This is a Scorecard review, revisiting a past LF0 research call against what actually happened.
Ticker: STXS Rating: Sell Published: 2026-08-16 Checkpoint: 2026-10-16 Entry price: $1.39 Latest price: $1.05 as of 2026-10-15 Stock return since entry: -24.5% Signal return: +24.5% Verdict: Correct so far
This is the 2-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 rated STXS a Sell because I thought the business was still being defined by cash burn and uneven revenue, not by its 55.6% gross margin. My original view was that the $-8.8M TTM levered free cash flow and the 4.6x EV/Revenue multiple were too rich for a company that had not yet shown a durable recovery, and I said I would get more constructive only if Q2 2026 revenue reclaimed $8.8M and cash flow improved.
Peer Comparison
| Company | Return Since Entry |
|---|---|
| STXS (this call) | -24.5% |
| AORT | -23.0% |
| ATRC | +26.3% |
| PEN | -1.9% |
| RBOT | +150.0% |
| TCMD | -7.7% |
Why It’s Working (Or Not)
Following the Sell has worked over this tracking window: if I had shorted STXS at my entry price, I would be up 24.5% to date. That outcome fits the original thesis because the stock has moved lower while the peer set has been mixed, with several comparables also down but others moving meaningfully higher, so STXS has not simply followed a uniform group move. The specific concern I highlighted — that negative free cash flow and a stretched valuation were not yet backed by a stable operating base — has held up in price action, and the call is still correctly aligned with the move. The 55.6% gross margin may still show product value, but it has not been enough to offset the cash-burn risk I centered the thesis on.
What Could Still Prove Me Wrong
If STXS reclaims and holds above the $8.8M revenue level I flagged, that would be the first clear sign that the business is moving beyond the fragile run rate I worried about. I would also be challenged if free cash flow turns positive, because that would directly undercut the cash-burn argument behind the Sell. A sustained improvement in operating margin would add to that pressure by showing gross profit is finally covering the cost structure rather than leaking away below it.
The August 2026 Cohort
Other directional calls published the same month:
| Ticker | Rating | Entry | Latest | Stock Return | Signal Return | Verdict |
|---|---|---|---|---|---|---|
| SDGR | Sell | $17.40 | $25.48 | +46.4% | -46.4% | Incorrect so far |
| VNOM | Sell | $41.67 | $43.73 | +4.9% | -4.9% | Incorrect so far |
| AES | Sell | $14.71 | $14.97 | +1.8% | -1.8% | Incorrect so far |
| RRGB | Sell | $9.51 | $9.14 | -3.9% | +3.9% | Correct so far |
| NUTX | Buy | $188.41 | $200.80 | +6.6% | +6.6% | Correct so far |
| GTN | Sell | $4.83 | $4.46 | -7.7% | +7.7% | Correct so far |
| LHX | Sell | $260.92 | $240.50 | -7.8% | +7.8% | Correct so far |
| WGS | Sell | $77.88 | $70.22 | -9.8% | +9.8% | Correct so far |
| BA | Sell | $210.46 | $188.73 | -10.3% | +10.3% | Correct so far |
| NNDM | Sell | $1.65 | $1.44 | -12.7% | +12.7% | Correct so far |
| OI | Sell | $6.79 | $5.92 | -12.8% | +12.8% | Correct so far |
| ADTN | Sell | $7.76 | $6.53 | -15.9% | +15.9% | Correct so far |
| NXE | Sell | $10.40 | $8.56 | -17.7% | +17.7% | Correct so far |
| PENN | Sell | $18.56 | $15.21 | -18.0% | +18.0% | Correct so far |
| LRCX | Sell | $343.48 | $277.46 | -19.2% | +19.2% | Correct so far |
| OWLT | Sell | $5.81 | $4.44 | -23.6% | +23.6% | Correct so far |
| SPHR | Sell | $147.34 | $108.85 | -26.1% | +26.1% | Correct so far |
| SRG | Strong Sell | $2.11 | $1.65 | -21.8% | +32.7% | 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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