future to be materially different from the statements that the company's executives may make today. These risks are described in detail in our public filings with the Securities and Exchange Commission, including our latest periodic report on Form 10-K or Form 10-Q. We assume no duty to update these statements. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions and comments following the presentation.

As a reminder, today's call is being recorded. It is now my pleasure to turn the floor over to your host, David Fischel, Chairman and CEO of Stereotaxis.

David Fischel (Chairman and CEO)

Thank you, Operator, and good afternoon, everyone. We are in an exciting period with a lot of progress on multiple fronts. We've discussed our strategy and efforts more comprehensively on previous calls, so I'll keep today's remarks focused on a few key commercial and innovation updates. Our commercial activity can be viewed as two primary efforts. First, to scale robotic system sales with continued adoption of Genesis and the initial launch of GenesisX, and second, to build a robust, high-margin, recurring revenue business with our portfolio of novel catheters. These two efforts are independent but obviously synergistic, and together support an attractive razor-razor blade business model that can deliver substantial long-term growth. On the capital side, we were pleased to receive hospital orders for two Genesis robots since our last call. Both orders came from European hospitals establishing entirely new robotic programs.

We expect both robots to be installed and to begin clinical use in the first half of 2026. These Genesis orders are reflective of the healthy pipeline and continued interest we see across our regions, particularly in Europe, where we are slightly ahead in having a more complete product ecosystem approved and commercialized. These orders add to our existing system backlog, which at over $10 million supports a steady baseline of robotic system revenue, as demonstrated by our results over the last several quarters. The launch of GenesisX significantly enhances our system opportunity by removing structural barriers that limited physician interest from translating into tangible adoption. We were delighted yesterday to announce FDA approval for the GenesisX system. This is a landmark approval for Stereotaxis.

There are very few companies that can successfully develop, gain regulatory approvals, and deploy complex surgical robots that operate reliably in daily clinical use. This is Stereotaxis' second such robot in five years and a reflection on our unique expertise and our capacity and commitment to significant innovation. We are initiating a limited launch of GenesisX while we await approval for the MAGiC catheter, work to enhance compatibility of the robot with various X-rays, and refine our supply chain, manufacturing, installation, and commercial processes for a full launch. While we are pleased with the steady demand for Genesis, we expect GenesisX orders to outpace the tempo of Genesis orders following full launch. Turning to our recurring revenue, the key driver of growth over the coming years will be our budding portfolio of proprietary catheters.

Stereotaxis' recurring revenue has to date been predominantly driven by service contracts and a small single-use disposable with relatively little revenue per procedure. Catheters are the primary disposable in any procedure, and Stereotaxis did not previously benefit from this revenue stream. The dearth of robotically steered catheters reduced interest in our technology and limited our revenue opportunity and razor-razor blade business model. Over just the past year, we have started to demonstrate the tangible reality and commercial impact of our catheter portfolio, with growing sales of Map-iT catheters following our acquisition of APT last year, adoption of the MAGiC ablation catheter in Europe following CE mark in the first quarter, and over just the past two months, adoption of the MAGiC Sweep high-density mapping catheter in the U.S. following FDA approval this summer. MAGiC Sweep has been a particular recent highlight.

On our last call, we described the importance of high-density mapping in the EP field and how the introduction of robotic HD mapping promised several clinical and workflow benefits. It is also important to note that MAGiC Sweep is Stereotaxis' first catheter launch in the U.S. and the first catheter innovation that allows our robot to be used in new ways, enabling clinical care that was previously not possible. We began commercial launch of Sweep in late August and have had a very exciting reception to date. Physicians have shared multiple examples of MAGiC Sweep, allowing them to better diagnose the source of arrhythmia safely and efficiently in areas of the heart that were otherwise inaccessible with manual mapping catheters. The clinical interest in the catheter has translated into a strong commercial stir, with over $300,000 in Sweep revenue in the first two months of launch.

We are still in the earliest innings of the launch, with only about a quarter of robotic accounts in the U.S. ordering the catheter to date as we work through multiple hospital approval processes. We are excited to see the catheter continue to scale its impact in the U.S., as well as gain approval and launch in Europe. The commercial impact of MAGiC Sweep, measured in direct revenue and, as importantly, in the halo effect it creates for robotics in our field, demonstrates the significant impact of innovation. We have a robust pipeline of innovation efforts that will continue to strengthen our commercial results. These include multiple products in the late stages of regulatory review, development projects approaching submissions, and earlier stage efforts that haven't yet been disclosed. They span technologies including robotic systems, software solutions, and several EP and vascular catheters and devices.

I'll add a few brief updates and comments on three specific projects most impactful in the short term: MAGiC in the U.S., Pulsed Field Ablation, and the Synchrony digital cath lab system. MAGiC is our proprietary robotically navigated ablation catheter that will replace the older J&J catheter used with our robot. We received CE mark and launched the catheter in Europe earlier this year, have been working through manufacturing ramp-up and country-by-country commercial processes, and are working diligently with FDA to advance U.S. approval. Late in the third quarter, we responded fully to a body of questions that represented FDA's outstanding questions upon a comprehensive review of all modules in our submission. We maintain regular dialogue with FDA and appreciate their collaborative effort during the review.

Pulsed Field Ablation, PFA, has had a dramatic impact on the electrophysiology field over the last couple of years, driving billions of dollars in market growth and significant share shift among the large medtech players. On previous calls, we described having a few earlier stage PFA collaborations with different partners working through the preclinical testing process. Last month, we were pleased to announce successful completion of preclinical testing and entering into a collaboration agreement with CardioFocus to pair their PFA system with our MAGiC catheter. The agreement provides a framework for how we will advance this first-ever robotic PFA solution through a first-in-human clinical study, regulatory approval, and commercialization. CardioFocus' PFA generator and our MAGiC catheter both already have regulatory approval in Europe, and so the effort to add compatibility to our label is expected to be relatively contained.

We are preparing formal regulatory documentation to initiate first-in-human testing, expect to perform these procedures in the coming few months, and believe it's possible to see MAGiC approved for PFA use in Europe before the end of next year. Finally, let me make a brief comment on Synchrony and SynX, our digital solution that streamlines, modernizes, and introduces secure remote connectivity to the cath lab. In October, we announced that we obtained CE mark in Europe and had submitted the technology for FDA approval. The technology has received less attention than most of our other innovation efforts, but it holds significant promise as an entirely new business pillar. We have spent over six years and many millions of dollars developing Synchrony and SynX, benefiting from our previous experience with our Odyssey system, but completely re-architecting it with an improved technological foundation.

Synchrony and SynX are central to our digital surgery efforts to modernize the interventional lab with enhanced workflow, remote connectivity, and smart AI capabilities. The technology improves the robotic cockpit, but we believe all cath labs stand to benefit from improved workflow, connectivity, collaboration, and intelligence. We had the opportunity recently to host leading EPs and technology administrators to evaluate the system. The feedback was very positive, describing it as the most well-designed cath lab display technology they have seen. We expect Synchrony to contribute at least a couple million dollars of revenue in the first year of launch, and a growing installed base will provide the foundation for an attractive software-as-a-service revenue stream from our SynX connectivity app and future AI features. Kim will now provide additional commentary on our financial results, and then I will make a few financial comments as well before opening the call to Q&A.

Kim?

Kim Peery (CFO)

Thank you, David, and good afternoon, everyone. Revenue for the third quarter of 2025 totaled $7.5 million, system revenue of $1.9 million, and recurring revenue of $5.6 million compared to $4.4 million and $4.8 million in the prior year third quarter. System revenue reflects partial revenue recognition on one Genesis system and ancillary devices. Recurring revenue growth over the prior year reflects a full quarter's contribution of Map-iT catheters and initial sales of Stereotaxis' new robotically navigated devices, the MAGiC ablation catheter and the MAGiC Sweep high-density mapping catheter. Gross margin for the third quarter of 2025 was 55% of revenue. Recurring revenue gross margin was 67%, and system gross margin was 19%. Gross margins remain impacted by fixed overhead allocated over low production levels.

