After U.S. markets closed for trading yesterday afternoon, medical device company Asensus Surgical Inc. (ASXC:NYSE.American), which is focused on pioneering a new era of Performance-Guided Surgery™ that digitizes the interface between surgeons and patients, announced operating and financial results for the third quarter of 2021 ended September 30, 2021.
Asensus Surgical advised that a record number of surgical procedures were completed using Senhance® Surgical Systems during Q3/21. The firm indicated that procedure volumes grew by 47% year-over-year and noted that three Senhance Surgical Programs were initiated recently in Japan along with a fourth program in Russia.
The company mentioned that during Q3/21, "it received FDA 510(k) clearance for expanded capabilities of the Intelligent Surgical Unit™ (ISU™), including first-of-its-kind 3D measurement, digital tagging, image enhancement, and enhanced camera control and also received FDA 510(k) clearance for 5 mm articulating instruments."
Asensus Surgical's President and CEO Anthony Fernando remarked, "We have seen a recent acceleration of new system installations as well as strong system utilization trends, which we believe reinforces that there is strong demand in the market for an innovative surgical platform that brings new capabilities to the operating room. Surgeons who have adopted Senhance are finding its unique combination of surgical intelligence and foundational laparoscopic movements both compelling and advantageous for themselves and their patients."
"As we look to the balance of 2021 and into 2022, we plan to continue this momentum to drive increased global adoption and advance the capabilities of Senhance to deliver on the promise of Performance-Guided Surgery," Fernando added.
The company reported the upward trend in the volume of surgical procedures is continuing and noted that year-to-date a total of over 1,500 procedures have been completed bringing total Senhance procedures to over 5,500 worldwide. The firm noted that so far this year it has launched a total of six new Senhance Robotic Surgery Program initiations and for FY/21 expects to initiate a total of 10 to 12 new Senhance programs.
Asensus Surgical reported that in Q3/21 it achieved total revenue of $2.571 million, compared to $0.814 million in Q3/20. The firm stated that Q3/21 revenues were composed of approximately $1.4 million in Senhance system related revenue, $0.8 million from instruments and accessories sales and $0.4 million in services revenue.
The company posted a net loss of $16.1 million, or $0.07 per common share in Q3/21, compared to a net loss of $15.1 million, or $0.15 per common share in Q3/20. The firm added that on a non-GAAP basis, it had an adjusted net loss of $14.3 million, or $0.06 per common share in Q3/21, versus an adjusted net loss of $11.9 million, or $0.12 per common share in Q3/20.
In a separate news release earlier in the week, the company announced that "the Shinmatsudo Central General Hospital in Matsudo, Japan has entered into an agreement to lease and utilize a Senhance® Surgical System."
CEO Fernando commented, "We are excited to partner with the Shinmatsudo Central General Hospital, which has extensive experience as a center for excellence in both laparoscopic and surgical robotics…We are capitalizing on our recent momentum, securing multiple installations in Japan over the past few months. The addition of Shinmatsudo is a great opportunity to further expand the usage of Senhance in the region."
The company explained that "its surgical technology platform, Senhance Surgical System, is the first of its kind digital laparoscopic platform that leverages augmented intelligence to provide unmatched performance and patient outcomes through machine learning." The firm elaborated further noting that the Senhance system is much more advanced than other available surgical robotic systems as it is capable of "providing surgical assurance through haptic feedback, eye-tracking camera control, and 3D visualization, and is the first platform to offer 3 mm instruments (the smallest instrument available in the world on a robotic surgical platform)."
Shinmatsudo Central General Hospital's Director Ryota Matsuo, M.D., Ph.D., stated "We are looking forward to incorporating Senhance into our existing surgical robotics department…By utilizing this innovative system, we hope to continue providing the highest level of care to our patients while allowing our physicians to leverage the surgical intelligence Senhance provides."
Shinmatsudo Central General Hospital is located just outside of Tokyo in Chiba prefecture and is one of 36 hospitals in the IMS group. The hospital performs a wide range of laparoscopic and robotically assisted surgical procedures in the areas of cardiovascular and gastrointestinal surgery.
Asensus Surgical is a medical device company that is working to developing the next generation of robotics driven minimally invasive laparoscopic and robotic surgical devices. The firm stated it is "pioneering a new era of Performance-Guided Surgery by unlocking the clinical intelligence to enable consistently superior outcomes and a new standard of surgery." The firm noted that its devices are now approved for use and sale in the U.S., EU, Japan, Russia and other select countries.
Asensus Surgical began the day with a market cap of around $433.5 million with approximately 234.3 million shares outstanding and a short interest of about 11.0%. ASXC shares opened almost 11% higher today at $2.05 (+$0.20, +10.81%) over yesterday's $1.85 closing price. The stock has traded today between $2.0001 and $2.28 per share and is currently trading at $2.25 (+$0.40, +21.62%).
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