Asensus Surgical(US:ASXC)2022-05-03 16:00Financial Performance - Total revenue for the three months ended March 31, 2022, was $1,066,000, compared to $2,083,000 for the same period in 2021, representing a decrease of 48.8%[11] - Gross loss for the three months ended March 31, 2022, was $(757,000), an improvement from a gross loss of $(1,029,000) in the same period of 2021[11] - Operating expenses increased to $18,196,000 for the three months ended March 31, 2022, compared to $14,384,000 in the same period of 2021, reflecting a rise of 26.5%[11] - Net loss for the three months ended March 31, 2022, was $(19,128,000), compared to a net loss of $(17,340,000) for the same period in 2021, indicating a 10.3% increase in losses[11] - The company reported a comprehensive loss of $(20,330,000) for the three months ended March 31, 2022, compared to $(19,278,000) for the same period in 2021[11] Cash and Assets - Cash and cash equivalents as of March 31, 2022, were $24,828,000, up from $18,129,000 as of December 31, 2021, showing an increase of 37.2%[15] - Total assets decreased to $166,560,000 as of March 31, 2022, from $186,473,000 as of December 31, 2021, a decline of 10.7%[15] - Total liabilities decreased to $15,735,000 as of March 31, 2022, from $17,227,000 as of December 31, 2021, a reduction of 8.7%[15] - Total current assets increased to $118,684 million as of March 31, 2022, compared to $113,297 million as of December 31, 2021[15] - Total stockholders' equity as of March 31, 2022, was $150,825 thousand, down from $205,918 thousand as of March 31, 2021[20] Research and Development - Research and development expenses for the three months ended March 31, 2022, were $6,428,000, an increase of 52.5% compared to $4,215,000 in the same period of 2021[11] Revenue Breakdown - U.S. revenue for the three months ended March 31, 2022, was $251,000, slightly down from $253,000 in 2021, while total revenue outside the U.S. dropped significantly from $1,830,000 to $815,000[33] - The company recognized 24% of net revenue from the United States, 48% from Europe, and 28% from Asia for the three months ended March 31, 2022[84] Stock and Compensation - The company reported stock-based compensation of $2,245 thousand for the three months ended March 31, 2022, compared to $1,786 thousand for the same period in 2021, reflecting a 25.7% increase[20] - Stock options granted during the three months ended March 31, 2022, totaled 2,173,832 shares, increasing the balance to 6,766,520 shares[64] - The total unrecognized stock-based compensation expense related to unvested RSUs was approximately $6.7 million as of March 31, 2022, also expected to be recognized over a weighted average period of 1.9 years[70] Future Projections - The company is forecasting additional losses through the year, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2022[61] - The estimated annual effective tax rate for the year ending December 31, 2022, is projected at (0.3)%[60] Operational Focus - The company is focused on market development and commercialization of its products, with an emphasis on enhancing surgical outcomes through digital technology[23] - The Senhance® Surgical System is the company's primary product, aimed at digitizing laparoscopic minimally invasive surgery[23] - The company operates solely in the medical device robotics sector, focusing on minimally invasive surgery[82] Commitments and Agreements - Total commitments related to license and supply agreements amounted to $9.024 million as of March 31, 2022[80] - The company entered a Controlled Equity Offering Sales Agreement on March 18, 2022, allowing for the sale of up to $100.0 million of common stock, with no sales made during the three months ended March 31, 2022[76]