Operating expenses in the third quarter of $10.7 million included $4.1 million in non-cash charges for stock compensation expense, mark-to-market adjustment for acquisition-related contingent earnout consideration, and amortization of acquired intangible assets. Excluding these non-cash charges, adjusted operating expenses in the quarter were $6.6 million, a decrease from $7.2 million in the prior year third quarter, primarily due to lower general and administrative expenses. Operating loss and net loss in the third quarter of 2025 were $6.6 million and $6.5 million, compared to $6.3 million and $6.2 million in the previous year. Adjusted operating loss and adjusted net loss for the quarter, excluding non-cash charges, were $2.5 million and $2.4 million, compared with $3.1 million and $3 million in the previous year. Negative free cash flow for the third quarter was consistent with the previous year at $4.2 million.

At September 30th, Stereotaxis had cash and cash equivalents of $10.5 million and no debt. Including the $4 million Stereotaxis will receive in the upcoming second closing of the registered direct financing announced in July, Stereotaxis would have had $14.5 million in cash with no debt. I will now hand the call back to David.

David Fischel (Chairman and CEO)

Thank you, Kim. As mentioned in our press release, we expect revenue this quarter to exceed $9 million, with system revenue of approximately $3 million and recurring revenue greater than $6 million. This will result in over 20% annual revenue growth for the full year 2025, in line with our previous guidance of double-digit annual revenue growth. While we are not yet providing formal guidance for next year, we want to offer directional color to help with modeling. We expect sustained growth of both system and recurring revenue through 2026, with system revenue benefiting from our existing Genesis backlogs and the launch of GenesisX, and recurring revenue continuing to ramp with increased adoption of MAGiC, MAGiC Sweep, and Map-iT catheters. We expect quarterly revenue to surpass an average of $10 million per quarter in 2026. We continue to advance technologically and commercially while remaining prudent with expenses.

We see significant leverage in our business with increased revenue. We expect to enter 2026 with a healthy balance sheet that allows us to advance our new technologies to market and launch them with a balanced focus on accelerating growth while also ensuring improved margins, earnings accretion, and achievement of profitability. We'll now take your questions. Operator, can you please open the line to Q&A?

Operator (participant)

Thank you. Quick reminder before we start the Q&A. If you'd like to ask a question, please press star and the number one on your telephone keypad. If you'd like to withdraw your question or your question has already been answered, you may press star one again. We will take our first question from Josh Jennings from TD Cowen. Please go ahead.

Josh Jennings (Managing Director)

Hi, good afternoon. Thanks for taking the questions and congratulations on the GenesisX approval. I was hoping to ask about GenesisX, a couple of questions. I guess first, just maybe an update on the sales pipeline for GenesisX, mostly in Europe now with approval in the U.S., but they talk about any pent-up demand in the U.S. and just how we should be thinking about the mix of orders going forward. I think you talked about GenesisX outpacing them, but should we think about more GenesisX placements next year, or will there still be a healthy amount of Genesis placements in centers, old customer accounts that are replacing their Niobe systems?

David Fischel (Chairman and CEO)

Hi, Josh. Thanks for the good questions. GenesisX, I'd look at it as additive to Genesis. As you see just in the last quarter, even with GenesisX being approved in Europe, we continue to see demand for Genesis from sites that have been engaged with us for longer periods of time in the process, that are either replacing existing labs or like the two hospitals that are establishing new robotic programs, they're building new wings to the hospital, new areas, and the construction process then isn't as much of a factor for them. We continue to see demand for Genesis that has generally been at a pace of approximately one to two systems a quarter. I think that that's going to continue for the foreseeable period, both in the U.S. and Europe.

GenesisX is really additive to that by offering access to robotics to many physicians that otherwise would have wanted it but just could not advance through the process because of the challenges logistically at the hospital level. We have been engaging with multiple hospitals in Europe over this past year. We have done a little bit of pre-work in the U.S. with a few hospitals. We have started to have a pipeline of physicians and hospitals that are interested in engaging with us. We predominantly focus in the earlier periods on the sales process. We have historically always only sold our robot. As we ramp manufacturing and we feel comfortable with the ability to supply the system at higher scale, we will also be opening up the model to leases and to placements with significant disposable commitments.

