Asensus Surgical(US:ASXC) Newsfilterยท2024-05-14 20:05Core Insights - Asensus Surgical, Inc. reported its first quarter 2024 financial results, highlighting steady progress in the adoption of its Senhance Surgical System and the development of the LUNA Surgical System [1][2] Financial Performance - The company generated revenue of $1.1 million in Q1 2024, compared to $1.0 million in Q1 2023, with revenue sources including $0.5 million from lease revenue, $0.3 million from instruments and accessories, and $0.3 million from services [7][15] - Total operating expenses for Q1 2024 were $22.7 million, up from $20.4 million in Q1 2023 [7][15] - The 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 [7][22] Acquisition Proposal - Asensus announced a non-binding acquisition proposal from KARL STORZ, offering to acquire 100% of Asensus' outstanding shares for $0.35 per share in cash [4] - KARL STORZ will provide up to $20 million in financing, with $10 million available during the exclusivity period and an additional $10 million contingent on the successful negotiation of a definitive merger agreement [4][2] Market Development - Nearly 900 procedures were performed globally using the Senhance System in Q1 2024, covering various surgical specialties [5] - The company initiated one new Senhance Surgical System placement at Sendai Tokushukai Hospital in Japan year-to-date [5] Clinical Data and Validation - The TRUST clinical registry, which is believed to be the largest multi-specialty robotic-assisted laparoscopic registry, has enrolled approximately 3,500 patients, marking a 45% increase from Q1 2023 [6] - Six peer-reviewed clinical papers were published year-to-date, supporting the clinical utility of the Senhance System across multiple surgical specialties [6] Future Milestones - For the full year 2024, Asensus expects to initiate 8 to 10 new Senhance programs and achieve a procedure volume growth of 15% to 20% over 2023 [3]