The following is a summary of the Asensus Surgical, Inc. (ASXC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Asensus Surgical's Q1 2024 revenue was $1.1 million, seeing a slight increase from Q1 2023's $1 million. This consists of $0.5 million in lease revenue, $0.3 million in instruments and accessories, and $0.3 million in services.
The company saw an increase in total operating expenses to $22.7 million from $20.4 million last year.
The net loss was $22.5 million, equating to $0.08 per share, in comparison to Q1 2023's net loss of $22.2 million, or $0.09 per share.
The company reported approximately $8 million in cash, cash equivalents, and short-term investments by the end of March 2024.
Business Progress:
Negotiations for Asensus Surgical's potential acquisition by KARL STORZ are ongoing, with a proposed acquisition deal for all outstanding common stock at $0.35 per share in cash.
The Senhance system was utilised in approximately 900 procedures worldwide in Q1 2024, with an expected increase in pediatric procedures, largely due to the system's advantageous design.
An additional institution within one of Japan's largest private hospital systems has agreed to lease and utilize a Senhance Surgical System, as part of Asensus Surgical's market expansion.
The company is keen on advancing the development of the next-generation LUNA Surgical System and its digital solutions, while also driving the adoption of the current Senhance platform.
More details: Asensus Surgical IR
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