That is really kind of over the next few months, our goal is to make sure that manufacturing is in place, to demonstrate that the system is working reliably in the real world in regular clinical use, and then to be able to start a full launch. We expect once we start a full launch that the rate of orders for GenesisX and sales of GenesisX is going to be meaningfully higher than what it has been to date with Genesis.

Josh Jennings (Managing Director)

I appreciate that, David. Just a reminder, is GenesisX going to be sold at a price point that's similar to Genesis or at a premium? Just as you think about, or as we think about the high-level color you provide for 2026 and quarterly revenues averaging at $10 million+ range, within that, are you assuming that GenesisX systems are sold to non-EP accounts or neurovascular, endovascular centers in 2026? Maybe just help us think about when that could kick in. Thanks for taking all the questions.

David Fischel (Chairman and CEO)

Sure. GenesisX is a newer technology. It is a premium system. We expect the system to save a hospital materially on their own expenses, and we are pricing the system at a premium to Genesis. It is in the same ballpark, but at a premium price to Genesis. We are comfortable with that decision, and we believe the market is accepting of that as a reasonable, appropriate price. When it goes to your second question on non-EP applications, we do expect to have our first, at least one, two non-EP centers next year that will start using the robot in non-EP procedures. We still do not have approval for guide catheter or guide wire. That is still—the guide catheter was submitted earlier this year, and we are still working through the regulatory process there.

The guide wire, we expect to submit for regulatory approval early next year. As those come to market, I would expect the majority of their use to be in existing robotic accounts where every EP department is part of an interventional cardiology department. There is easy access to the system for interventional cardiologists who want to start using the robot and experimenting with it in a range of other procedures. We do also believe that there will be a few sites that do not currently have the robot where non-EP applications are the driver of adoption.

Josh Jennings (Managing Director)

Understood. Appreciate that. Thanks.

David Fischel (Chairman and CEO)

Thank you.

Operator (participant)

Thank you. Our next question comes from the line of Adam Maeder from Piper Sandler. Please go ahead.

Adam Maeder (Managing Director and Senior Research Analyst)

Hi, good afternoon. Thank you for taking the questions. I actually wanted to piggyback off of Josh's line of questioning and maybe starting on the GenesisX approval in the U.S. It sounds like that'll be in a limited launch phase for at least a couple of months, if I'm hearing correctly. David, are you able to put a finer point on when we should expect that to kind of move to full launch? It certainly sounds like you're working through supply chain a little bit. Understand you're waiting on the MAGiC RF approval in the U.S. I don't know if you can give a timeline update there as well. Just trying to think about when we move from the limited launch phase to kind of full steam ahead and then add a follow-up. Thanks.

David Fischel (Chairman and CEO)

Sure. The two things you mentioned, obviously getting the MAGiC approval in the U.S. and then kind of ramping our manufacturing, are the two major factors in transitioning from a limited launch to a full launch. In terms of MAGiC in the U.S., I gave some color on the prepared remarks about our interactions with FDA. I believe those interactions are going well. Things like the recent government shutdown, while they have some impact on FDA activity, do not seem to have any impact on the review of MAGiC, which is funded as a PMA submission previously. Even in very, very recent discussions, there seems to be no impact whatsoever from the shutdown on FDA's review. I think that is advancing well, and we expect overall likely approval in line with what we have described previously.

I would think that kind of as we have that approval, also on the manufacturing side, we continue to grind through the process and to improve it. I think on our last call, we described having produced the first GenesisX commercial system in the early summer period. We've kind of built now another system. We are kind of ramping the manufacturing and the supply chain overall well, and that's just kind of a steady progress there. I'd say that kind of you should expect probably a transition to a full launch of GenesisX sometime in the earlier parts of next year. At the latest, the natural time to do so would be at the EHRA and HRS conferences, which are in the spring. That would be kind of the latest natural time to do so.

Adam Maeder (Managing Director and Senior Research Analyst)

That's really helpful color, David. Appreciate all that. The second question is around the early commentary for 2026. I was hoping you could give us just a little bit more color in terms of how you're thinking about the revenue mix. You talked about the average of $10 million per quarter, but how that kind of bifurcates between system revenue and consumable revenue. Just any additional thoughts there would be much appreciated. Thank you.

David Fischel (Chairman and CEO)

Sure. That split between system and disposables is always difficult because systems are somewhat lumpy. Like you see in this quarter, we're at the low end of the $2 million-$3 million range that we kind of said we expect every quarter. In the fourth quarter, we'll be at the high end of that range. There is a lumpiness to that that shifts the percentage distribution between system and recurring revenue in any given quarter. Generally, if you're modeling this year's system revenue of about $10 million and recurring revenue in the low to mid-$20 million range, we expect the recurring revenues to scale relatively linearly as we get the catheters further approved and then further launched in each geography. I'd expect that to continue to just scale as we go account by account and gain adoption.

Systems will fluctuate, but generally, you should expect numbers clearly in the teens or high teens in terms of the system revenue amount. That probably takes you where system revenue is going to end up being somewhere between 30%-50% of overall revenue.

Adam Maeder (Managing Director and Senior Research Analyst)

Very helpful. I'll jump back in queue. Thank you.

David Fischel (Chairman and CEO)

Thank you.

Operator (participant)

Thank you. Our next question comes from the line of Frank Takkinen from Lake Street Capital Markets. Please go ahead.

Frank Takkinen (Senior Research Analyst)

Great. Great. Thanks for taking the questions and congrats on the GenesisX approval. I wanted to start with maybe some additional questions around the MAGiC FDA interactions. Can you talk to some of the questions that the FDA had for the Q3 response that you spoke to on the call? Any significant areas outstanding that they're still looking for? I realize it just went in at the end of Q3, but any response from them from that?

David Fischel (Chairman and CEO)

Sure. The FDA's questions, which we were able to respond to at the end of the third quarter, were a comprehensive review. There are many modules included in a PMA submission. You have obviously preclinical testing and clinical data. You have biocompatibility and sterility information. You have packaging information. You have your label. You have all the technical testing of the device. It is really kind of there are many modules to the PMA, many sets of data. Their questions were explained to us as the result of their comprehensive review of all the available data that they had reviewed, which they viewed as comprehensive for the submission. There was a range across the different modules, definitely some on the clinical data, on the various sterility, biocompatibility portions, but really it was a comprehensive set of questions.

We responded to those. We felt good about our response. There was nothing kind of strange or particularly troublesome in the questions. It is still an effort to respond to everything, but we felt kind of good with the tone and the content in the questions. We felt good with our responses. As described in the prepared remarks, we do maintain regular dialogue with FDA on all our submissions, but obviously MAGiC is a particularly significant one. Communication since then, while nothing in writing, we feel overall good with them having received the response and able to review the response fully and access all the documentation that we provided. We see things kind of continuing to progress as would be wanted.

Frank Takkinen (Senior Research Analyst)

Okay. That's helpful. That's great. Maybe just one on the Q4 guide. I think originally we were expecting something like $7 million in revenue in the disposables and service line for Q4. I think now that's at $6 million. Maybe talk through some of the change in assumptions for Q4. Now, I realize you said at least $6 million, so at least the door open for higher than that, but just curious if there's any change in assumptions.

David Fischel (Chairman and CEO)

Sure. We provide the original guidance at the beginning of this year. At the beginning of this year, we did not know exactly when we would receive FDA approvals for the various devices or CE marks for the various devices. We have had, from the catheter perspective, the two main drivers of recurring revenue growth were going to be MAGiC Sweep and MAGiC in both geographies for both catheters. So far, we have gotten two out of the four approvals done. We got MAGiC approved in Europe. We got MAGiC Sweep approved in the U.S., and we are still working on the two other approvals. I think just given the timing of those approvals and given what we have seen to date in the ramp, we are happy with the ramp of the devices, particularly MAGiC Sweep.

