busy, and good Stereotaxis. It's exciting, period Thank you, challenging afternoon, promising operator, and a everyone. very productive, for
made We are having glad realizing towards entering be progress to our year this significant strategic transformation.
strategy solid months we have line to key foundation of this the putting providing high puzzle coming the on in stand, coming confidence we of in where when strategic are Given and commercial Stereotaxis together possible. pieces sight breakouts
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overarching minimally safety to surgery robotics. of endovascular improve invasive is unique capabilities precision, and the with Stereotaxis' mission
are relevance We our value global pioneer that hospitals in robotics in XXX,XXX over have technology at real-world XXX and robust use of the demonstrated treated the and have endovascular patients. and clinical leader
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We have receive midyear. system, with Columbus mapping regulatory expected approval Chinese integration Genesis completed and to mapping is their
core hospitals. commercial already from product we available, MicroPort's hundreds ecosystem benefit to is As of expect substantial footprint servicing this
surgery enables platform operating that venture Our second robotic room broad and connectivity, a platform independently synergistic alongside both labs. opportunistic is our non-robotic and in digital
app an has for Sync been internally released preparation our release. in connectivity team The external cloud-based for
remaining finalizing expect to Synchrony quarter formal in display begin regulatory the but in testing the efforts with capability, and second still integrated firmware are We software summer. followed hardware, by submissions
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the done, this expected than and and longer progress into With pieces puzzle our regulatory place falling developments unforeseen recognize has see submissions technology key I taken faced challenges. we year.
with derisked our any process, While strategy on shots there is regulatory and risk is with goal. multiple uncertainty
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in Genesis were progress receive from see users to Genesis with a completely the as Germany. order interest new we Genesis customers. greenfield and capital and as of quarter, utilization In well continue commercial hospital positive existing signs We from feedback to both of in a fourth excited
country our historical to given were region is physician adopters encouraging also, Germany the Niobe as base that most earliest Niobe To of systems unfortunately, particularly installed was the X grow system strongest of with robotics see given the in with a and enthusiastic new first the the context. that users prematurely. then Germany launched first backlash
our orders launch represented The or with installed. backlog not We were $XX.X since globally greenfield XXth overall. yet that XXth robotic Genesis million shipped order quarter in from of order and XXXX received began the but our
a of overall is cycle to While customers for replacement we see continue progress greenfield Genesis, healthy slow. and pipeline
well-understood shortages catheters the on for awareness with absence of magic the of Johnson closing capital J&J's substantial sale a replacement. challenges catheter concern the the of catheter & their recurring a own construction, expressed that several Johnson in our Beyond hospital system have requires electrophysiologists a of dependency as and
address MAGIC some While it delays not deterred in will purchase pressure, this approvals We receipt and hospitals our of XXXX. the XXXX concern. with expected of partially extends due of item submissions expect growth regulatory help for this compared has orders system and that that robotic sales and diligence additional risk moving Despite forward, as pace serves we continued obviously from believe to this will decisions. both an
catheter recurring headwind both to Our from our J&J, also which as impacted procedure volumes which results. line payments by the $X and royalty as top loss J&J, was million well from shortage of the a revenue impacted created bottom
various in be up see inconsistent expect XXXX. and to in geographies the J&J continue catheter layer XXXX We of consistent revenue to recurring accounts availability with but to overall
rate Our these burn XXXX in XXXX revenue than challenges. lower despite was
than the So absolute expected. was rate higher what burn still we
debt. strong $XX remained cash sheet million with balance Our and approximately no
of its commercialization. are ecosystem sheet allows prudence our our We to the and existing market advance fund to balance cognizant of importance confident and financial transformative are product us
significant We have available. teams to already launch well new become they invested are that globally have as suited in direct inventory and products commercial the
by inventory spending a driven Genesis as purchasing. is of and XXXX, us expect most rate significant burn cash We some we outflows reduced revenue lower taper R&D the robotic in and compared to XXXX increased behind
and Kim before will opening make a financial financial results, our on the commentary additional few well will I as call now Q&A. to comments provide Kim? then
