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Asensus Surgical(ASXC) - 2024 Q1 - Quarterly Results
2024-05-15 20:33
Financial Performance - First quarter 2024 revenue was $1.1 million, a 11% increase from $1.0 million in Q1 2023[4] - Net loss for Q1 2024 was $22.5 million, or $0.08 per share, compared to a net loss of $22.2 million, or $0.09 per share in Q1 2023[4] - Net loss attributable to common stockholders for Q1 2024 was $22,497 million, compared to a net loss of $22,218 million in Q1 2023, representing an increase of 1.3%[15] - Adjusted net loss attributable to common stockholders (Non-GAAP) for Q1 2024 was $18,019 million, compared to $22,001 million in Q1 2023, indicating a reduction of approximately 18.2%[17] - The net loss per share attributable to common stockholders for Q1 2024 was $(0.08), compared to $(0.09) for Q1 2023, indicating a slight improvement[18] Operating Expenses - Total operating expenses for Q1 2024 were $22.7 million, compared to $20.4 million in Q1 2023, representing an increase of 11.3%[4] - Net cash used in operating activities for Q1 2024 was $14,008 million, compared to $17,248 million in Q1 2023, showing an improvement of about 18.8%[15] Cash and Assets - The company had approximately $8.0 million in cash and cash equivalents as of March 31, 2024[6] - Cash, cash equivalents, and restricted cash decreased from $19,879 million at the end of Q1 2023 to $8,478 million at the end of Q1 2024, a decline of about 57.4%[15] - Total current assets decreased from $36,386 million on December 31, 2023, to $19,248 million on March 31, 2024, a decline of approximately 47.3%[13] - The company’s total stockholders' equity decreased from $33,414 million on December 31, 2023, to $13,024 million on March 31, 2024, a decline of approximately 61.0%[13] Liabilities - Total liabilities increased from $25,672 million on December 31, 2023, to $27,790 million on March 31, 2024, an increase of approximately 8.2%[13] Clinical and Operational Highlights - The company performed nearly 900 procedures globally during the first quarter of 2024[1] - The TRUST clinical registry has approximately 3,500 patients enrolled, a 45% increase from Q1 2023[3] - Six peer-reviewed clinical papers were published year to date, supporting the clinical utility of the Senhance System[3] - Asensus expects to initiate 8-10 new Senhance programs and achieve 15%-20% procedure volume growth over 2023 for the full year 2024[2] Acquisition and Financing - A non-binding acquisition proposal from KARL STORZ was announced, offering $0.35 per share in cash for 100% of Asensus' outstanding shares[2] - The company has drawn $7 million of a $10 million secured loan from KARL STORZ to support operations during the exclusivity period[2] Fair Value Changes - The company reported a change in fair value of contingent consideration of $6,480 million in Q1 2024, compared to $105 million in Q1 2023, reflecting a significant increase[17] Stock Issuance - The company issued common stock, generating proceeds of $982 million in Q1 2024, while no such proceeds were reported in Q1 2023[15]
Asensus Surgical(ASXC) - 2024 Q1 - Earnings Call Transcript
2024-05-14 22:59
Financial Data and Key Metrics Changes - For Q1 2024, the company reported revenue of $1.1 million, an increase from $1 million in Q1 2023, with revenue breakdowns of $0.5 million in lease revenue, $0.3 million in instruments and accessories, and $0.3 million in services [14] - Total operating expenses for Q1 2024 were $22.7 million, up from $20.4 million in Q1 2023 [15] - The net loss attributable to common stockholders was $22.5 million or $0.08 per share in Q1 2024, compared to a net loss of $22.2 million or $0.09 per share in Q1 2023 [15] - Adjusted net loss attributable to common stockholders was $18 million or $0.07 per share in Q1 2024, down from an adjusted net loss of $22 million or $0.09 per share in Q1 2023 [15][16] Business Line Data and Key Metrics Changes - The Senhance system was used in nearly 900 procedures worldwide in Q1 2024, indicating growth in adoption [12] - The company expects to initiate 8 to 10 new programs globally in 2024 and anticipates a 15% to 20% annual growth in procedure volume [18] Market Data and Key Metrics Changes - Japan is identified as one of the faster-growing markets, with positive momentum in case volume growth and system placements [31] - The Sendai Tokushukai Hospital in Japan has entered into an agreement to lease a Senhance Surgical System, marking the second institution in a major private hospital system to adopt the technology [13] Company Strategy and Development Direction - The company is focused on advancing the development of the next-generation LUNA Surgical System and associated digital solutions while driving adoption of the current Senhance platform [17] - The timeline for LUNA includes freezing system design in Q3 2024, conducting verification and validation testing in Q4 2024, and anticipating a 510(k) submission in the second half of 2025 [17][18] - The potential acquisition by KARL STORZ is viewed as an opportunity to enhance clinical value and expand the adoption of digital surgery solutions [9][10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the ongoing diligence process with KARL STORZ and has not observed any negative impact on operations or customer sentiment during the acquisition discussions [28] - The company is well-positioned for continued momentum in 2024, focusing on key initiatives and maintaining growth with the Senhance system [14][18] Other Important Information - The company has entered a non-binding letter of intent with KARL STORZ for a potential acquisition at $0.35 per share, with a 10-week exclusivity period for due diligence [8][10] - The company has drawn $7 million from a $10 million financing package from KARL STORZ to support operations [11][16] Q&A Session Summary Question: Timeline for the exclusivity period with KARL STORZ - The exclusivity period began on March 28, 2024, and is currently seven weeks in, with ongoing diligence [22] Question: What if the transaction does not go through? - If the transaction does not proceed, the $10 million becomes a secured promissory note, allowing the company to continue operations [24] Question: Impact on commercial operations during the transaction process - There have been no challenges in commercial operations, and the acquisition is perceived positively by customers [28] Question: Trends in adoption and growth in Japan - Japan is experiencing positive momentum in case volume growth and system placements, contributing to the company's growth strategy [31] Question: Timeline for LUNA development amidst the acquisition - The timeline for LUNA remains on track, with no anticipated shifts due to the potential acquisition [35]
Asensus Surgical (ASXC) Reports Q1 Loss, Tops Revenue Estimates
Zacks Investment Research· 2024-05-14 22:55
Asensus Surgical (ASXC) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -40%. A quarter ago, it was expected that this maker of surgical robots and medical instruments would post a loss of $0.05 per share when it actually produced a loss of $0.07, delivering a surprise of -40%.Over the last f ...
Asensus Surgical(ASXC) - 2024 Q1 - Quarterly Report
2024-05-14 20:51
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-19437 ASENSUS SURGICAL, INC. (Exact name of registrant as specified in its charter) Delaware 11-2962080 (State or other jur ...
Asensus Surgical, Inc. Reports Operating and Financial Results for the First Quarter 2024
Newsfilter· 2024-05-14 20:05
RESEARCH TRIANGLE PARK, N.C., May 14, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE:ASXC), a global leader of innovative digital solutions for the operating room, announced its operating and financial results for the first quarter 2024. Recent Highlights Announced non-binding acquisition proposal and exclusivity arrangement with KARL STORZ SE & Co. KG (KARL STORZ)KARL STORZ to provide up to $20 million in financingNearly 900 procedures performed globally during the quarterOne Senhance® Surgical Prog ...
Asensus Surgical, Inc. Schedules First Quarter Financial and Operating Results Conference Call for May 14, 2024
Globenewswire· 2024-05-07 10:55
RESEARCH TRIANGLE PARK, N.C., May 07, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE American: ASXC), a medical device company that is digitizing the interface between the surgeon and the patient, announced today that it plans to release 2024 first quarter financial and operating results after the market closes on Tuesday, May 14, 2024. The Company will host a conference call to discuss these results starting at 4:30 p.m. ET the same day. The call will be concurrently webcast. To listen to the confer ...
Small Packages, Big Gains: 3 Penny Stocks to Buy as Q2 Kicks Off
InvestorPlace· 2024-04-03 17:09
Entering the second quarter, most investors are focused on the blue-chip stocks of the world. And they should be – that’s where most of the gains have been, at least for most of recent history.However, allocating a small amount of one’s portfolio to penny stocks can help amplify returns over the long-run. This market has been conducive for certain penny stocks, though many continue to fall by the wayside. That’s the nature of investing in these higher-risk, higher-return assets. But, finding the right small ...
Asensus Surgical, Inc. Announces Non-Binding Acquisition Proposal and Exclusivity Arrangement with KARL STORZ SE & Co. KG
Newsfilter· 2024-04-03 12:45
RESEARCH TRIANGLE PARK, N.C., April 03, 2024 (GLOBE NEWSWIRE) -- Asensus Surgical, Inc. (NYSE:ASXC) ("Asensus" or the "Company"), a medical device company that is digitizing the interface between the surgeon and the patient, today announced that it has entered into a non-binding letter of intent (the "letter of intent") with KARL STORZ SE & Co. KG, an independent, family-owned global medical technology company ("KARL STORZ") to engage in diligence and negotiations regarding the terms of a potential transact ...
Asensus Surgical(ASXC) - 2023 Q4 - Earnings Call Transcript
2024-03-21 22:12
Asensus Surgical, Inc. (NYSE:ASXC) Q4 2023 Earnings Conference Call March 21, 2024 4:30 PM ET Company Participants Mark Klausner - IR, Westwicke Partners Anthony Fernando - President & CEO Shameze Rampertab - CFO Conference Call Participants Ross Osborn - Cantor Fitzgerald Swayampakula Ramakanth - H.C. Wainwright Operator Good afternoon, ladies and gentlemen, and welcome to the Asensus Surgical Inc. Fourth Quarter and Full Year 2023 Financial and Operating Results Conference Call. At this time, all lines ar ...
Asensus Surgical(ASXC) - 2023 Q4 - Annual Report
2024-03-21 20:45
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________ FORM 10-K _____________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |-------------- ...