I think it's a reflection of the U.S. market environment where there's far fewer structural barriers to gaining adoption. We've been overall very pleased with the tempo of adoption, but we're still in the earliest innings, and we think that guidance kind of feels appropriate at this time.

Frank Takkinen (Senior Research Analyst)

Got it. Okay. That's helpful. Thanks for taking the questions.

David Fischel (Chairman and CEO)

Thank you, Frank.

Operator (participant)

Thank you. Again, if you have any questions, please press star and the number one on your telephone keypad. Our next question comes from the line of Kyle Bauser from Roth Capital Partners. Please go ahead.

Hi, this is Kevin on for Kyle. Thanks for taking our questions and congrats on the GenesisX. Just kind of starting with the GenesisX and all the new catheters, how should we be thinking about the headcount of the commercial organization expanding over the next 12 months-24 months?

David Fischel (Chairman and CEO)

Hi, Kevin. Thanks for the question. We have discussed in the past that as we on the clinical side of the business, we have about a total commercial team of approximately 40 people globally, about 20 of them in the U.S., 15 or so in Europe, and then a smaller team in Asia. We have talked about how the clinical team particularly will see meaningful growth over the coming year or two. We expect as we are scaling catheter revenue that we will shift more and more to a model where you can have a one-to-one relationship between clinical reps and hospitals. That is something that in our field, typically there is more than one clinical rep per hospital. We have always had one for every three or four hospitals.

Having catheter revenue as part of our product mix allows you to sustainably and attractively grow your clinical team to have that style of coverage that can be done kind of in a profitable fashion that can also kind of then help drive greater utilization. That is probably the largest source of growth, will be in that clinical team. On the capital side, we have done everything to date with a very, very lean dedicated capital team and some additional contribution from sales management. As we shift to a full launch of GenesisX, we are comfortable that we can scale GenesisX system sales to the dozen, couple dozen in short order. We will kind of start to invest incrementally in probably a handful or so dedicated capital reps that can really kind of push that model much further.

Great. Thank you. That's very helpful. Maybe just kind of focusing in on the disposables business and catheters. I know with the launches of MAGiC, you're working with CardioFocus on the PFA and that collaboration there. Longer term, are there any other opportunities with the disposables business and maybe building out this portfolio that you're kind of looking at?

Definitely. There's a lot of thought and a lot of energy being spent on the disposable side of the business. I think that's where obviously most businesses make most of their money, most of their revenue from catheters, most medtech companies. That's also obviously the higher margin aspect of the business. Strategically, there is also something that our robot has been reliable and kind of special in allowing physicians to do things that were otherwise impossible. A robot is only as good as the catheters it can also deliver. A robot by itself without a portfolio of catheters has limited value. I think there's a lot of opportunity now that we have catheter R&D and manufacturing expertise and infrastructure in-house.

There's this kind of beautiful breath of fresh air in terms of being able to play with ideas and to think about things much more aggressively than we have in the past. I think that kind of the overall portfolio mix of having three main portfolios of interventional devices makes a lot of sense for the coming few years. That is really the MAGiC family of catheters, which are robotically steered cardiac ablation catheters, both therapeutic and diagnostic robotically steered catheters in the cardiac ablation field. Imagine, which stands for endovascular magnetic interventions, are various interventional guidewires, guide catheters, microcatheters, similar devices of that sort for vascular navigation. Map-iT, which are manual diagnostic EP catheters. I think you're going to see continuous innovation in those three categories. There's a pipeline beyond that, which has been disclosed to date.

There is a pipeline that we have been working on. I think you're going to see a steady tempo of innovation beyond what we've discussed today.

Appreciate all the color, David. Thank you. I'll hop back in the queue.

Thank you.

Operator (participant)

Thank you. There are no further questions. I will now turn the call back to Mr. Fischel for closing remarks.

David Fischel (Chairman and CEO)

Okay. Thank you for all the questions. We'll work hard on your behalf to finish the year strong and to set things up for a very successful 2026. Thank you very much.

Operator (participant)

The meeting is now concluded. Thank you all for joining. You may now disconnect.