This is a Scorecard review, revisiting a past LF0 research call against what actually happened.
Ticker: STXS Rating: Sell Published: 2026-08-16 Checkpoint: 2026-09-16 Entry price: $1.39 Latest price: $1.32 as of 2026-09-15 Stock return since entry: -5.0% Signal return: +5.0% Verdict: Correct so far
This is the 1-month checkpoint for this call. LF0 publishes monthly Scorecard updates through month 6, using the closest available daily close on or before the checkpoint date.
Read the original LF0 analysis
What I Said
I argued that STXS was still a Sell because the business was not turning its product story into cash: levered free cash flow was still -$8.8M TTM, revenue had been uneven, and the stock was already priced at 4.6x EV/Revenue despite negative growth. I also said I would only get more constructive if Q2 2026 revenue reclaimed $8.8M and free cash flow improved, because that would show the platform was translating into a steadier operating base.
Peer Comparison
| Company | Return Since Entry |
|---|---|
| STXS (this call) | -5.0% |
| AORT | -10.6% |
| ATRC | +26.9% |
| PEN | -2.5% |
| RBOT | -39.6% |
| TCMD | -7.7% |
Why It’s Working (Or Not)
So far, following the Sell would have earned me about 5.0%, which means the short side has worked modestly and the stock has moved in the direction my thesis expected. That is consistent with the original concern that the company was still fragile on cash generation and that the 4.6x EV/Revenue multiple was too rich for a business with negative growth. The peer set has been mixed, with several comparables also lower and a few materially higher, so STXS has not been moving in lockstep with the group; that makes the result more about the company-specific cash-burn and revenue concerns I flagged than about a broad peer rerating. What I can say at this point is that the specific risk I named — persistent negative free cash flow — has not been disproven, and the call remains Correct so far rather than fully proven.
What Could Still Prove Me Wrong
If Q2 2026 revenue gets back above $8.8M and free cash flow improves meaningfully, that would directly challenge the core of my thesis. I would also have to reconsider if operating cash flow turns positive or if the company shows a sustained step-up in revenue rather than a one-quarter bounce, because my original Sell depended on the idea that the business was still not self-funding. If those metrics do not improve and the company keeps burning cash, then the bearish case remains intact.
The August 2026 Cohort
Other directional calls published the same month:
| Ticker | Rating | Entry | Latest | Stock Return | Signal Return | Verdict |
|---|---|---|---|---|---|---|
| SDGR | Sell | $17.40 | $23.25 | +33.6% | -33.6% | Incorrect so far |
| WGS | Sell | $77.88 | $94.64 | +21.5% | -21.5% | Incorrect so far |
| VNOM | Sell | $41.67 | $45.96 | +10.3% | -10.3% | Incorrect so far |
| ALT | Sell | $3.15 | $3.23 | +2.5% | -2.5% | Incorrect so far |
| AES | Sell | $14.71 | $14.80 | +0.6% | -0.6% | Incorrect so far |
| BA | Sell | $210.46 | $209.69 | -0.4% | +0.4% | Correct so far |
| GTN | Sell | $4.83 | $4.78 | -1.0% | +1.0% | Correct so far |
| SPHR | Sell | $147.34 | $144.12 | -2.2% | +2.2% | Correct so far |
| LHX | Sell | $260.92 | $249.66 | -4.3% | +4.3% | Correct so far |
| PENN | Sell | $18.56 | $17.74 | -4.4% | +4.4% | Correct so far |
| OI | Sell | $6.79 | $6.34 | -6.6% | +6.6% | Correct so far |
| SRG | Strong Sell | $2.11 | $2.01 | -4.7% | +7.1% | Correct so far |
| NNDM | Sell | $1.65 | $1.53 | -7.3% | +7.3% | Correct so far |
| ADTN | Sell | $7.76 | $7.08 | -8.8% | +8.8% | Correct so far |
| NXE | Sell | $10.40 | $9.46 | -9.0% | +9.0% | Correct so far |
| NUTX | Buy | $188.41 | $215.33 | +14.3% | +14.3% | Correct so far |
| OWLT | Sell | $5.81 | $4.64 | -20.1% | +20.1% | Correct so far |
| LRCX | Sell | $343.84 | $270.87 | -21.2% | +21.2% | Correct so far |
| RRGB | Sell | $9.51 | $7.25 | -23.8% | +23.8% | Correct so far |
Live LF0 scorecard: The Scorecard | Research Performance dashboard
Past performance does not guarantee future results. Nothing here is investment advice or a recommendation to buy or sell securities. Returns use LF0’s daily-close scorecard methodology.
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