Asensus Surgical(ASXC) - 2024 Q1 - Quarterly Results

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]