Stereotaxis Inc.
STXS Healthcare Medical Instruments & Supplies
Stereotaxis Inc.’s revenue for fiscal 2025 (year ended December 2025) was $32.4 million, up 20.3% from fiscal 2024. In the quarter to June 2026, revenue fell 12.8%, EPS was flat and free cash flow was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Stereotaxis Inc. (STXS) Beneish M-score
Stereotaxis Inc.'s Beneish M-score for fiscal 2025 is −1.95; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.95 | 1.58 |
| FY2024 | −3.53 | 0.43 |
| FY2023 | −3.97 | (0.45) |
| FY2022 | −3.52 | (2.61) |
| FY2021 | −0.91 | 2.29 |
| FY2020 | −3.20 | (4.52) |
| FY2019 | 1.32 | 2.97 |
| FY2018 | −1.65 | 1.63 |
| FY2017 | −3.28 | (0.65) |
| FY2016 | −2.63 | 1.31 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.21 | — | 2.03 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.82 | — | 0.33 | |
| Sales growth index | 1.20 | — | 1.07 | |
| Depreciation index | 0.63 | — | 0.07 | |
| SG&A index | 0.85 | — | −0.15 | |
| Total accruals to total assets | (0.15) | — | −0.71 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Elevated | −1.95 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| KRMD KORU Medical Systems, Inc. compare | −2.9× |
| NYXH Nyxoah SA compare | −2.8× |
| UTMD Utah Medical Products, Inc. compare | −2.7× |
| POCI Precision Optics Corp. compare | −2.3× |
| STXS Stereotaxis Inc. | −1.9× |
| PDEX Pro-Dex, Inc. compare | −1.1× |
| DXR Daxor Corporation compare | — |
| MBOT Microbot Medical Inc. compare | — |
| ZTEKF Zentek Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI