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TD Cowen maintains 'buy' rating on Stereotaxis, keeps $5 target

EditorLina Guerrero
Published 05/14/2024, 03:33 PM

On Tuesday, Stereotaxis (NYSE:STXS) received a confirmation of a Buy rating and a $5.00 price target from TD Cowen, as the company makes strides in its regulatory filings for the MAGiC catheter. The firm is preparing to submit filings for its mobile system in both the European Union and the United States within this quarter. Stereotaxis anticipates double-digit revenue growth in 2024, with expectations for significant top-line growth commencing the following year.

The recent acquisition of Advanced Cardiac Therapeutics (APT) is expected to enhance Stereotaxis's development and manufacturing capabilities. TD Cowen views this acquisition as a strategic move that aligns with the company's growth objectives. This acquisition is part of Stereotaxis's broader strategy to expand its offerings and market presence in the medical device sector.

Stereotaxis's MAGiC catheter system is a key focus for the company, and the upcoming regulatory submissions are a critical step toward bringing the product to market. The system's mobile version is particularly notable for its potential to provide innovative solutions in the field of cardiology.

The company has been working diligently on its regulatory strategy, aiming to secure approvals that would allow it to penetrate the EU and US markets effectively. The filings, expected later this quarter, mark a significant milestone in Stereotaxis's efforts to expand its product portfolio and reach.

Looking ahead, Stereotaxis is confident in its revenue projections, anticipating a robust growth trajectory. The company's optimistic outlook is supported by its strategic initiatives, including the APT acquisition, which is poised to contribute to its development and manufacturing prowess. These efforts underline Stereotaxis's commitment to innovation and market expansion, as it aims to achieve a breakout in top-line growth in the near future.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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